How To Retire RINcoin

Whenever an Obligated Party (refiners or importers of gasoline or diesel fuel) wants to fulfil their Renewable Volume Obligation (RVO) under the program, the credits (RINs) need to be permanently removed from circulation. This prevents somebody from reselling the RINs at a future point in time, falsifying the RVO fulfilment claim. An automated protocol will take care of guaranteeing claims can only be made once by burning the RIN tokens that embody the right to that claim.

This means that a user can buy and hold RINcoin, and at some future time burn them to fulfil their RVO in the year they're used (by redeeming and burning the RINcoins). This guarantees accurate ESG reporting and allows businesses to communicate clearly which renewable fuel projects they have supported—recorded on a public blockchain forever!

More information on the automated burn protocol will be released soon.