The registry can trigger a call into the Bridge API when new credits have been custodied by the Thallo custody registry account.
As the credits are now fully immobilised and we know they aren't being traded or retired elsewhere we can go ahead and ensure the sending party is known by Thallo and all checks and balances have passed. The Bridge will then write the project and vintage data to the blockchain and mint the tokenized version of these credits. The beneficiary will be the credit sender - usually a project developer but it can be any credit owner.
The retirement of credits is triggered on-chain where the event is captured by the Bridge API. The retirement is performed on the underlying registry and the details, such as the serial number of the retired block, is written to a Proof-of-Retirement NFT. The beneficiary of the NFT being the owner of the now retired token.
The retirement process is performed in steps and the tokens are not burnt until the off-chain process has completed successfully. This ensures the tokens can be reimbursed to the original owner if there is an issue with the off-chain process.
Token owners are able to claim their underlying credits thanks to our 1:1 collateralization model, if they have a registry account in order to take ownership of the credits.
The tokens are held in a programmable escrow before the credits are transferred on the registry. Once complete we burn the escrowed tokenised credits to ensure they are no longer represented on-chain.