Carbon credits purchased in the voluntary carbon market allow unavoidable emissions, such as international flights for essential travel, to be offset by an equivalent climate benefit, such as avoiding emissions from tropical deforestation. However, many concerns regarding the credibility of these offsetting claims have been raised. Moreover, the credit market is manual, therefore inefficient and unscalable, and non-fungible, therefore illiquid. To address these issues, we propose an efficient digital methodology that combines remote sensing data, modern econometric techniques, and on-chain certification and trading to create a new digital carbon asset (the PACT stablecoin) against which carbon offsetting claims can be transparently verified. PACT stablecoins are produced as outputs from a reproducible computational pipeline for estimating the climate benefits of carbon offset projects that not only quantifies the CO2 emissions involved, but also allows for similar credits to be pooled based on their co-benefits such as biodiversity and jurisdictional attributes, increasing liquidity through fungibility within pools. We implement and evaluate the PACT carbon stablecoin on the Tezos blockchain, which is designed to facilitate low-cost transactions while minimizing environmental impact. Our implementation includes a contract for a registry for tracking issuance, ownership, and retirement of credits, and a custodian contract to bridge on-chain and off-chain transactions. Our work brings scale and trust to the voluntary carbon market by providing a transparent, scalable, and efficient framework for high-integrity carbon credit transactions.

Effect handlers have been gathering momentum as a mechanism for modular programming with user-defined effects. Effect handlers allow for non-local control flow mechanisms such as generators, async/await, lightweight threads and coroutines to be composably expressed. We present a design and evaluate a full-fledged efficient implementation of effect handlers for OCaml, an industrial-strength multi-paradigm programming language. Our implementation strives to maintain the backwards compatibility and performance profile of existing OCaml code. Retrofitting effect handlers onto OCaml is challenging since OCaml does not currently have any non-local control flow mechanisms other than exceptions. Our implementation of effect handlers for OCaml: (i) imposes a mean 1% overhead on a comprehensive macro benchmark suite that does not use effect handlers; (ii) remains compatible with program analysis tools that inspect the stack; and (iii) is efficient for new code that makes use of effect handlers.

OCaml is an industrial-strength, multi-paradigm programming language, widely used in industry and academia. OCaml is also one of the few modern managed system programming languages to lack support for shared memory parallel programming. This paper describes the design, a full-fledged implementation and evaluation of a mostly-concurrent garbage collector (GC) for the multicore extension of the OCaml programming language. Given that we propose to add parallelism to a widely used programming language with millions of lines of existing code, we face the challenge of maintaining backwards compatibility--not just in terms of the language features but also the performance of single-threaded code running with the new GC. To this end, the paper presents a series of novel techniques and demonstrates that the new GC strikes a balance between performance and feature backwards compatibility for sequential programs and scales admirably on modern multicore processors.