Crypto

Cardano Foundation Plants 1 Million Trees and Meets its First Environmental Goal

Published on: 11 January 2022 11:29 PM
by KnowESG

A Brief Summary

The Cardano Foundation, a nonprofit institution that looks after the ADA token blockchain, has announced the achievement of its initial environmental goal of planting one million trees through its CEO, Frederik Gregaard, on Twitter. The achievement of the foundation will be logged on the Cardano blockchain for greater transparency and will act as evidence of the foundation's restoration activities.

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Through a Twitter thread, the CEO stated that restoration activities of the foundation would support developmental activities in Mombasa, Kenya. Each tree planted, he said, would be logged on the Cardano blockchain to facilitate transparency and serve as evidence of land restoration activities of the foundation.

The project has taken off when the Cardano Foundation and cryptocurrency startup Veritree have collaborated to use blockchain technology to record the supply chain of tree plantations for its users, to ease tracing and verifying.

Veritree, for example, plants a tree every time an ADA token is exchanged for a TREE token, which can then be redeemed for non-fungible tokens (NFTs) on certain "redemption days." The initial quantity of ADA committed determines the rarity of the NFTs.

The largest donor of the project committed 1,00,000 ADA in exchange for 1,00,000 TREE tokens, in the meantime other donors committed 87500 ADA in exchange for tokens.

CryptoGlobe in its report says, Samsung Electronics America announced recently its partnership with Veritree to plant more than two million trees in Madagascar by the end of March or April this year. The goals set by Cardano are achieved, which makes the foundation a climate-positive blockchain.

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