Cardano Foundation Completes Funding To Plant 1 Million Trees

Last year, the Cardano Foundation announced that it was partnering with Veritree to plant a million trees. This partnership was part of the project’s commitment towards going carbon green and helping to combat climate change. Over the next few months, the foundation had continued to push this project, raising money in the process for the trees. Now, the foundation is ready to begin planting its million trees as it completes funding for its project.

Cardano To Plan 1 Million Trees In Kenya

In a recent tweet, Chief Executive Officer of the Cardano Foundation, Frederik Gregaard, confirmed that the project was now 100% funded and ready to go. The #CardanoForest project is aimed at planting trees to combat deforestation and restoring land and local ecosystems. With this, Cardano aims to push forward its Cardano Global Impact Challenge in what will be the first of many.

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It shows the Cardano Foundation’s commitment to the well-being of the environment and maintaining a green footprint. Partnering with blockchain startup Vertiree, which uses blockchain technology to aid tree-planting efforts across the globe and keeping track of the trees planted.

The funds for the 1 million trees project were sourced from the Cardano community, with those who donate 15 ADA and above receiving a Digital Land Restoration Certificate, as well as other rewards, and being able to exchange their ADA for TREE tokens on a 1:1 swap. For each ADA donated, one tree will be planted, and at the time of this writing, 1,001,000 have been funded through this initiative.

Gregaard confirms in his Twitter thread that the efforts of the #CardanoForest will focus on Mombasa, Kenya, to support land restoration and local ecosystem development activities. In addition, “All trees planted will be recorded on the Cardano blockchain for enhanced transparency and serve as public proof of land restoration activities,” the CEO said.

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Positioning To Help The Climate

Cardano being a proof of stake network has always been focused on helping the climate. Through its recent partnership with Veritree, it has taken this one step further by replenishing the forest resources of the world. The project plans to plant trees across a number of countries, including Kenya, Nepal, Madagascar, Indonesia, Senegal, and Haiti.

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This is in an effort to combat the effects of crypto mining on the climate, which uses a tremendous amount of energy to confirm transactions, in the case of proof of work mechanisms.

In a tweet, CEO Frederik Gregaard reiterates Cardano’s commitment to positioning the blockchain as a global leader in climate change.

As Cardano strives to be carbon-neutral, it is also working to change the narratives around blockchain technology and its benefit to humanity. “Together we all share a mission to see Cardano deliver as a blockchain for good,” said Gregaard.

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Cardano Forest to Become a Reality Atop the Achieved Funding Milestone

Cardano’s plans to become a climate-positive blockchain network are getting closer to being fulfilled as it has met the funding target for its Cardano Global Impact Challenge.

The Cardano Foundation flagged off the challenge earlier last year with a partnership from Veritree, as it sought donations from members of the public to donate ADA coins in support of the planting of 1 million trees in Mombasa, Kenya.

The challenge has been well received by the public many of whom has donated to the cause. As unveiled by Frederik Gregaard, the Chief Executive Officer of Cardano Foundation, “The #CardanoForest is 100% funded,” adding that the initiative has “reached the 1 million trees milestone.”

Many donors have a reason to join the cause. This is because the ADA tokens donated to the Cardano Forest project will be converted to 1 TREE token, an equivalent of which implies a planted tree. Depending on the subscribed tier, each ADA token can be redeemed for a TREE token at a later date that will be announced and each subscriber will get a digital certificate for the planted trees in the form of an NFT.

According to the Veritree dedicated page for the project, at least one donor contributed 100,000 ADA tokens with a number of smaller donations listed alongside. 

“We are striving to position Cardano as a leader in climate impact and this is only possible because of the Global Cardano Community; our incredible team here at @cardano Foundation; the industry group, @CardanoCnbg; and our partnership with @veritree_,” Frederik said in his Twitter thread, “The #CardanoForest will support land restoration and local ecosystem development activities in Mombasa, Kenya. All trees planted will be recorded on the Cardano blockchain for enhanced transparency and serve as public proof of land restoration activities.”

Many tech giants looking to lower their carbon footprint and one strategy to do that is by partnering with Veritree and its innovative blockchain solutions. Samsung Electronics America is also one of the biggest names to partner with Veritree as reported by Blockchain.News in the past week.

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Cardano-Powered Platform Chosen by Samsung for New Environmental Initiative

South Korean electronics giant Samsung says it has chosen a platform built on Cardano (ADA) for a new tree-planting initiative.

In a new press release, Samsung details how it will be teaming up with veritree, a Cardano-based project that allows users to donate their ADA tokens to plant trees as a means of combating climate change.

“[Samsung] has set a goal to plant two million trees in Madagascar by the end of the first quarter of 2022.

Samsung is partnering with climate solutions platform, veritree, to manage the tree-planting initiative by harnessing blockchain technology to verify and track every step of the reforestation process.”

According to veritree, which started planting the trees at the start of 2022, one ADA token donated equals one tree token and one tree planted. Participants who donate 15 or more ADA will receive limited edition tree tokens, which they can then use to redeem art in the form of non-fungible tokens (NFTs).

The planted trees will be tokenized, allowing Veritree to track each tree individually, map out the logistics of the project, and also create unique QR codes for donors to showcase their environmental impact.

“To build trust in the integrity of these projects, we leverage blockchain technology and on-the-ground data capture to verify our projects. veritree is the only platform that seamlessly delivers verified data from planting partners, to businesses, and to consumers in one, innovative platform.”

ADA is exchanging hands at $1.31 at time of writing, a 5% decrease from its seven-day high of $1.38.

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