Cardano Foundation declared that it had achieved its goal of planting 1 million trees as part of its restoration project. Cardano Foundation is a non-profit organization that monitors developments on the Cardano network.
Cardano to Position Itself as a Leader in Climate Change Efforts
Cardano’s tree planting efforts are directed towards positioning itself as a leader in addressing climate change. Especially considering that the blockchain industry has been faulted as a detriment to climate.
The Cardano reforestation project not only targeted planting one million trees. The trees had to be of different species and native across Kenya, Senegal, Madagascar, Indonesia, Nepal, and Haiti.
In the announcement on Twitter, Frederik Gregaard, the CEO of Cardano Foundation, stated that Cardano Forest is 100% funded. Gregaard added that Cardano’s reforestation project supports local ecosystem development activities in Mombasa, Kenya.
Cardano will record each of the 1 million trees planted on its blockchain for transparency and public proof of land reforestation activities. The project also shows how SDG reporting can be transparent with blockchain technology.
Cardano Foundation Partnered with Veritree to Fulfil Project
The Cardano Forest is a product of a partnership with Veritree, a platform that uses blockchain technology to record its nature and reforestation efforts. Veritree also partnered with tech company Samsung Electronics America. Samsung is targeting to plant 2 million trees in Madagascar by the end of the first quarter of 2022.
Veritree plants a tree each time a Cardano user exchanges ADA for the TREE token. Later, users can exchange the TREE tokens with digital tree NFTs, whose rarity will depend on the initial ADA token cost.
According to the transactional records, Cardano’s tree planting efforts have attracted significant traffic. One particular wallet exchanges 100,000 ADA for 100,000 TREE tokens. The transaction currently $115,000 is the most significant donation towards the project. Some other notable donors exchanged between 5,000 ADA to 87,500 ADA.
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