$ADA: Cardano Foundation Reaches Goal of Planting 1 Million Trees — All Recorded on Blockchain
A reforestation effort launched by Cardano ($ADA) has reached its initial goal of planting one million trees “of different species native to areas across different parts of Madagascar, Indonesia, Nepal, Kenya, Senegal and Haiti.”
The milestone was first pointed out by Frederik Gregaard, CEO of the Cardano Foundation, a non-profit organization that oversees developments on the Cardano network. Gregaard pointed out on Twitter the project is now fully funded.
In a Twitter thread, the CEO pointed out the reforestation effort will “support local ecosystem development activities in Mombasa, Kenya.” Every tree planted, he added, will be “recorded on the Cardano blockchain for enhanced transparency and serve as public proof of land restoration activities.”
The project is part of a partnership between the Cardano Foundation and cryptocurrency startup Veritree, which uses blockchain technology to record the supply chain of tree plantations for its users, making them verifiable and easily trackable.
Notably, Veritree plants a tree each time an ADA token is exchanged for a TREE token, with the latter being redeemable for non-fungible tokens (NFTs) during specific “redemption days.” The rarity of the NFTs is based on the initial amount of ADA committed.
The project’s website shows its largest donor committed 100,000 ADA in exchange for 100,000 TREE tokens, while other large donors committed 87,500 ADA and between 10,000 and 10,500 tokens each.
As CryptoGlobe reported, Samsung Electronics America recently partnered with Veritree to plant two million trees in Madagascar by the end of the first quarter of the year. Cardano’s goal in planting trees is to become a climate-positive blockchain.
As CryptoGlobe reported, the Cardano blockchain has recently seen its first usable decentralized finance (DeFi) application launch on top of it. The application, a decentralized exchange called MuesliSwap, amassed over $1 million in total value locked in only two days.
Cardano founder Charles Hoskinson has revealed he believes projects like Cardano will be “ “as ubiquitous as the internet and used by billions” in the future. The Cardano network notably led the cryptocurrency market in developer activity last year, with Kusama and Polkadot behind it.
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