The Cardano Foundation is working hard to position itself as an eco-friendly blockchain. The foundation has announced it has planted more than one million trees as part of its forestry project.
The Cardano Foundation is a non-profit entity promoting the development of the Cardano blockchain. The one million trees planted in Kenya will be recorded on Cardano’s blockchain.
Cardano addressing climate change
The CEO of the Cardano Foundation, Frederik Gregaard, noted this major milestone for Cardano, stating that the aim of the blockchain was to lead in efforts addressing climate change.
“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,” the announcement read.
ADA has partnered with Veritree for its forestry project. Veritree is a platform that uses blockchain technology to record data as part of its efforts to restore forest cover.
The mechanism behind the planting of these trees is also sophisticated. ADA announced that it would plant one tree whenever there was an exchange of the ADA token for the TREE token. The TREE tokens can later be swapped for non-fungible tokens (NFTs).
The rarity and value of the NFT depend on the amount of ADA tokens a user spent to buy TREE tokens. According to Gregaard, this project is “the MVP to showcase how SDG reporting can be transparent with blockchain technology.”
The project is already recording much interest from users. One wallet address swapped 100,000 ADA tokens for TREE tokens. This transaction alone has led to the planting of 100,000 trees.
Crypto seeking to change the narrative
Cryptocurrency and blockchain technology has been criticized because of the effects of mining activities on the environment. Bitcoin’s proof-of-work consensus is believed to consume a significant amount of power.
Recently, the Mozilla Foundation, which is behind the Firefox browser, announced it was halting crypto donations because of the environmental impact caused by cryptocurrencies. Earlier last year, Tesla halted Bitcoin payments, citing environmental concerns.
However, ADA has been seeking to change this narrative by being an energy-efficient blockchain. Cardano uses a proof-of-stake consensus that is more energy-efficient than a PoW consensus.
When Tesla halted Bitcoin payments in May 2021, the co-founder of Cardano, Charles Hoskinson, urged the electric vehicle manufacturer to consider ADA payments because the blockchain was eco-friendly. However, this is yet to happen.
Your capital is at risk.
Check live crypto rates here
Start trading today – See our list of exchanges
This site was… how do I say it? Relevant!!
Finally I have found something that helped
me. Thank you!
Remarkable! Its in fact remarkable article, I have got much
clear idea on the topic of from this paragraph.
You have remarked very interesting points! ps nice site. “Do not quench your inspiration and your inmagination do not become the slave of your model.” by Vincent Van Gogh.
I pay a quick visit day-to-day a few web sites and sites to
read posts, however this website offers feature based
This is very interesting, You’re a very professional blogger.
I have joined your feed and look forward to seeking more of your wonderful post.
Additionally, I’ve shared your site in my social networks
Hello! I simply wish to offer you a big thumbs up for your great info you have right here on this post.
I am returning to your website for more soon.
Hi to all, because I am genuinely eager of reading this web site’s post to be
updated on a regular basis. It carries nice stuff.
It’s remarkable to go to see this website and reading the views
of all friends concerning this paragraph, while I am also eager
of getting knowledge.
Fantastic goods from you, man. I’ve understand your stuff previous to and you’re just too magnificent. I really like what you’ve acquired here, certainly like what you’re stating and the way in which you say it. You make it enjoyable and you still care for to keep it wise. I can not wait to read much more from you. This is actually a wonderful web site.