Cardano is a cryptocurrency launched in September 2017 by Ethereum co-founder Charles Hoskinson. It has a flexible, sustainable, and scalable platform for running smart contracts.
Cardano allows the development of a wide range of decentralized apps, new crypto tokens, games, and more.
The blockchain’s native currency is ADA; it stores value, sends and receives payments, pays and stakes transaction fees on the Cardano network.
Cardano aspires to become the most environment-friendly blockchain platform in the world. Thus, it utilizes a unique proof-of-stake consensus mechanism called Ouroboros instead of the energy-intensive proof-of-work system currently used by Bitcoin and Ethereum.
Samsung’s Partnership with Cardano-Powered Veritree
Samsung partnered with Veritree, a climate solutions platform powered by Cardano blockchain, to manage the tree planting initiative scheduled to launch in Madagascar.
The partnership between Samsung and Cardano was disclosed at the 2022 Consumer Electronics Show (CES) in Las Vegas.
According to Cardano’s Foundation Sidney Vollmer tweet, Samsung now connects with Cardano through its new partnership with the blockchain’s planting management system, Veritree.
Moreso, Samsung seeks to fight climate change by planting two million mangrove trees in Madagascar, an island country located in East Africa.
Research has shown that Mangrove forests are estimated to store a dozen times more carbon dioxide than other tropical forests.
Mark Newton, the corporate sustainability head at Samsung Electronics in America, said in a statement that the investment in innovative technologies was essential in combating climate change and global warming.
Also, in his statement, he stated, “Investing in tech innovations that create efficiency improvements and minimize waste, in combination with nature-based solutions, are vital in the fight against climate change.”
The reforestation verification records of Veritree would be stored on the Cardano blockchain. Their technology makes it easy to verify data from planting sites and link every individual donation to the land it helped revive.
In 2021, the Cardano Foundation launched the first Initial Tree Offering together with Veritree. Here, users could donate 1 ADA token to receive 1 Tree Token representing one tree.
Individuals who donate 500 ADA and above will receive digital planting certificates and an “NFTree Art.”
Furthermore, People who donate up to 100,000 ADA tokens will be able to get a globally unique NFTree art and their name on the map.
According to Cardano’s roadmap, tree planting sessions are scheduled to continue till the end of 2022.
Altogether, Veritree’s goal is to have planted a billion trees by 2030.
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