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Cardano Foundation Passes Its $1 Million Tree Planting Funding Goal

The Cardano Foundation, the non-profit organisation in charge of supervising advancements on the Cardano Blockchain, has reached its goal of raising cash for a tree-planting project in Mombasa, Kenya. Frederik Gregaard, the Cardano Foundation’s Chief Executive Officer, delivered the news via a Twitter thread.

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According to Frederik, the Cardano Forest project has now been fully funded, revealing “this inaugural Cardano Global Impact Challenge for the Cardano Ecosystem genuinely demonstrates the power of our community.” This year, the Cardano Foundation collaborated with Veritree to plant one million trees in Kenya. Veritree is a firm that uses blockchain to support tree planting programmes in order to prevent climate change.

Per the project website, the tree planting campaign sought donations from members of the public, with a minimum commitment of one Cardano (ADA) token. Donors who give a total of 15 ADA tokens will, however, be able to convert these currencies for TREE tokens at a 1:1 ratio. Each of these transactions will result in the planting of a tree on behalf of the Cardano Global Impact Challenge participant, and users will be able to convert their TREE tokens into a digital tree known as NFTree.

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Donors who donate 15 ADA or more will receive a Digital Land Restoration Certificate, Digital Art, and/or any additional prize associated with the Tier(s) they selected. Since the initiative’s announcement, the Cardano Global Impact platform has kept track of the donations, with the top contributor providing 100,000 ADA tokens or 100,000 TREE tokens worth $114,000 at the time of writing, according to CoinMarketCap data.

Since the technology’s launch roughly 13 years ago, there have been a number of critiques levelled towards blockchain protocols. While some argue that Proof-of-Works (PoW) systems and their energy requirements for mining are harmful to the environment, there is little difference between them and more energy-efficient Proof-of-Stake (PoS) protocols such as Cardano.

Regardless of its current energy efficiency, the Cardano blockchain aims to be carbon-neutral while also becoming a protocol that can be used for the good of humanity.