A non-profit organization Cardano Foundation has reached the goal of one million planted trees as part of the Cardano Forest environmental project using the ADA token.
“Cardano Forest is 100% funded, we’ve reached the 1 million trees milestone. The success of this first Cardano Global Impact Challenge for the Cardano Ecosystem truly shows the power of our community”. Wrote Frederik Gregaard, Chief Executive Officer of the organization on Twitter.
Thus, the Cardano Foundation is implementing the environmental initiative jointly with the startup Veritree. Users exchange ADA for TREE tokens, each of which is equal to one tree. Moreover, the minimum amount of donations is 15 ADA, the ceiling has no limit.
Users can exchange tokens for NFT on certain “repayment days”
Furthermore, users can exchange tokens for a non-fungible token (NFT) on certain “repayment days”. The level of rarity of digital collectibles depends on the amount deposited, there are nine gradations in total.
In addition, according to Veritree, the maximum donation amount at the time of writing is 100,000 ADA (~$111,000).
“Cardano Forest 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,” said Gregaard.
Plans for the platform development in 2022
According to Hoskinson, the main goal for the second half of 2022 is to integrate “end-to-end microfinance transactions” into Cardano.
He also noted that IOHK will form “a formal open-source project structure”, for example, Hyperledger Fabric from Linux Foundation. In his opinion, this will attract more institutional capital to the ecosystem. Hoskinson drew attention to Cardano Improvement Proposals (CIPs), which the developers prepared. Among other initiatives, he named a web wallet for interacting with decentralized finance (DeFi) protocols.