Cardano-Powered Platform Chosen by Samsung for New Environmental Initiative
South Korean electronics giant Samsung says it has chosen a platform built on Cardano (ADA) for a new tree-planting initiative.
In a new press release, Samsung details how it will be teaming up with veritree, a Cardano-based project that allows users to donate their ADA tokens to plant trees as a means of combating climate change.
“[Samsung] has set a goal to plant two million trees in Madagascar by the end of the first quarter of 2022.
Samsung is partnering with climate solutions platform, veritree, to manage the tree-planting initiative by harnessing blockchain technology to verify and track every step of the reforestation process.”
According to veritree, which started planting the trees at the start of 2022, one ADA token donated equals one tree token and one tree planted. Participants who donate 15 or more ADA will receive limited edition tree tokens, which they can then use to redeem art in the form of non-fungible tokens (NFTs).
The planted trees will be tokenized, allowing Veritree to track each tree individually, map out the logistics of the project, and also create unique QR codes for donors to showcase their environmental impact.
“To build trust in the integrity of these projects, we leverage blockchain technology and on-the-ground data capture to verify our projects. veritree is the only platform that seamlessly delivers verified data from planting partners, to businesses, and to consumers in one, innovative platform.”
ADA is exchanging hands at $1.31 at time of writing, a 5% decrease from its seven-day high of $1.38.
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Author: Daily Hodl Staff
