Cryptocurrencies had a great year in 2021. In this period, we have seen the market go from being classified as a billion-dollar economy into a trillion-dollar economy. Aside from that, cryptocurrencies are gaining visibility in the mainstream world with, for example, El Salvador's adoption of Bitcoin as the official digital currency. As a result, investors are looking for the "new Bitcoin" on the market, hoping to find a great alternative in so-called altcoins. Unfortunately, many traders value an altcoin exclusively…
Samsung wants to plant millions of trees with the help of the blockchain.
Samsung Electronics America partnered with a company that uses the blockchain in its reforesting efforts.
Veritree allows users to plant trees and verify that it produced the trees. They do this with the help of blockchain tech, tracking every step of the way.
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.
Veritree is the first platform to use blockchain tech to plant trees.
Drawing on our history of open collaboration, we’re teaming up with Veritree for the tree-planting initiative as an added way to contribute to a better global society.
The aim is to plant 2 million trees in Madagascar for 2022. Madagascar is a developing country off the coast of Africa.
Samsung’s Mark Newton mentions several other reasons behind the project. These include efficiency, sustainability, and investing in new tech.
Investing in tech innovations, such as those that create efficiency improvements and minimize waste, in combination with nature-based solutions, are vital in the fight against climate change
Veritree also uses crypto to fund projects, create its tokens and create rewards. The entire effort runs on the Cardano blockchain.
Veritree uses a blockchain ledger for its operation. This provides a cloud-based procedure for the creation of its tokens.
As a result, tokens allow the platform to enable every tree to have its unique code. Veritree can then distribute the trees to specific groups or individuals based on projects and rewards.
The platform will provide Samsung with all required field-level data. This means Veritree will record every step of the project on the Cardano blockchain.
Rewards – Crypto and NFTs
Moreover, Veritree offers different rewards for donors, including badges, digital certificates, and even NFTs.
For the latest project, Veritree chose to plant Mangrove trees because they efficiently absorb CO2.
Vertitree also offers different tiers of rewards. The levels range up from 15 to 100k ADA. Even the lowest story, “the Planter,” will get Veritree tokens while higher tiers unlock Badges, art, parks, and NFTs.
Furthermore, the NFT will be of different rarity depending on the reward tier. For example, starting at 500, ADA will get common NFTs to 100k, which will get a unique NFT.