The crypto-based tree planting initiatives were launched to help protect the environment for both humans and animals. The falling trees in various parts of the world have made it necessary for organizations and companies to come together and make a difference by planting more trees.
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Crypto-Based Tree Planting Is a New Spin on the Old Tree-Planting Philanthropy Model
A cryptocurrency is a new form of currency that’s traded on the cryptocurrency markets. It’s based on blockchain technology, allowing transactions to be made without intermediaries—like banks or governments. Crypto-based tree planting is a way to do philanthropy and make an impact without relying on traditional currency.
The platform leverages blockchain technology, cryptocurrencies, and smart contracts to create a transparent, immutable record of all transactions and milestones, from planting seeds to full maturity. The team behind this initiative is working towards creating a new ecosystem where it will be possible for individuals and businesses to benefit from investing in trees on an international scale. Their goal is to plant one billion new trees by 2020 using their proprietary technology.
What Are Cryptocurrencies, and How Do They Work?
Cryptocurrency is a digital currency. It uses cryptography for security and anti-counterfeiting measures. The most famous cryptocurrency is Bitcoin, created by a group of unknown people using the alias Satoshi Nakamoto in 2009.
Bitcoin was created as an alternative to regular currencies, avoiding the need for banks or financial institutions by using blockchain technology. When created, the cryptocurrency price of a Bitcoin was less than even a dollar. However, as the crypto market gained traction and the cryptocurrency values soared, Bitcoin’s price went over $65,000 in 2021.
Negative Impact of Cryptocurrency on the Environment
While many people have embraced cryptocurrency and how it has disrupted the global financial system, there are some drawbacks. One of them is how it can affect the environment.
Cryptocurrency mining is a process where computers are used to solve complex mathematical equations to validate transactions on a blockchain network, such as Bitcoin or Ethereum. The amount of energy required for this process is enormous. It has led some people to fear that it will severely damage our environment if not appropriately regulated (or at all).
According to a recent estimate by HBR, Bitcoin currently consumes nearly 110 terawatt-hours per year—more than Ireland or Nigeria. As you can see from these figures alone—it’s clear that there needs to be something done about this problem before things get out of hand!
Turning the Tables Around by Using Cryptocurrencies to Positively Impact the Environment
While mining cryptocurrencies can have a devastating impact on the environment, many initiatives can do the opposite. In fact, it is due to the mining effect that these initiatives exist. Here are some such crypto initiatives working towards a better environment and greener planet.
Ether Bunny NFT Plants 10 Trees for Every Ether Bunny Minted
The Ether Bunny NFT is an ERC-721 token, a non-fungible token. It can be bought and sold on the Ethereum blockchain. The Ether Bunny is also a collectible token because it has an attractive design, and its value will increase over time as its rarity increases.
Ether Bunny NFT plants 10 trees for every Ether Bunny minted. This means that when you purchase one Ether Bunny at $10 from the marketplace, you are helping to plant 10 trees in your name!
TREECYCLE Takes Investments for Planting Trees and Also Provides Returns on That
TREECYCLE takes investments for planting trees and also provides returns on that. The project aims to plant trees in areas with a high rate of deforestation, such as the Amazon rainforest. The project uses blockchain technology and smart contracts to ensure that tree growth is transparently monitored, making it easier for investors to monitor their investments.
Moreover, the project also encourages people to invest by offering regular returns. According to the official website, the investor gets 40% of the sale value once the plant is grown and ready to harvest. Of the remaining 60%, 10% goes to charities, and 50% is invested back for growing another plant.
The Forestcoin Is Minted by Planting Trees
The ForestCoin is a blockchain-based cryptocurrency that is minted by planting trees. It’s the first tree-planting cryptocurrency out there, and it has been used in over 50 countries to grow millions of trees over the past few years. To get ForestCoins, you need to plant a tree, take its photo, and upload it on the blockchain network. Once you upload the image, you will receive ForestCoins that you can use to sell or spend.
Blockchain Can Trace if Companies Who Say They Will Plant Trees for Sales Are Doing It or Not
Blockchain is a decentralized database that stores transactions between people and companies. The blockchain is a public ledger, meaning it’s available to anyone who wants to see it. It can track the movement of money, goods or data.
When a company sells something tokenized on the blockchain, there are several ways for buyers to verify if the company has planted trees where they say they have for consumers to feel like their purchase was ethical and green. One way this can be done is by using applications such as [eTree] (https://www.etreefoundation.org/) or [Tree Registry] (https://treesmartbaseballcaps.com/tree-registry/). These apps use blockchain technology so that when you buy something from them (or someone else who has purchased from them), you know exactly what happened with your money: whether trees were planted or not!
Accepting Cryptocurrencies as Donations
Besides the initiatives, cryptocurrencies are also used to donate to planting trees. Many charities are accepting crypto donations. OneTreePlanted and Trees.org are two such organizations that are accepting crypto donations.
Crypto donations are way better than traditional donations because the transactions are stored on the blockchain ledger. Also, since blockchain is a decentralized ledger, the transactions are secure. Hence, blockchain and cryptocurrency make donations secure and transparent.
We are hopeful that the ingenious thinkers behind these projects and others continue to pursue their initiatives and solve problems. As a result, we can all make our planet a better place.