Cardano Continues Literal Growth, Funding NFTrees and Planting a Forest

One of Cardano’s new partnerships will see it diversify the utility of its blockchain through a tree-planting initiative.

By
Ahamdi Abarikwu
on
October 8, 2021
Category:
Blockchain News

Fresh Momentum

Cardano has continued to make a push into new territories, further consolidating the development of its blockchain.

Cardano's Alonzo fork has made it possible for blockchain applications that rely on smart-contracts such as DeFi projects to build on Cardano. Cardano swiftly followed up on Alonzo Fork with a 2-day Cardano blockchain summit. The summit aimed to strategically position Cardano for real-world impact:

"At Cardano, our goal is to provide those at the cusp of societal and technological change with the tools they need to create new possibilities and drive positive impact", Frederik Gregaard, CEO of the Cardano Foundation, stated.

Earlier in September, Cardano introduced smart-contract capability on its blockchain through the Alonzo Fork. This has given rise to more innovation and indeed growth.

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During the event which took place from September 25-26, several partnerships and use-cases that will expand the utility of the Cardano blockchain were unveiled. Important ideas on the list include:

  • The creation of Djed, Cardano's algorithmic stablecoin that will be regulatory-compliant. The issuance of Djed will be handled by the enterprise-grade fintech platform COTI
  • DeFi Identity Solutions: in partnership with Aid:Tech, Cardano will develop blockchain identity management systems for use in finance, insurance etc. 
  • eSports Collaboration: Cardano is teaming up with top eSports game platform, Rival, to develop an NFT marketplace, fan rewards and loyalty schemes etc for Rival and their partners.


Climate Intervention Program

At the summit, a new deal was announced between Cardano and global climate advocacy company, Veritree. The deal will enable Veritree to foolproof the legitimacy of its tree-planting programs by leveraging the Cardano blockchain:

"By integrating with Cardano’s blockchain, tree planters across the globe will deliver irrefutable proof to sponsors on what sapling has been planted where, by whom, and how that site is being maintained", Veritree's CEO Derrick Emsley, said.

To mark the deal, a grand tree-planting donations drive tagged The First Global Cardano Impact Challenge was launched. The project is known as CardanoForest and the target is to plant 1,000,000 trees. Donations are in Cardano’s native coin, ADA. For every 1 ADA donated 1 tree will be planted. Donors will receive NFTree tokens which can be redeemed for a tree-planting certificate and NFT digital art in 2022. The Cardano Foundation announced that donations for 30% of the targeted number of trees has been received as of press time.

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Are we going to see more from Cardano?

The Cardano blockchain is being revamped which could see it finally emerge from Ethereum's shadow. Cardano’s move to enable smart-contract capabilities on its blockchain is a big step towards standing up to its rival.

With the partnerships announced at the Cardano Summit, the ecosystem is keeping up with its push towards relevance. Apart from Djed, MELD DeFi protocol has also announced plans to launch a gold-backed stablecoin on Cardano.

As the Cardano Foundation continues to grow its brand, the world's 4th largest blockchain ecosystem in terms of market capitalisation may be on its way towards living up to its potential. 

Read up more about Cardano here:

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Ahamdi Abarikwu

Ahamdi Abarikwu is an Electrical Engineer and a lover of anything crypto. He is also an avid writer, proofreader and editor. He loves to play Scrabble in his spare time. He hold bags mostly in BabyDoge, CSM (Crust Storage Network), and JulD.

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