Blockchain-based tree planting initiative launched on Earth Day
Through the Stake for the Planet project, owners of PlanetWatch’s tokens known as Planets can stake the digital assets in their Algorand blockchain wallet to earn a reward, which will ultimately allow them to plant a tree using the Treedom platform.
French start-up PlanetWatch has teamed up with tree planting platform Treedom on a blockchain-based tree-planting initiative.
Stake for the Planet is the first step towards PlanetWatch’s pledge to plant one million trees worldwide in the next five years in support of global reforestation.
Air monitoring network
PlanetWatch claims to be the world’s first decentralised indoor and outdoor air quality monitoring network built on the Algorand blockchain while Treedom allows you to plant a tree from a distance.
Through the Stake for the Planet project, owners of PlanetWatch’s tokens known as Planets can stake the digital assets in their Algorand wallet to earn a reward which will ultimately allow them to plant trees.
If users stake 10,000 Planets tokens over one month, they will be able to plant a tree within PlanetWatch’s forest, supported by Treedom. Each tree is linked to a collectible non-fungible token (NFT) that reflects its uniqueness. Owning the NFT means owning the tree.
“Announcing our partnership with Treedom and the launch of Stake for the Planet on Earth Day reflects our double commitment to protecting public health via air quality data and mitigating climate change”
Trees are being planted in the company’s forest on Tredoom’s platform. Currently, this forest includes 1,000 trees of 12 separate species across three different continents. Treedom seeks specific areas for planting trees based on both the environmental impact as well as the local societal impact on the communities in which it works, with those in tropical and sub-tropical countries being the priority.
Reforesting diverse ecosystems to capture carbon from the atmosphere is a well-known method for carbon abatement, with current thought heavily influenced by the findings of British scientist Thomas Crowther and his team at ETH Zurich.
It is estimated that the Earth has an additional one billion hectares capacity for new forestry (without encroaching on cropland or urban areas) and, based on these figures, globally restored ecosystems could capture up to 200 billion tons of carbon, accounting for over one-sixth of humanity’s carbon emissions.
“It is a pleasure to be working with Treedom, and a privilege to have PlanetWatch trees as part of their worldwide agroforestry network. The concept of harnessing digital assets on the blockchain to empower individuals in their contribution to global reforestation and carbon abatement is something we are very proud of.”
Susanna Finardi, Treedom partner and head of business partnerships, added: “We are delighted that PlanetWatch, a player committed to monitoring air quality at a local level, has decided to rely on Treedom to plant trees and improve air quality at a global level.
“On the one hand, this will be good for the environment because the trees will absorb CO2 and protect biodiversity. On the other, the fruit species will provide an income and empowerment opportunity for the communities involved. Together, we can achieve great results.”
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