Introducing the Stake for the Planet initiative

Ahead of Earth Day (April 22nd), let us introduce you in more detail to our green staking initiative.

Staking is quite popular in the crypto world. We decided it was about time to join the trend but on our own terms. So, we created a special program with an environmental focus.

Stake for the Planet is a strong use case for our token and it is 100% aligned with our mission. 

By monitoring air quality, we aim to protect people’s health and, ultimately, our climate (as air pollution triggers such as burning fossil fuels are also the most significant contributors to greenhouse gas emissions). By committing resources to plant trees in sustainable forests, we wish to contribute directly to climate change mitigation.

Why is planting trees so important?

Trees are valuable allies in the fight against climate change because they produce oxygen and absorb CO2, trapping it in their trunks, branches and roots. As a result, they improve air quality and help lower temperatures by removing CO2 from the atmosphere. But that is not all. Trees have many ways of making themselves indispensable:

• They support life, offering shelter and nourishment to various plant and animal species;

• They promote biodiversity – a landscape rich in varied species is more resistant to disease and becomes a paradise for pollinating insects;

• They create an undergrowth capable of intercepting rainwater and giving the soil time to gradually absorb it;

• They counteract soil erosion thanks to their roots;

• They protect crops from winds and increasingly frequent extreme climate events.

How does it work?

Through staking the PLANETS tokens in your Algorand wallet – this means holding your PLANETS for a certain period of time – you will earn a new type of reward, PW:Forest tokens.

We have set up a PLANETS/PW:Forest staking pool on Algostake, which is open to anyone who wants to participate. 

If you stake 10,000 PLANETS tokens there, you earn 1,000 PW:Forest/month in return. Once you have accumulated 1,000 PW:Forest tokens, you are entitled to exchange them for a tree in PlanetWatch’s forest, planted in partnership with Treedom. More information on the redemption process will be released next week as we approach Earth Day (April 22nd).

Each tree will be linked to a collectible NFT that reflects its uniqueness. If you own the NFT, you own the tree.

PlanetWatch is pioneering green collectibles on the Algorand blockchain. Our collectibles are green both because Algorand is the greenest blockchain out there and also because they represent nature elements. 

The first PlanetWatch digital collectible was offered to a small cohort of Early Bird PlanetWatchers last year.

What is a collectible NFT?

NFT is the acronym for non-fungible token. An NFT is an asset issued on a blockchain which, unlike PLANETS or ALGOS, has some properties that make it unique. 

Real-word examples of non-fungible assets include personal IDs. You cannot use someone else’s passport to board a flight. That’s because passports are unique, i.e. non fungible, so they cannot be used interchangeably.

NFTs bring the notion of uniqueness into the digital world. They can be used to prove ownership of assets. By linking an NFT to a piece of digital art for instance, one can create a digital collectible – owning the NFT means owning the art. You can either hold it or sell it.

Keep staking your PLANETS to help us grow a forest! 🌍