Washington City Paper
There has been a lot of discussion about the environmental impact of cryptocurrencies, particularly those based on the Proof-of-Work consensus mechanism. This has been a popular talking point in the wider media, with critics saying that a network like Bitcoin utilizes power that is comparable to that of a small country.
Then there’s the NFT industry itself, which has received as much, if not more, criticism for its power consumption. These debates have even reached the tables of lawmakers, who have chided the crypto market and sought to impose regulations to prevent undue consumption.
However, that narrative is being addressed with such developments as the Ethereum Merge and other projects that bring solutions that eliminate the heavy power consumption. One such project is IMPT, which has a strong environment-first approach as it attempts to create an economy around carbon credits.
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As the cryptocurrency market has grown popular, and as a niche like NFTs has taken the public by storm, it is unsurprising that the amount of power that the market as a whole consumes has gone up. In order to verify an increasing number of transactions, and with more miners hopping on board, the computing hardware that’s online has spiked, leading to more electricity usage.
That has been one of the main drawbacks of Proof-of-Work based networks which Ethereum was, until recently. The latter made the move to the Proof-of-Stake in mid-September through the Merge, a landmark event that is the most significant in Ethereum’s history. It reduced the network’s power consumption by over 99% and laid to rest the criticism about how power-intensive it was.
However, that is not the only network that is taking action to reduce the environmental impact of decentralized protocols. IMPT is one notable project that is doing the same and is focused on creating an impactful carbon offset program that brings businesses and individuals together for the cause. The primary feature of the platform is that you can buy, sell or retire carbon credits through a marketplace.
IMPT’s carbon credits system
The company itself is carbon zero, and the network is built on top of Ethereum, which has become environmentally friendly following The Merge. The team chose Ethereum because of the switch to PoS, which reduced Ethereum’s energy consumption by 99.9%. In addition, Ethereum is highly secure, with efficient data processing and planned scalability features, which added incentive to choose it. To add to the reputation of the effort, IMPT is getting many brands on board, expecting to bring them into the whole effort to build a sustainable future.
There are a few major features that underpin the effort to create a platform that promotes environmental consciousness, all of which are explained in the IMPT whitepaper. The first is the aforementioned marketplace where users can buy and sell carbon credits. Users will also receive a collectible NFT for their transactions on the marketplace.
The second is a shopping platform where users can earn IMPT tokens from each purchase. These tokens can in turn be exchanged for carbon credits to reduce their carbon footprint.
Lastly, there will be a social platform where users can track their impact. They will accumulate an IMPT score which is linked to the various activities that they take part in on the platform. Business owners can also earn these points and integrate them onto the platform to offset their own carbon footprint.
As for the presale, 600 million tokens will be offered at $0.018 during the first presale, 660 million tokens will be offered at $0.023 during the second presale, and 540 million tokens will be offered at $0.028 in the final presale.
The crypto market has a unique ability to overcome its shortcomings and limitations that are a result of the early nature of its technology. Proof-of-Work might very well be a heavy consumer of power, but the newer consensus mechanisms and decentralized economic economies tackle those issues. Projects like IMPT are leading the way with its solution, bringing together both individuals and businesses, and fostering an environment where everyone contributes towards protecting the planet.
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