IMPT aims to fuse non-fungible tokens and carbon credits in a bid to create a greener kind of crypto. Let’s take a look.
Crypto and the environment
The environmental impact of cryptocurrencies and blockchain technology as a whole causes a great deal of skepticism among potential investors and crypto system users alike. Numerous cryptocurrencies employ the proof-of-work (PoW) consensus mechanism to add blocks of data to their blockchains and mint new coins, and this “mining” process consumes a great deal of electricity. PoW requires users using their computers to answer more difficult mathematical equations, which implies that as blockchains employing PoW age, the issues the computers must solve will become more difficult, requiring them to consume more energy, which can be detrimental to the environment. According to the Cambridge Bitcoin Electricity Consumption Index, Bitcoin (BTC) consumes 104.2 terawatt hours of electricity each year. As a result, Bitcoin has a greater carbon footprint than the whole country of Pakistan.
Using a blockchain that employs the proof-of-stake (PoS) consensus process is one strategy for minimizing the environmental impact of cryptocurrencies. This means that users of a blockchain can be selected to upload blocks based on the amount of the blockchain’s native coin they own. Ethereum (ETH), the second-largest blockchain in the world, recently completed its much-publicized transition from PoW to PoS, resulting in a huge reduction in the amount of energy it consumed.
What is IMPT?
However, there are other ways to be greener in the crypto and crypto investing sector. IMPT is one such prospective blockchain-based network. The purpose of this platform is to facilitate carbon trading.
In carbon trading, emissions from fossil fuels that contribute to global warming are assigned a monetary value. This means that it can be traded between businesses, individuals, and even nations. This means that everyone who purchases carbon, or at least a token representing a particular amount of carbon, has the legal right to burn it and release it into the atmosphere. The vendor relinquishes this right. If you are able to store carbon successfully and not release it into the atmosphere, you can charge extra for the token. When countries engage in the carbon trade, industrialized nations, who emit a great deal of carbon dioxide, are typically the buyers, while countries with lower carbon emissions are the sellers.
The carbon trade employs tokenisation, the concept that almost everything that can be exchanged may be transformed into a token with a particular value. With tokens being a crucial component of cryptocurrencies, it was perhaps inevitable that someone would eventually integrate blockchain technology with carbon credits, which is, to put it simply, what IMPT aims to do.
However, the system has another trick up its sleeve. Throughout the second half of 2021 and, to a lesser extent, continuing into this year, one of the trendiest topics in the world of cryptocurrency has been non-fungible tokens (NFTs). These connections to unique works of digital art have garnered both admirers and detractors. However, NFTs are expected to persist for the foreseeable future. Due to the fact that individuals not only purchase, sell, and trade NFTs, but also collect them, the people behind IMPT were able to identify an ecologically conscious market gap and create a unique product.
According to the IMPT whitepaper, “We tokenize carbon credits so that customers receive them as NFTs.” The NFTs are displayed in a decentralized ledger that users may track, assuring transparency and traceability. When an individual retires carbon credits, their burned NFTs are delivered to a null address, thus removing them from circulation.
“This transaction is recorded on the blockchain, and the NFT is no longer available. As all platform transactions are recorded on a distributed ledger, they are nearly impossible to tamper with, allowing us to prevent fraud and double counting. In addition, when customers retire their carbon credits, they receive one-of-a-kind NFTs designed by artists. These NFTs can be traded on the market by users.”
Additionally, a portion of the earnings of IMPT platform users will be donated to environmental-focused nonprofit organizations. The platform is managed by a team of six individuals, lead by the Irishman Denis Creighton, who has a background in the IT industry, having led the Irish companies Conduit and Data Fusion International. In the future, the system intends to transfer control to a decentralized autonomous organisation (DAO).
IMPT explained
Every blockchain and blockchain-based network need its own native token, and IMPT will have the IMPT token. The token is intended to aid in the operation of the system, with individuals compensated in the cryptocurrency and utilizing it to purchase carbon credit NFTs. Given that IMPT is based on the Ethereum blockchain, the IMPT cryptocurrency is a token; hence, references to the IMPT coin are misleading. There will be three billion IMPT in total, of which 15% will be allocated to the ecosystem, 5% to the platform’s development team, 10% to marketing, and 10% to early adopters. Additionally, there will be three official presales, with the first two selling 22% and the last selling 18%. The initial presale began on October 3, 2023. Signing up for a presale is one way to acquire the IMPT cryptocurrency, while waiting for it to join the open market and acquiring it on an exchange is another.
Neither the IMPT platform nor its native token should be confused with the immopet meme coin, which uses the IMPT ticker handle.
By the end of 2022, the system expects to have released its smart contracts, its NFTs, its first presales and begun the second, a market prototype, a community, and marketing activities. By the end of March 2023, presales will be concluded, an airdrop of IMPT tokens will have occurred, and items will be available for purchase. By the end of June of the following year, both the token and the marketplace should be available on the open market.
Social
✅ Website: https://impt.io/
✅ Instagram: https://www.instagram.com/impt.io/
✅ Discord: https://discord.com/invite/pxPSREPKxw
✅ Telegram: https://t.me/IMPTprogram
✅ Twitter: https://twitter.com/IMPT_token
Summing up
Through the above article, CryptoChill has helped you know about the IMPT project and the highlights of the project.
Disclaimer: This post is not investment advice. You will be 100% responsible for your investment decisions.
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