ETH Merge and IMPT end the debate that NFTs are unsustainable
There has been much discussion about the environmental impact of cryptocurrencies, especially 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 uses power comparable to a small country.
Then there is the NFT industry itself, which has received just as much, if not more, criticism for its power consumption. These debates have even reached the table of lawmakers, who have criticized the crypto market and sought to introduce regulations to prevent unnecessary spending.
However, that narrative is being addressed with such developments as the Ethereum merger and other projects that bring solutions that eliminate the large 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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The NFT industry does not need to be power hungry
As the cryptocurrency market has become popular, and as a niche like NFTs has taken the public by storm, it’s not surprising that the amount of power the market as a whole uses has gone up. To verify an increasing number of transactions, and with more miners jumping on board, the computer hardware online has increased, leading to more power consumption.
That has been one of the main drawbacks of Proof-of-Work based networks like Ethereum was, until recently. The latter moved to Proof-of-Stake in mid-September through the merger, a landmark event that is the most significant in Ethereum’s history. It reduced the network’s power consumption by over 99% and alleviated criticism of how power-hungry it was.
However, it is not the only network taking measures to reduce the environmental impact of decentralized protocols. IMPT is a remarkable project that does the same and is focused on creating an effective carbon offset program that brings businesses and individuals together for the cause. The primary function of the platform is that you can buy, sell or withdraw carbon credits through a marketplace.
IMPT’s carbon credit system
The company itself is zero carbon, and the network is built on top of Ethereum, which has become environmentally friendly after The Merge. The team chose Ethereum because of its transition 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 provided incentive to choose it. To raise the profile of the effort, IMPT is getting many brands on board, and expects to bring them into the whole effort of building a sustainable future.
There are a few main features that underpin the effort to create a platform that promotes environmental awareness, all of which are explained in IMPT White Paper. 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 other is a shopping platform where users can earn IMPT tokens from every purchase. These tokens can in turn be exchanged for carbon credits to reduce your carbon footprint.
Finally, there will be a social platform where users can track their impact. They will accumulate an IMPT score linked to the various activities they participate in on the platform. Business owners can also earn these points and integrate them into the platform to offset their own carbon footprint.
Regarding 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.
IMPT solves a pressing global problem
The crypto market has a unique ability to overcome its shortcomings and limitations resulting from the early nature of the technology. Proof-of-Work may well be a heavy consumer of power, but the newer consensus mechanisms and decentralized financial economies deal with these issues. Projects such as IMPT are leading the way with their solution, bringing together both individuals and businesses, and promoting an environment where everyone contributes to protecting the planet.
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