New platforms and technologies are constantly being developed in the quickly changing world of cryptocurrencies with…
Impact Project, with IMPT as its crypto, is an eco-friendly cryptocurrency that is slowly making a name for itself. Let’s learn more about them in this blog.
Aside from its volatility, another factor that causes investors to hold back from investing in cryptocurrencies is their environmental impact. Specifically, Bitcoin’s notorious ‘mining’ process eats up a huge amount of electricity.
Data from the Cambridge Bitcoin Electricity Consumption Index shows that BTC annually uses up to 104.2 terawatts. This computation reveals that Bitcoin mining uses more power than Pakistan. Consequently, this means that BTC mining produces a bigger carbon footprint than the said country.
What Are Green Cryptocurrencies?
Eco-friendly cryptocurrencies also go by the name of ‘green’ cryptocurrencies. These are the cryptocurrencies that require low energy consumption for cryptocurrency mining procedures and they emit small amounts of carbon footprint.
Their effort to continuously improve their environmental impact is what makes them environmentally friendly cryptocurrencies. For instance, Ethereum switched to Proof of Stake (POS) in an attempt to bring down its electricity consumption.
Before its merge, Ethereum’s energy usage ranged from 46.31 terawatt hours (TWh) per year to 93.98 TWh per year. As of September 2022, CCRI (Crypto Carbon Ratings Institute) calculated the energy consumption of Ethereum to be ~0.0026 TWh/yr only.
Impact Project (IMPT): The Breakthrough Eco-Friendly Cryptocurrency
When you visit the Impact Project’s website, you will be greeted by a predominantly green and white interface. The green hues show the environmental sceneries that evoke the sense of beauty many of us have taken for granted for so long.
IMPT is the token of this blockchain-based platform. Its target is to encourage people to help make positive developments in the environment. Impact Project designed its blockchain in a way that it helps businesses and investors manage their carbon credits.
A carbon credit serves as a representation that symbolizes 1 ton of carbon dioxide eliminated from the atmosphere.
For instance, well-known brands such as Microsoft, Amazon, and Netflix have partnered with them. As a result, when customers purchase products and services from these merchants, a portion of their sales will go to the IMPT.
Transparency is practiced in the transactions involving IMPT because shoppers can check the number of donations given by the participating brands. Customers can choose what stores or brands they will buy from depending on how much they will donate to IMPT.
In addition, Impact Project passed the smart contract of eNebula Solutions. This indicates that their smart contract design is reliable and trustworthy.
IMPT Tokens will be rewarded to Impact Project users that they can trade for carbon credits.
Impact Project’s Link to Carbon Trading
IMPT’s goal is to diminish carbon emissions. Investors and experts believe that the Impact Project will bring about positive results because it combines the power of blockchain with carbon trading.
Investopedia explains carbon trading as,
Carbon trade is the buying and selling of credits that permit a company or other entity to emit a certain amount of carbon dioxide or other greenhouse gases.
There are three options available to investors on what they can do with their carbon credits: buy, sell or retire. Then, those credits are transformed into NFTS which are stored using Blockchain technology.
This is where the eco-friendly part comes in. Impact Projects’ protocols and smart contracts run on the Ethereum blockchain. This setup makes it energy efficient because Ethereum uses the proof of stake consensus mechanism.
Therefore, it is able to provide a high level of security for a minimal amount of energy.
Presale – Impressive Gains for an Eco-Friendly Cryptocurrency
The presale of Impact Project started on October 3. 24 hours after it started its presale, the company put up $150,000. They went on to raise $550,000 then $1 million on the second and third day, respectively.
In a span of nine days, Impact Project surpassed $3.5 million. At the end of October, the token sales reached $12 million. IMPT will schedule its second and third presale stage soon.
The company announced that their token allocation for the second presale stage is 660 million tokens. While 540 million tokens will be released in the third presale stage.
Impact Project is one of the sustainability projects that have certainly caught the eye of investors. This is a digital currency that advocates for carbon neutrality. Also, it promotes reducing the amount of energy required to make new cryptocurrencies.
Read their whitepaper.
Investing in Eco-Friendly Cryptocurrencies – Yay or Nay?
First, China’s absolute ban on cryptocurrency, then Elon Musk’s stoppage of BTC as payment for Tesla products, encouraged awareness among crypto investors about cryptocurrency’s negative effect on the environment.
Lately, environmental, social, and governance (ESG) factors are important to for environmentally conscious investors. Moreover, cryptocurrencies are now closely scrutinized for the amount of power they use, how secure they are and their long-term scalability.
Morningstar’s 2022 report showed that ESG funds gained $70 billion last year. This figure is up by 35% from 2020’s numbers. The transition to using renewable energies and becoming carbon neutral is attracting more investors as time progresses.
The future of eco-friendly cryptocurrencies looks bright as other cryptocurrencies also strive to be recognized for being sustainable.
Allowing clients and businesses to balance their carbon footprints by purchasing carbon credits is one of the most innovative ideas to date. Until now environmental neglect is still a global problem.
IMPT will also launch its own social site where it will provide updates about businesses’ high scores in reducing their global carbon footprints. This leaderboard presentation will motivate other retailers to follow suit.
If you are interested in helping preserve the environment, you should definitely look into eco-friendly cryptocurrencies such as the Impact Project. But always remember to make your own research before being carried away by the hype.
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