What Is IMPT Token (IMPT)?

Digital assets have garnered a reputation for being notoriously energy-intensive assets.

Namely, the Proof-of-Work (PoW) consensus mechanism used by a number of cryptocurrencies to generate new transaction blocks requires a significant amount of energy to operate.

To give just one example, the Cambridge Bitcoin Electricity Consumption Index estimates that Bitcoin’s energy consumption is equivalent to the yearly power consumption of Pakistan (about 104.2 terawatt hours).

One approach to lessen the adverse effects of cryptocurrency mining on the planet is to use a blockchain that relies on the Proof-of-Stake (PoS) consensus algorithm.

Today, we’ll talk about IMPT.io – the parent PoS blockchain of the eco-friendly IMPT token with promising potential. Users get carbon credits by collecting IMPT tokens, which they then exchange for carbon credits that come in the form of non-fungible tokens (NFTs).

Sections

What Is IMPT.io?

The IMPT.io platform operates on the basis of carbon trading. Carbon trading refers to purchasing and selling carbon dioxide emission allowances or other greenhouse gas emission permits to decrease carbon emissions and slow the rate at which human activities are causing global warming.

This means that whoever buys carbon tokens, each representing a certain amount of carbon has the legal right to have that amount of carbon burned and released into the air. Those who can effectively store carbon and stop it from escaping into the atmosphere will be able to sell their carbon tokens at a higher price.

Tokenization, the concept that every tradable good or service can be converted into a token with a specific value, underpins the carbon trade. Given the importance of tokens in modern economies, it seemed inevitable that blockchain technology and carbon credits would be combined at some point, which is essentially what IMPT aims to do.

What Is the IMPT Token?

The mission of IMPT.io is to provide everyone with access to low-cost, high-impact tools for fighting climate change and investing in our shared home, the planet Earth. This platform aims to assist individuals and businesses in achieving carbon neutrality by tokenizing the value of carbon emissions.

The IMPT token is the native ERC-20 token of the IMPT.io blockchain network, developed on the Ethereum blockchain. IMPT token holders can use their earnings to purchase carbon credit NFTs and engage in carbon trading.

Carbon credits, commonly referred to as carbon offsets, are certificates standing in for the atmospheric carbon dioxide that has been eliminated. Carbon credits can be used to partially counteract the cost of emission reduction activities. To this end, the cost of emitting one ton of carbon dioxide into the atmosphere is equal to one carbon credit.

How Does the IMPT Token (IMPT) Work?

One of the most significant topics in the cryptocurrency space in the second half of 2021, and continuing in the years that follow, has been that of non-fungible tokens (NFTs). These unique works of digital art have their supporters and detractors. NFTs, however, appear to be here to stay for the foreseeable future.

Based on the IMPT whitepaper, the token’s creators tokenize carbon credits and distribute them to the IMPT token holders as NFTs. To further ensure authenticity and traceability, these NFTs are recorded in a distributed ledger that users can monitor.

If a user burns their NFTs after claiming their carbon credits against the carbon credits of an individual or organization, those NFTs will be delivered to an invalid address and thrown out of circulation. Because every transaction on the platform between users is logged on a distributed ledger, it is virtually impossible to modify these transactions in any way, which enables the platform to eliminate fraud and double spending.

As a bonus, when users retire their carbon credits, they are given one-of-a-kind NFTs made by artists. These NFTs can be traded on an exchange.

What Is IMPT.io Token (IMPT) Used For?

Essentially, IMPT.io provides connectivity to people with hundreds of globally significant environmental projects intending to reduce carbon emissions and preserve our planet. Many world-leading retailers have committed to donating a portion of their profits to environmental causes through IMPT.io.

These funds are stored as IMPT tokens in user accounts open on the IMPT.io platform. Users accumulate tokens until they have gained a sufficient quantity of their chosen carbon credits. This means customers may keep on doing their regular online shopping while also doing their part to protect the environment.

A further element that sets IMPT token apart is its capacity to quantify the environmental impact of both individuals and businesses. By creating a social network where everyone can track their effect using the IMPT.io rating, we can all make a more significant contribution to the world. The IMPT platform will use the impact points given to businesses and individuals for their efforts to mitigate climate change.

The IMPT scores of all users are available to the public, so it is simple to identify who is being environmentally responsible and who could do more. Again, this makes it evident whether people and businesses need to do more, which should motivate them to increase their positive influence.

Therefore, IMPT.io is the first of its type, empowering users to lessen their environmental impact and monitor its evolution over time.

Where to Buy IMPT Tokens (IMPT)?

LBank and Uniswap (V3) are now the leading cryptocurrency exchanges for trading IMPT tokens.

How Long Has IMPT.io Token (IMPT) Been Around?

The first pre-sale of the IMPT token took place between October 3 and October 26, 2022.

What’s Controversial About IMPT.io Token (IMPT)?

The IMPT coin was designed with the intention of avoiding the controversies that have been plaguing other cryptocurrencies. A lot of people are complaining about the volume of carbon dioxide BTC and ETH produce.

To this end, the Ethereum-based IMPT platform acts as a go-between for a variety of eco-friendly projects and their potential backers (individual participants or businesses). Carbon credits, available as NFTs, allow users to effect environmental change.

How Many IMPT Tokens Are There?

The total supply of IMPT tokens is capped at 3 billion tokens.

Can IMPT Be Mined?

Unlike Ethereum’s native ETH coin, ERC-20 tokens like IMPT are not mineable.

Market Cap and Price History of IMPT.io Token (IMPT)

Since the Uniswap IEO was announced, there has been a significant increase in the number of purchases made during the IMPT presale, which went live at the beginning of October and has already drawn investments totaling almost $20.5 million.

Biggest Competitors of IMPT.io Token (IMPT)

Although there have been initiatives aimed at lowering Bitcoin’s carbon footprint in recent times, some traders have abandoned the cryptocurrency in favor of greener alternatives due to its alarming environmental impact. Some of the more sustainable cryptocurrencies include:

What Does the IMPT.io Token (IMPT) Project Road Map Look Like?

Tokens issued by IMPT will be essential to the project’s governance once the team achieves its goal of turning IMPT.io into a decentralized autonomous organization (DAO).

Moreover, the IMPT.io project’s roadmap includes the following milestones: seed sale, website launch, IMPT smart contracts implementation, smart contracts audit, whitepaper launch, and social media launch.

Pros and Cons of IMPT.io Token (IMPT)

Pros

An eco-friendly token;
The project’s roadmap looks promising.

Cons

IMPT token is currently made available for purchase only on a couple of exchanges.