The blockchain industry has been tasked with contributing to the fight against climate change especially considering how much blockchain-based activities, like crypto transactions and mining, contribute to global warming. While IOTA was once known as the industry’s standard for sustainability, a new project is redefining those standards entirely.
IOTA: Using Tangle to Drive Environmental Sustainability
IOTA is an innovative blockchain protocol built to solve some of the challenges with traditional blockchains. Sustainability has been the platform’s primary focus, with IOTA applying a novel approach to transaction confirmation.
Instead of miners, IOTA incorporated Tangle, allowing network participants to contribute to the transaction validation process directly. With Tangle, a consensus is reached without needing dedicated miners, the primary contributors to blockchain’s ever-increasing carbon footprint.
Before a transaction can be confirmed, a user must confirm two previous random transactions on the IOTA network. Thus, every participant of the network essentially acts as their miner.
The problem with Tangle is that it could create a sense of centralization. And with IOTA users having to confirm previous transactions before confirming theirs, the blockchain appears to be sacrificing speed at the cost of being eco-friendly. This may be why IOTA has never particularly been a top blockchain for developers.
Impact Project: A Novel Approach to Climate Change
Impact Project attempts to change how blockchain is used in the fight against climate change.
The new platform, built on the Ethereum blockchain, facilitates the purchase of carbon credits and the funding of environmental sustainability projects across the world. Its objective is to help users cancel out their carbon footprints, offering optimal tracking and accountability features that keep users cognizant of their contributions.
Another impressive feature of the Impact Project is its transparency. Since the platform is built on the blockchain, it can eliminate fraud in carbon credit trading, optimizing transparency across the purchase line.
Impact Project has so far received significant traction. The platform has a network of affiliates highly committed to reducing their carbon footprint. Some big names on this list include Amazon, Netflix, Microsoft, and Bloomingdale. These companies are committed to contributing a portion of their total sales towards purchasing carbon credits, collectively banding together to fight global warming.
Impact Project has a native token, IMPT, that users can purchase to buy credits and support eco-sustainability initiatives. Anytime investors buy IMPT tokens, they can change them to carbon credits by exchanging them for collectible non-fungible tokens (NFTs) designed by recognized artists. Individuals can burn the credits to offset their carbon footprint directly, receiving a collectible NFT in return, or list the credits on the IMPT marketplace, where they can be traded like financial assets.
IMPT is currently available on presale at $0.023. The digital asset recently smashed the $10 million capital raise milestone. IMPT is set to cross its $10.8 million threshold before the end of the first presale phase, November 25.