Kriptomat has completed listing of Power Ledger and POWR is now available to buy here.
Kriptomat now supports Power Ledger (POWR) at Kriptomat.io and in Kriptomat Android and iOS mobile applications. POWR is now available in all Kriptomat-supported regions.
Power Ledger (POWR)
10 June 2021
There have been plenty of headlines in recent times about how much power cryptocurrencies consume and their impact on the environment. What tends to receive less mainstream attention, however, are the many blockchain projects that have launched over the past few years which focus on clean energy and environmental sustainability. Power Ledger is one of these projects.
Electricity is a critical global commodity, with at least 84% of the world’s population now electrified. Access to energy sources which are affordable and reliable is integral to reducing poverty, improving health, and boosting productivity in the developing world. Throughout the 21st century, many countries have shifted towards renewable energy sources, which brings a level of uncertainty to the power grid.
What’s more, it will likely become cheaper and more effective to self-supply clean energy than to rely on the current network at some point in the future. What is therefore needed is a reconfiguring of the network from a centralized system to a distributed and trustless trading platform.
Power Ledger does just that. It enables people to monetize their excess energy, similar to how Airbnb allows people to monetize their spare rooms or Uber allows them to monetize their cars. Peer-to-peer energy trading is done unreliably, though, as transactions are facilitated through blockchain technology.
Based in Australia, Power Ledger was first announced in 2015 by co-founders Dr. Jemma Green, who advocated for sustainability and corporate social responsibility while working for banks such as JP Morgan, and John Bulich, a blockchain pioneer who previously co-founded blockchain-based global verification company Ledger Assets.
Energy consumers receive a wide range of network benefits through Power Ledger’s transparent governance framework which enables the platform to seamlessly interface with global energy markets. The ecosystem also uses pre-purchased tokens to provide interoperability between diverse pricing mechanisms and units of electricity. This makes the ecosystem scalable, while also enabling applications to adapt to any number of future regulatory structures.
The ecosystem operates through two blockchain layers, with the platform using both the public Ethereum blockchain and a private consortium blockchain called Ecochain. It also employs a dual token system to provide market flexibility. Sparkz tokens represent the tokenized value of a unit of electricity and are used by utilities and retailers to onboard customers. When consumers and prosumers buy and sell energy, it is settled in Sparkz, which can be redeemed for cash through the utilities or retailers.
POWR, on the other hand, is an ERC-20 token that acts like a limited software licensing permission – it enables network participants to access and use the platform. Sparkz tokens are issued against escrowed POWR tokens, which are traded through the Ethereum Smart Bond exchange.
POWR tokens also interact with the ecosystem through contributing and connecting with renewable energy charities and organizations, providing network participants with loyalty rewards, and providing governance and consumer protection through Smart Bond technology. POWR has been trading since 2017 when it raised $34 million in an initial coin offering (ICO).
Kriptomat is continuing to list new cryptocurrencies and new tools for our users to improve the overall investing experience. Customers can sign up for a Kriptomat account here to buy, sell, convert, send, receive, or store POWR today.
This text is informative in nature and should not be considered an investment recommendation. It does not express the personal opinion of the author or service. Any investment or trading is risky, and past returns are not a guarantee of future returns. Risk only assets that you are willing to lose.