The Power Ledger platform aims to create a peer-to-peer network for electricity trading between users. The emphasis is on renewable energy sources – wind towers, solar panels, and other options.
Power Ledger Project
Power Ledger development was initiated by Australian experts. They focus on the energy crisis, calling the current system a death spiral:
- more people in Australia and New Zealand are installing solar panels to get cheap electricity;
- the exit of such users from the consumption system entails an inevitable increase in prices for its remaining participants due to the need to cover the operating costs of the existing network;
- price increases are forcing remaining users to switch to solar energy as well.
Such a vicious circle will inevitably lead to the collapse of the existing system. The development of the Power Ledger does not aim to compete with government agencies and energy companies. The aim of the project is to provide simplified trade in cheap electricity.
Cryptocurrency Power Ledger
The Power Ledger (POWR) cryptocurrency has been formed to access intra-network trading and purchase of electricity. Its functioning is closely related to the token – Sparkz. This token is a conventional unit of consumed electricity, its digital equivalent.
A simplified diagram looks like this:
- the user wants to buy a certain amount of energy for his needs, in the smart contract they are indicated as the corresponding amount of Sparkz;
- for the calculation, he buys the Power Ledger cryptocurrency, which he then transfers to the seller’s account;
- the seller in accordance with the contract provides the required amount of electricity.
A similar system can also be used within the framework of payment upon receipt – a contract is concluded indicating the cost of electricity consumed, according to the results of the specified period of time, payment is charged. Both options within the framework of the Power Ledger project have their own development prospects, which are spreading as the population moves to the use of renewable energy sources.
The potential of the Power Ledger platform can hardly be overestimated. In recent years, the field of renewable energy sources has attracted more and more interest from investors and ordinary users. Against the background of the decentralization of digital money, a basis is being created for the decentralization of the economy, including the provision of electricity.
According to powr coin news, analysts predict that investment in renewable energy is projected to be around $ 7.5 trillion by 2040. They also pay attention to the quantitative growth of produced electric vehicles, which are also potential consumers of the Power Ledger system.
Investor support for the development of the platform was provided not only by large companies but also by the Australian government – its investments amounted to $ 8 million. Against the background of this factor, Power Ledger received the support of well-known exchanges, showing a significant increase in value.
Special attention is paid to the increase in the price of this cryptocurrency. Launched in early November 2017 with a price tag of 5 cents, it showed a 15-fold increase in value by mid-December. There is an upward trend, experts predict further price increases based on the success of the Power Ledger project.
As a result, the Power Ledger platform is becoming a sought-after, future-oriented technology. The project takes a significant step towards the transition to renewable and environmentally friendly sources of electricity, which significantly increases the development value and benefits of long-term investment.