Updated: Dec 20, 2019
Power Ledger is an Australian decentralized energy trading platform, which is based on the Ethereum blockchain. The platform makes use of dual tokens – POWR and Sparkz. POWR tokens are required as necessary fuel to power the Power Ledger ecosystem. The token is protected by Smart Bond technology. Sparkz tokens are POWR tokens that are redeemed through fiat currency on individual platforms or energy trading markets.
This short guide will discuss the purpose for which Power Ledger is designed, the developing team behind it, the way it works, and the various uses and applications of the coin and platform.
What Is Power Ledger Designed For?
It aims to provide restriction-free global access to renewable energy for its consumers. The platform intends to completely revolutionize the existing worldwide energy industry. It is designed to enable local areas to sell and distribute accumulated solar power to their neighbors without having to go through a middleman.
Imagine a world that does not have to rely on big utility companies or resources, imported from foreign countries to meet in-house energy demands. That world may well become a reality soon (shortly), thanks to Power Ledger’s decentralized blockchain applications.
Power Ledger effectively combines innovations in both solar power and blockchain development to offer an unmatched energy solution, which is cleaner, cheaper, and more sustainable than traditional energy alternatives.
The team decided to create this blockchain platform based on a 2015 report by Deutsche Bank, which stated that thirty countries had already reached grid parity. This is the state where the value of solar-generated electricity becomes equal or less than the price of local retail electricity.
Who Is the Team Behind Power Ledger?
Power Ledger was founded by David Martin (Managing Director), Dr. Jemma Green (Chair), and John Bulich (Technical Director) in May 2016. The company is based out of Perth, Australia. Green a research fellow at Curtin University Sustainability Policy Institute and has a finance career that spans over fifteen years.
Another notable team member includes Dr. Bill Tai, who is a world-renowned venture capitalist and has an exquisite experience. He is currently a board member of Bitfury and Voxer and chairman of Treasure Data. Tai is also part of the World Economic Forum’s Technology Pioneer Committee, has served as a Board Director for 7 publicly listed companies, and is an Adjunct Professor at Curtin University.
How Does Power Ledger Work?
The Power Ledger Platform makes use of peer-to-peer energy transactions by recording energy generation and consumption of each platform participant in real-time. The generation of energy and its use are transacted at pre-set rates.
The Power Ledger platform operates on dual blockchain layers. POWR and Sparkz tokens have different functions on both blockchains. The platform uses a private consortium blockchain called the Eco chain, as well as the public Ethereum blockchain.
xGrid, uGrid, Power Port, C6 and C6+, and Asset Germination are the five products already live on the Power Ledger platform. The sixth one VPP2.0, which is an expansion of virtual power plants is still in development.
What are Current and Future Applications of Power Ledger?
POWR is required by both providers and consumers of energy to access the features of the Power Ledger platform. An application host will not be able to access the platform without a sufficient number of POWR. In the system, POWR tokens are traded and put into escrow by using the Ethereum Smart Bond exchange. The tokens are converted into Sparkz.
There are other utilities of POWR aside from generating Sparkz and granting access to the platform. It is used to provide loyalty rewards to participants. The token also contributes and connects with organizations and charities. However, the most notable use is that it provides access to Asset Germination events.
Power Ledger has performed well since its initial launch in 2017 with a 480% gain. The platform has increased its reach to several countries in a relatively short period by scoring some major global partnerships.
The blockchain platform has even succeeded in winning a grant from the Government of Australia. There are many decentralized applications developed Power Ledger that is all set to revolutionize the energy markets. It also has several potential projects in the pipeline. The platform exhibits decent potential as a platform that is trying to ease one of the biggest problems in the world.
POWR sets itself apart from other currencies by acting as the fuel powering the ecosystem and offering multiple other functions. Experts claim that POWR prices shall continue to soar as more and more countries come on board.