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ELI5 Power Ledger (POWR Token)

Australian cryptocurrency project Power Ledger (POWR) is a decentralized electricity exchange platform which aims to make excess energy trade a commodity.

POWR is a smart contract on the Ethereum network which allows appliances to instantly credit or charge users for excess or deficit power consumption. Power Ledger also features a peer-to-peer energy exchange platform which allows end users to choose the source of their electrical power.

Within the Power Ledger ecosystem, there are two tokens. POWR token is the utility token that users will deposit in an escrow in order to use the platform, while Sparkz tokens represent electricity credits tied to regional markets.

POWR and Sparkz both are employed in order to establish an economy in which households that generate electricity can securely trade power with their neighbors against a fair price.

Mineable? If so how is it mined?

Power Ledger [POWR] is a decentralized energy platform.

It integrates energy applications, such as P2P energy trading that allows businesses to host trading in the platform. Moreover, Power Ledger (POWR) is an asset coin and is not mineable (ERC20 token on the Ethereum blockchain).

POWR can be purchased or sold on the following cryptocurrency exchanges: Binance, Bittrex, Cryptopia, EtherDelta, Gate.io, Kucoin and TDAX.

In order to buy cryptocurrencies like Power Ledger, you first need to purchase Bitcoin, Bitcoin Cash, Ethereum and Litecoin with U.S dollars using Coinbase or some other fiat to crypto exchange. Once you have purchased a large circulation cryptocurrency, you can now be able to transfer your Bitcoin to an exchange like Binance to purchase Power Ledger.

Monetary Data

There are currently approximately 1 billion circulating POWR tokens.

POWR does not establish a hard cap on maximum supply.

History

After some months of research and planning, Power Ledger was officially formed in May 2016 to address the three major challenges facing the energy system in the world. The three energy challenges include the discovery of a way to include individuals in high-density housing to be part of the booming distributed energy economy. The other one is the re-invention of electricity networks to provide an incentive for the connection of distributed energy. Lastly, they want to mitigate the risk of stranding multiple billions of dollars in valuable network assets.

On the other hand, way back in August 11, 2016, the plans for a blockchain energy platform were publicly announced in Australia by the company chair Jemma Green and Dave Martin. On August 24, 2016 the company announced another thing about Power Ledger and they said that it would utilize Ecochain technology to store energy readings.

In addition the Power Ledger’s whitepaper was officially released on July 27, 2017. The white paper revealed an ERC20 Ethereum-based token named as POWR. The company entails that the demand for POWR tokens would increase as the platform user-base grows, thus changing the price of the token that allows for the exchange of POWR tokens for Sparkz tokens.

What makes it Different?

Power Ledger is different to other cryptocurrencies because it focuses on the electricity or power trading across the globe. The blockchain technology enables the producers and consumers to have transparent, auditable and automated trading market and clearing mechanism. Thus, the platform enables the sale of excess renewable energy generated from residential and commercial buildings connected to the existing electricity distribution networks or within micro-grids. The energy traded across the distribution network is tracked in order to have a secure revenue stream for the Distribution Network Providers.

Who is behind POWR (Power Ledger)?

The people behind Power Ledger are comprised of experienced individuals in the field of renewable energy and blockchain technologies. They are headed by Dr Jemma Green, a person with considerable experience in investment banking and a research fellow at Curtin University Sustainability Policy Institute.

John Bulich and Dr Gov Van Ek are also included in the team who founded Ledger Assets, a blockchain venture that has successfully created and commercialized applications such as Uproov as well as technical and commercial blockchain systems. The Power Ledger team also has a clever mix of energy specialists, legal expertise and mostly consist of software developers and engineers.

On the other hand, if we are going to talk about the availability of the platform, it is said that it is not an open source. POWR is not an innovation in cryptocurrency software. Hence, it is an innovation for business model using a blockchain token to keep track the electricity trading and crowdfunding of renewable energy assets.

Links

Official Website

Announcement Thread link to BitcoinTalk

Block Explorer Link

CoinMarketCap Profile

Power Ledger on Twitter

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