Home Blockchain Blockchain-based renewable energy marketplaces gain traction in 2021

Blockchain-based renewable energy marketplaces gain traction in 2021

9 min read
0
59

Considerations about vitality manufacturing, useful resource consumption and its influence on the setting are one of many dominant matters of debate on the worldwide stage. The intensive vitality prices of mining Bitcoin and different proof-of-work cryptocurrencies are additionally incessantly pointed to as a critical draw back to the rising asset class. 

Whereas environmental considerations and the price to reward debate rages on, there’s one group of cryptocurrency tasks that has the objective of bringing blockchain expertise to the worldwide vitality grids as a approach to encourage renewable vitality technology by a versatile market that connects vitality consumers and sellers.

EWT/USDT vs. POWR/USD vs. WPR/USD 1-day chart. Supply: TradingView

Three energy-focused tasks which have seen triple-digit positive aspects because the starting of 2021 are Power Net Token (EWT), Energy Ledger (POWR) and WePower (WPR).

EWT/USDT

Power Net Token (EWT) is the operational token for the Power Net Chain, an open-source enterprise blockchain designed to help and additional utility improvement for the vitality sector.

In line with the venture’s web site, the “Power Net is accelerating a low-carbon, customer-centric electrical energy system by unleashing the potential of open-source, decentralized, digital applied sciences.”

The venture launched in June of 2019 and has since grown to an intensive community of companions with some globally acknowledged corporations together with Volkswagen, Siemens and Hitachi.

As soon as absolutely developed and built-in, its digital machine may assist join the totally different areas of the vitality sector together with grid operators, software program builders and distributors.

One of many largest value movers for EWT in 2021 got here firstly of March when the token was listed on the U.S.-based Kraken cryptocurrency change.

EWT/USDT 4-hour chart. Supply: TradingView

The following announcement of a partnership with Volkswagon on March 4 and the release of the EasyBat battery compliance app on March 16 additional helped present a lift to the token which went on to ascertain a brand new all-time excessive of $19.85 on March 18.

POWR/USD

The Energy Ledger platform was established in Might 2016 with the objective of making an working system for brand spanking new vitality markets that’s able to buying and selling renewable vitality and environmental commodities on an area and world scale.

Based mostly out of Australia, the venture goals to make the most of blockchain expertise to create a system the place each electrical useful resource or energy system has a digital id that’s related to a real-time market that facilitates the transactions between them.

POWR operates on the Ethereum (ETH) community as a peer-to-peer vitality change platform and it makes use of a two-token system comprised of POWR and Sparkz to “guarantee consistency throughout Energy Ledger’s platform,” in keeping with the venture’s web site.

Sparkz are secure tokens which are used when items of electrical energy (kWh) are purchased and bought on Energy Ledger’s platform.

Buying and selling exercise for POWR started to select up on the finish of January as discussions about renewable vitality started to achieve traction within the media.

POWR/USD 4-hour chart. Supply: TradingView

The March 3 announcement of Energy Ledger’s partnership with India’s largest built-in energy firm Tata Energy-DDL kicked off a value rally which resulted in POWR rallying to $0.504, its highest degree since 2018.

WPR/USD

WePower is a blockchain-based inexperienced vitality buying and selling platform that connects “vitality suppliers, company consumers and vitality producers for simple, direct inexperienced vitality transactions.”

In line with the venture’s web site, the WePower platform is “the best means for corporations of any dimension to purchase inexperienced vitality straight from native producers,” and the platform goals to make “company inexperienced vitality procurement as straightforward as on-line purchasing.”

WPR is an ERC-20 token that features as a fee methodology on the WePower Community. It is used to standardize and enhance the out there liquidity within the current vitality funding system and must also assist to cut back costs for community contributors.

Buying and selling exercise and token started to select up firstly of February when the venture handed over its “first fully-featured Elemental platform to Mojo Energy.

WPR/USD 4-hour chart. Supply: TradingView

Following the launch of the Elemental retail market on Feb. 1, the worth of WPR surged from a low of $0.011 to a excessive of $0.05 on March 24 as conversations regarding renewable vitality and sustainability in Europe and Australia passed off.

Elevated world consideration on local weather and vitality production-related points means that this area of interest slice of the crypto sector is ripe for additional positive aspects.

Initiatives using blockchain expertise to optimize world vitality marketplaces are well-positioned to extend their market share as distributed ledger expertise goes mainstream.

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it is best to conduct your individual analysis when making a call.