Blockchain technology and its popularity is on the rise where you are interested in the use of blockchain in the energy sector; then power ledger will definitely intrigue you. Power Ledger is a blockchain based platform, that has plans to facilitate local areas to sell and distribute solar power without the hassle of a middleman, and thus reshape the entire global energy industry by enabling the growth of renewable energy sources.
How it works
Power Ledger Platform which operates on two blockchain layers, a public ethereum blockchain, and a private consortium blockchain, Ecochain. It forms peer-to-peer energy transactions by tracking both the generation and consumption of all the platform participants in real time the rates of which are predetermined. It used two coins: The Power Ledger Token (POWR) and Sparkz.
The blockchain keeps track of each unit of energy that is transacted on the network. The POWR token which works of a proof-of-stake basis allows users to use the platform, sufficient stock of which will only enable participants to use the platform. Once traded, it is put into an escrow via an Ethereum Smart Contract, which can then be converted into to the other currency: Sparkz. Sparkz which can also be bought with fiat currency then is traded on the network for electricity.
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Currently, there are about 400,000 available POWR, out of a possible 1,000,000,000, while the total amount of Sparks is unfixed. They are generated as and when they are required, used and then subsequently destroyed once they are redeemed. The price of Sparkz is pegged to the government issued fiat currency of the country in question, and their cost of power.
Products Offered by Power Ledger
Power Ledger provides different kinds of energy solution, on the blockchain. The xGrid, enables users to buy and sell energy on the existing electrical grid through peer-to-peer transactions while uGrid does the same but this time on an existing microgrid or embedded network, for example within an apartment building. C6 and C6+ use blockchain technology to track and validate carbon credits. Asset Germination which is still being developed provides users with a platform to monetize a communities’ excess renewable energy.
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Availability and Storage
POWR is currently on sale at Upbit, Huobi, Binance, Digifinex, among others and since it an ERC20 token, you may want to know about Ethereum Wallet: Mobile, Web, and Hardware, in order to figure out the best wallet which supports ERC20. It seems that it is most prudent to store cryptocurrency in a hardware wallet. The most popular hardware wallets that can be used to store POWR tokens are Ledger Nano S and Trezor.
Power Ledger which provides a blockchain-based marketplace for renewable energy has the capability to that can truly change the world. It gives local communities the ability to sell their excess solar power to neighbors which facilitates passive income and prevents wastage of power generated. Power Ledger, which has plans to extend their ambit worldwide, has already started collaborating with quite a few strategic partners. It has created an energy distribution and tracking platform that allows consumers to buy carbonless, sustainable energy at lower prices than what’s offered by traditional electric companies a system that will only become clear to you if you know how blockchain transactions work.
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