Blockchain-based renewable energy marketplaces gain traction in 2021

CoinTelegraph

Concerns about energy production, resource consumption and its impact on the environment are one of the dominant topics of debate on the global stage. The intensive energy costs of mining Bitcoin and other proof-of-work cryptocurrencies are also frequently pointed to as a serious downside to the emerging asset class. 

While environmental concerns and the cost to reward debate rages on, there is one group of cryptocurrency projects that has the goal of bringing blockchain technology to the global energy grids as a way to encourage renewable energy generation through a flexible marketplace that connects energy buyers and sellers.

How To Get Free Crypto  

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

Three energy-focused projects that have seen triple-digit gains since the beginning of 2021 are Energy Web Token (EWT), Power Ledger (POWR) and WePower (WPR).

EWT/USDT

Energy Web Token (EWT) is the operational token for the Energy Web Chain, an open-source enterprise blockchain designed to support and further application development for the energy sector.

According to the project’s website, the “Energy Web is accelerating a low-carbon, customer-centric electricity system by unleashing the potential of open-source, decentralized, digital technologies.”

The project launched in June of 2019 and has since grown to an extensive network of partners with some globally recognized companies including Volkswagen, Siemens and Hitachi.

Coinbase Banner  

Once fully developed and integrated, its virtual machine could help connect the different areas of the energy sector including grid operators, software developers and vendors.

One of the biggest price movers for EWT in 2021 came at the beginning of March when the token was listed on the U.S.-based Kraken cryptocurrency exchange.

EWT/USDT 4-hour chart. Source: TradingView

The subsequent announcement of a partnership with Volkswagon on March 4 and the release of the EasyBat battery compliance app on March 16 further helped provide a boost to the token which went on to establish a new all-time high of $19.85 on March 18.

POWR/USD

The Power Ledger platform was established in May 2016 with the goal of creating an operating system for new energy markets that is capable of trading renewable energy and environmental commodities on a local and global scale.

FreeBitcoin Banner  

Based out of Australia, the project aims to utilize blockchain technology to create a system where every electrical resource or power device has a digital identity that is connected to a real-time market that facilitates the transactions between them.

POWR operates on the Ethereum (ETH) network as a peer-to-peer energy exchange platform and it utilizes a two-token system comprised of POWR and Sparkz to “ensure consistency across Power Ledger’s platform,” according to the project’s website.

Sparkz are stable tokens that are used when units of electricity (kWh) are bought and sold on Power Ledger’s platform.

Trading activity for POWR began to pick up at the end of January as discussions about renewable energy began to gain traction in the media.

POWR/USD 4-hour chart. Source: TradingView

The March 3 announcement of Power Ledger’s partnership with India’s largest integrated power company Tata Power-DDL kicked off a price rally which resulted in POWR rallying to $0.504, its highest level since 2018.

WPR/USD

WePower is a blockchain-based green energy trading platform that connects “energy suppliers, corporate buyers and energy producers for easy, direct green energy transactions.”

According to the project’s website, the WePower platform is “the easiest way for companies of any size to buy green energy directly from local producers,” and the platform aims to make “corporate green energy procurement as easy as online shopping.”

WPR is an ERC-20 token that functions as a payment method on the WePower Network. It’s used to standardize and increase the available liquidity in the existing energy investment system and should also help to reduce prices for network participants.

Trading activity and token began to pick up at the beginning of February when the project handed over its “first fully-featured Elemental platform to Mojo Power.

WPR/USD 4-hour chart. Source: TradingView

Following the launch of the Elemental retail marketplace on Feb. 1, the price of WPR surged from a low of $0.011 to a high of $0.05 on March 24 as conversations concerning renewable energy and sustainability in Europe and Australia took place.

Increased global attention on climate and energy production-related issues suggests that this niche slice of the crypto sector is ripe for further gains.

Projects utilizing blockchain technology to optimize global energy marketplaces are well-positioned to increase their market share as distributed ledger technology goes mainstream.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Go to Source
Author: Jordan Finneseth


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.