What is Power Ledger?
Power Ledger is the world’s first decentralized energy trading platform. It aspires to develop a model for energy trading which takes control away from traditional energy distribution authorities and helps to put the average citizen in charge of determining the source of their energy supply. By using the blockchain to democratize energy trading around the world, Power Ledger aims to not only reduce average electricity costs but do so in a trustless, transparent manner. Its founders believe that blockchain-enabled P2P energy trading has the ability to transform energy networks into trading platforms, moving away from retail arrangements in the past which have taken on a monopolistic form in many areas of the world.
History of Power Ledger
The team behind Power Ledger consists of energy executives, PhD’s in disruptive technology and Systems Theory, and those with a background in blockchain development. After a successful ICO, Power Ledger hit the crypto markets in November 2017, quickly growing in market cap by almost 100-fold some three months later. Although this number has come down significantly in 2018, it still remains the most popular energy trading cryptocurrency platform with active prospects for future growth. Power Ledger currently has plans to begin operations in Asia, spreading to the territories of Oceana soon after.
How Power Ledger Works
The Power Ledger platform is a trustless and transparent energy trading platform which supports an ever-growing number of energy applications. Its exchangeable energy trading token is called Sparkz, which can be purchased using Power Ledger’s Ethereum token (POWR). The Power Ledger Ecosystem uses private trading applications to create Sparkz in exchange for POWRs. Sparkz can also be purchased with fiat currencies from individual trading platforms that host closed-loop exchanges for energy and Sparkz. Through utilizing its own blockchain, Power Ledger can thereby connect individual power buyers with sellers, skipping the need for a 3rd party intermediary (such as a traditional electric company).
Why Power Ledger?
As a means of trading power supply through the decentralized nature of the blockchain, Power Ledger offers many benefits over the current standing system of power distribution, such as:
Peer to peer power trading. Power Ledger connects power suppliers with purchasers directly and securely through the use of smart contracts, thus cutting costs normally associated fees in such an exchange.
Neo-Retailer. A specially developed application within the Power Ledger platform allows for “smart supply and demand” management, meaning a power source will never have to run the risk of generating more power than can be accounted for by the Neo-Retailer management system.
Microgrid / Embedded Network Operator. Through the use of pioneered technology and sophisticated smart contracts, Power Ledger can provide accurate electricity metering, big data acquisition, rapid microtransactions and supply grid management. Embedded networks allow for modulated energy consumption, meaning left over energy not consumed by an investor can still be transferred elsewhere without loss of value or supply.
Power port and electric vehicle support. Power Ledger uses real time metering data to identify electric vehicles and their charging locations, even offering services like roadside assistance in cases of driver emergency.