Energy markets are of extreme importance to pretty much everyone in the world, as they impact the lives of billions of people. Unfortunately, this industry also suffers from technological inefficiencies, expensive intermediaries, and a number of similar problems that would be fairly simple to solve through the use of decentralization.
This is what inspired the creation of Powerledger – a blockchain-based technology company that creates software for decentralized and distributed energy markets. The company was launched in 2016 by Dr Jemma Green and John Bulich, and it is based in Australia, with over 30 clients across 11 nations from all over the globe.
The project also features two blockchain layers and uses two tokens, one of which is Powerledger (POWR) while the other is Sparkz. With the development of blockchain continuing, and the world moving towards the adoption of blockchain technology in all areas, it is only a matter of time before a greener version of energy markets emerges, and Powerledger wishes to be there to offer its own software for it.
How does Powerledger (POWR) work?
Powerledger uses a platform that operates on two blockchain layers and uses two tokens. The platform runs on Ethereum, as well as a private consortium blockchain called EcoChain. The main token, POWR, is the ERC-20 token that acts as a license required for businesses. It covers things such as renewable energy operators, utilities, companies committed to 100% renewable energy, microgrids, and more.
What problems does Powerledger (POWR) fix?
As mentioned, Powerledger focuses on issues related to the energy markets, as it believes that there is plenty of room for improvements in the modern-day and age. For example:
Builds solutions for decentralized energy markets
The project has taken it upon itself to create solutions for decentralized energy markets. This includes things such as Grid Stability & Flex Services, P2P Energy Trading, Solar Swaps, Sustainable Land Developments, and Managing RE Targets.
Through its solutions, Powerledger hopes to enable the tracking and trading of energy.
Offers tracking and trading of energy
Powerledger’s mission is to provide the platform for a modernized, market-driven grid that will allow consumers to choose the energy they wish to use and help drive the democratization of power. With the world moving away from fossil fuels and embracing the green, energy will be a lot simpler to collect, store, and distribute.
However, in order to be able to engage in these activities, users will also need a reliable and trustworthy platform to allow for it all to happen, and Powerledger aims to be that platform.
Democratization of power
Finally, the project believes in the democratization of power, which is something that power-hungry corporations that depend on keeping a firm grip on the energy markets are trying desperately to push back. With alternative solutions such as purchasing power from other, more convenient sources, these companies will lose the power and money, which will be transferred back to the people.
This is ultimately the goal that the crypto and blockchain industries aim to achieve in every industry and sector out there, it’s just that the financial and power market happened to be among the first ones.
Benefits of Powerledger (POWR)
We have seen that Powerledger can do a lot to change the modern power and energy sector, but what can it do for you, the user?
Gain access to a variety of products
First things first, you would gain access to a variety of products and solutions that the company has to offer, which would then lead to the ability to access alternative sources of energy and fuel for anything, from your car to your house, and more.
It all starts with Powerledger’s products and platform, which is modular and scalable. The products themselves can be connected separately, and they can scale per need. The products are divided into three pillars, as the project calls them – Energy trading and traceability, Flexibility trading, and Environmental commodities trading.
Energy, flexibility, and environmental commodity trading
These three pillars are what the company is built on, and what it continues to build on. The platform has track and trade features that allow users to stay at the top of the provenance and flow of energy. Further, it grants consumers choice over the energy that they are using, and facilitates P2P trading, such as trading solar energy directly.
Flexibility trading is a different matter, and for that, the project offers MODE, or Marketplace for Optimization of Distributed Energy. This particular marketplace lets you access DER (Distributed Energy Resource) owners and flexible loads to provide grid services and monetize their assets.
Lastly, the Environmental commodities trading is possible on the project’s platform called TraceX, which is another digital marketplace and exchange for carbon and renewable energy credits.
Cheaper, cleaner power at your fingertips
The crypto world has been insisting on crypto and blockchain going green for a long time now, and so far, the progress has been very slow. But, it is now speeding up, thanks to projects like this, or Tesla’s decision not to accept Bitcoin due to its massive carbon footprint. Greener blockchains are becoming more popular while PoW-using ones are seeing a drop in usage and popularity.
But, despite what the future of blockchain may bring, Powerledger already allows people to buy and sell renewable energy from sources other than power-hungry electrical companies, and the market will continue to grow and expand in days, months, and years to come.
Bottom Line
Powerledger is one of the projects that are changing the world with its unique approach to offering not clean energy itself, but simply a place where it can be bought and sold. By being the first marketplace to allow it, Powerledger is encouraging others to dedicate their projects and efforts to pushing the world further into the green, thus improving the quality of life and the entire civilization.
