Concerns about energy production, resource consumption and its impact on the environment is one of the main topics of discussion on the world stage. The intensive energy costs of mining Bitcoin and other proof-of-work cryptocurrencies are also often cited as a serious drawback to the emerging asset class.
As concerns about the environment and the cost to reward the debate rage, there is a group of cryptocurrency projects that aim to bring blockchain technology to global energy grids as a way to encourage renewable energy generation through a flexible market that connects energy buyers and sellers. .
Three energy-focused projects that have achieved triple-digit gains since early 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 advance the development of applications for the energy sector.
According to the project’s website, the “Energy Web is accelerating a low-carbon, customer-centric power system by unleashing the potential of open-source, decentralized, digital technologies.”
The project started in June 2019 and has since grown into an extensive network of partners with a number of globally recognized companies, including Volkswagen, Siemens and Hitachi
Once fully developed and integrated, the virtual machine could help connect the different areas of the energy industry, including network administrators, software developers and suppliers.
One of the biggest price movers for EWT in 2021 came when the token came in early March was listed on the US-based cryptocurrency exchange Kraken.
The following Announcement of a collaboration with Volkswagon on March 4 and the release The EasyBat battery compliance app on March 16 further helped boost the token, which hit a new all-time high of $ 19.85 on March 18.
POWR / USD
The Power Ledger platform was established in May 2016 with the aim of creating an operating system for new energy markets capable of trading renewable energy and ecological raw materials on a local and global scale.
Based in Australia, the project aims to use blockchain technology to create a system in which every electrical resource or power device has a digital identity connected to a real-time market that enables the transactions between them.
POWR works on the Ethereum (ETH) network as a peer-to-peer energy exchange platform, and it uses a two-token system consisting of POWR and Sparkz to “ensure consistency on the Power Ledger platform,” according to the project’s website.
Sparkz are stable tokens used when units of electricity (kWh) are bought and sold on the Power Ledger platform.
Trading activity for POWR started to pick up in late January as discussions about renewable energy started to gain momentum in the media.
The March 3 Announcement Power Ledger’s partnership with India’s largest integrated energy company, Tata Power-DDL, kick-started a price hike that resulted in a POWR rally to $ 0.504, its highest level since 2018.
WPR / USD
WePower is a blockchain-based green energy trading platform that “connects energy suppliers, business buyers and energy producers for easy, instant green energy transactions.”
According to the project’s website, the WePower platform is “the easiest way for businesses of all sizes to buy green energy directly from local producers,” and aims to “make corporate green energy sourcing just as easy. like online shopping. “
WPR is an ERC-20 token that functions as a payment method on the WePower network. It is used to standardize and increase the available liquidity in the existing energy investment system and should also help to lower prices for network participants.
Trading activity and the token started to pick up in early February, when the project handed over its first fully functional Elemental platform for Mojo Power.
Following the launch of the Elemental retail market on February 1, WPR’s price rose from a low of $ 0.011 to a high of $ 0.05 on March 24 as talks about renewable energy and sustainability took place in Europe and Australia.
Growing global attention to issues related to climate and energy production suggests that this niche of the crypto sector is ripe for further gains.
Projects using blockchain technology to optimize global energy markets are well positioned to increase their market share as distributed ledger technology goes mainstream.
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