What is Power Ledger (POWR)?
POWR or Power Ledger is an ERC-20 token that was developed to bridge the gap in energy consumption and trades around the globe to further eliminate the middleman, increasing the network’s decentralization.
The platform’s co-founders vision for Power Ledger derives from the event in 2015 where solar energy costs skyrocketed and was the equivalent to general electricity, mainly due to additional fees from middlemen and organizations. It is due to this area of concern that Power Ledger was established to fuse blockchain technology with the field of energy exchange at an affordable price to revolutionize traditional energy.
POWR was developed by Dr. Jemma Green, who previously worked at JP Morgan London, alongside Dace Martin , John Bulich, and Jenni Conroy, all of which have experience and skills in the field of alternative energy with the collective vision of reducing costs in energy trades for people and mitigating impact on the environment.
Power Ledger (POWR) is a platform for processing transactions in a Peer-to-Peer (P2P) model that relies on storing and recording transactions regarding energy trade and production on the network’s blockchain. Additionally, Power Ledger is built on the Ethereum blockchain system, increasing POWR’s utility.
Power Ledger’s increase in utility reflects through its tokens; Power Ledger (POWR) and Sparkz, which has its own blockchain network with differentiating functions.
Sparkz is a token designed for the purpose of processing transactions in the Power Ledger ecosystem and for the purpose of granting cross-market access to energy exchanges.
Whereas POWR is a token that provides access to Power Ledger’s services and applications, while also enabling them to utilize the Ethereum Smart Bond, a service allowing fast, effective data and transaction processing. The smart bond is also adept in processing a larger quantity of transactions.
Users on the Power Ledger platform can access various other services and applications, such as Power Port, xGrid, C6, or uGrid. uGrid, being one of the most notable examples, is a service concerning buying and selling energy in close areas with reduced costs where users can buy-sell solar energy as well.
Power Ledger is a network developed on the Ethereum network with an additional Consortium blockchain system, Power Ledger Core, working in parallel in processing P2P transactions. The Power Ledger Core network is also powered by EcoChain, another supportive network.
EcoChain is a Proof-of-Authority network that benefits in managing the utilization of the Sparkz token, while also facilitating Fiat transactions and storing smart contract data.
Moreover, Power Ledger plans to change the consensus algorithm to Proof-of-Stake in the future to provide access to other energy markets such as carbon energy.
POWR (Power Ledger) is an ERC-20 token used in buying-selling energy and managing various projects in the energy industry, which is unquestionably essential for humans. The Power Ledger system is easy to use and access due to the Ethereum blockchain being its underlying network, as well as the Proof-of-Authority consensus algorithm and EcoChain network facilitating secure and transparent ongoing functions. Users can be at ease when exchanging energy as no central authority is involved, like with solar power or carbon energy.