This episode of Blockchain Token – What is it? covers PowerLedger! In this series, we will cover the different types of blockchain platforms and cryptocurrencies on the market right now. We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more.
PowerLedger is a blockchain-based solution that aims to decentralize how electricity and other utilities are sold. By incorporating blockchain technology, PowerLedger believes that by by-passing traditional power providers, of which many people have very little choice, and letting users sell their excess electrical supply, we can create a better electrical grid system.
PowerLedger is a blockchain-based, peer-to-peer energy trading platform enabling consumers and businesses to sell their surplus solar power to their neighbors without a middleman or third party.
The PowerLedger system tracks the generation and consumption of all trading participants and settles energy trades on pre-determined terms and conditions in near real time. A user simply receives a registration email from their Application Host, they click on a link which takes them to the Power Ledger platform where they create a user ID and password. That’s it, once logged in they can see their electricity usage and all their P2P trading transaction details.
The platform design leverages our experience and understanding of how the energy system is evolving and provides the greatest opportunity for energy system disruption without the destruction of incumbent value that is often the result of technology change and adoption. PowerLedger is one of the early pioneers in this space. They officially launched in May 2016, “after months of planning, and our management team has immense expertise in both blockchain and electricity markets.” Our platform is already developed and usable applications are already running on the blockchain.
Power Ledger’s token, POWR will be created as an ERC-20 token on the Ethereum blockchain and will be integrated into Power Ledger as the primary interface token. It is fundamentally a protocol token that will not only provide access to the Ethereum-powered platform for users to purchase electricity with it (or through their local utility) but also act as a reward or incentive to electricity producers and consumers who settle their production and consumption through the PowerLedger platform.
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