Concerns about energy production, resource consumption and their impact on the environment are one of the dominant topics of debate on the global stage. The intense energy costs for mining Bitcoin and other cryptocurrencies to prove work are also often referred to as a serious disadvantage of the emerging asset class.
As environmental concerns and the cost of rewarding the debate continue to mount, there is a group of cryptocurrency projects that aim to bring blockchain technology to global energy grids to encourage renewable energy generation through a flexible market, energy buyers and -seller connects with each other.
Three energy-oriented projects that have shown three-digit growth since the beginning of 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 blockchain for companies that is intended to support and further develop application development for the energy sector.
According to the project’s website, the “Energy Web is accelerating a low-carbon, customer-centric electricity system by unlocking the potential of decentralized open source digital technologies”.
The project started in June 2019 and has since grown into an extensive network of partners with some globally recognized companies including Volkswagen, Siemens and Hitachi.
Once the virtual machine is fully developed and integrated, it can help connect the various sectors of the energy sector, including network operators, software developers, and vendors.
One of the biggest price moves for EWT in 2021 occurred in early March when the token was listed on the U.S. Kraken cryptocurrency exchange.
The subsequent announcement of a partnership with Volkswagon on March 4 and the release of the EasyBat app for battery compliance on March 16 further helped bolster the token, which hit a new all-time high of $ 19.85 on March 18. Dollar reached.
POWR / USD
The Power Ledger platform was set up in May 2016 with the aim of creating an operating system for new energy markets with which renewable energies and environmental goods can be traded on a local and global level.
The Australian-based project aims to use blockchain technology to create a system where every electrical resource or power device has a digital identity linked to a real-time market that facilitates transactions between them.
POWR works in the Ethereum (ETH) network as a peer-to-peer energy exchange platform and, according to the project website, uses a two-token system from POWR and Sparkz to “ensure consistency across the entire Power Ledger platform”.
Sparkz are stable tokens that are used when units of electricity (kWh) are bought and sold on Power Ledger’s platform.
Trading activity for POWR increased in late January as renewable energy discussions gained prominence in the media.
Power Ledger’s announcement of its partnership with India’s largest integrated utility, Tata Power-DDL, on March 3, sparked a price rally that pushed the POWR to $ 0.504, its highest level since 2018.
WPR / USD
WePower is a blockchain-based trading platform for green energy that connects “energy suppliers, corporate buyers and energy producers for simple, direct transactions with green energy”.
According to the project’s website, the WePower platform is “the easiest way for companies of all sizes to buy green energy directly from local producers” and the platform aims to make “green energy procurement as easy for companies as it is online To go shopping ”.
WPR is an ERC-20 token that acts 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 lower prices for network participants.
Trading activity and tokens spiked in early February when the project delivered its “first fully functional Elemental platform to Mojo Power.
Following the launch of the Elemental retail market on February 1, the price of WPR rose from a low of $ 0.011 to a high of $ 0.05 on March 24, when talks about renewable energy and sustainability took place in Europe and Australia.
Growing global attention to climate and power generation issues suggests that this niche area of the crypto sector is ripe for further gains.
Projects using blockchain technology to optimize global energy marketplaces are well positioned to increase their market share as distributed ledger technology becomes mainstream.
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