|Creator||Jemma Green, David Martin, John Bulich, Govert Van Ek, Jenni Conroy|
|Creation Date||May 2016|
What are Power Ledger trying to do?
Power Ledger have been around since 2016 and are building a decentralised Peer to Peer energy trading platform, that is now already working in several countries around the world. The platform, on the blockchain, allows users to buy and sell renewable energy between each other. By holding their platform on the blockchain, Power Ledger are able to ensure that all transactions are transparant, auditable and means that energy sales can be self acting and automated in live time. Power Ledger guarantee that any energy bought from them comes from renewable sources, and it will also be significantly cheaper for consumers than having to buy from centralised energy companies, who otherwise have monopolies on the energy market. Their platform allows people to buy and sell energy peer to peer rather than relying on an authority or a middle man.
Power Ledger have several goals which they are already working towards. Their first goal is to provide energy to people in high-density areas, from renewable sources, via community energy grids and microgrids. They also plan to change existing energy networks to provide more incentive for decentealised energy creation. They also plan to use blockchain to connect energy network assets- makes it more secure, mitigates risk of transactions for huge energy transfers. Another project they are actively working on is creating solar-powered electric vehical charging stations across Australia.
Power Ledger are acting in response to their belief that, ‘it is not just about controlling the cost of energy consumption, it is a reflection of peoples’ desires that their energy supplies are more sustainable, more socially-responsible, more local, more resilient and more democratic’. Currently the energy industry is heavily centralised and ran by monopolies- Poser Ledger are just planning to take back the control of some of that energy out of the hands of a few large companies and giving it back to communities.
Power Ledger Achievements
Power Ledger was one of the most respected ICOs of 2017 and is one of the few cryptocurrencies that has a real world case use that is actually live and working. It is one of the earliest and best known cryptos in the energy space, made famous at ICO by its marketing and its association with Richard Branson who supports the project.
One of the strongest factors supporting Power Ledger is that they are backed by and are an official blockchain partner of the Australian Government. The Australian government is investing heavily into blockchain for its energy and water grids, and are working with power ledger as the blockchain provider for some of their energy capacity upgrades. This government support allowed Power ledger to trial Australia’s first energy trading blockchain in 2016.
Soon after they deployed a P2P energy trading blockchain platform in New Zealand as their second major project.
Power ledger are finishing trials and their platform is now live for P2P trading.
In 2017 power ledger deployed another commercial energy management platgform allowing for the distribution of rewable energy to tenants in residential blocks, giving the tenants the opportunity to buy their energy cheaper from someone producing it locally rather than from centralised energy providers who charge a lot more.
Power ledger plan to be used to create more micro grids and already working on some test sites in India with Tech Mahindra, creating Microgrid-as-a-service or MaaS platforms. Together they are aiming at changing the way communities in india source energy.
They have partnered with Clean Energy Blockchain Network and built the first commercial blockchain energy trading deployment launched in the US, at Northwestern University Evanston Campus. This will allow the uni to trade energy betyween its campuses with no other costs or equipment needed.
Power Ledger are working on restoring the electrical grid in Puerto Rico after it was destroyed by the 2017 hurricanes. They are offering their blockchain platforms to local energy firms to help them trade energy between each other and amongst the community, to ensure that as many people as possible are able to access basic energy. These local energy companies will then be able to sell their energy for fiat, crypto or labour – in a bid to get the island moving again as fast as possible. They also plan to invesgt in Puerto Rico’s energy industry with their POWR tokens. All of this helps give credible PR to the company.
Power Ledger ialso backed by many companies in Australia and New Zealand, such as Vector Ltd and Indra Australia.
All these achievements put Power Ledger on the map as a reliable decentralised energy player, and, espeically in 2017, created a lot of positive press for the company.
How the Platform works
This platform is not fully active yet but once it goes live, there will be two tokens: POWR and SPARKZ. Note that POWR token is already live but SPARKZ token has not been launched yet.
Energy suppliers and energy buyers will be the members of this platform. However, they will use two different tokens:
- POWR: Power Ledger calls energy suppliers ‘application hosts’. If you have solar energy to sell, you will be an application host. Note that you can sell solar energy for any purpose and not just power up households. For example, you can choose to sell solar energy for electric powered car charging stations. In any case, you need to buy POWR tokens to be able to offer your services to the customers. This token is for energy sellers- those who produce their own energy, for example with their solar panels, and wish to sell on the surplus.
- SPARKZ: And this is token for energy ‘buyers’. If you want to buy solar energy via the platform for any purpose, you will need SPARKZ tokens. These tokens are pegged to and priced in the local currency of the buyers and can be bought with local fiat currency, and then used to buy energy with.
Application hosts must buy POWR tokens and store them in an escrow account on the Ethereum blockchain. Selling energy will cost POWR tokens. Once they sell a certain amount of energy, their POWR tokens will be turned into SPARKZ. To give you an example for better understanding, the system works like this:
- The seller offers electricity and buys 1 POWR token to offer this service.
- The buyer uses 1 SPARKZ token to buy the electricity.
- 1 POWR token of the seller is automatically converted to 1 SPARKZ. Now, he must buy additional POWR tokens to continue selling. The correlation between these two tokens is called a “smart bond”.
The founders of the project are bankers and energy suppliers. For example, Jemma Green is an investment banker and David Martin owns multiple electricity utility firms in Australia. There are some very experienced people on their team and advisory board.
The Power Ledger team uses Facebook, Twitter, and Telegram for communication.
Power Ledger are also entered into Richard Branson’s extreme tech challenge.
|Current Value (Total)||$ 126,701,072|
|Can Be Traded In||Binance, Huobi, Upbit, Bittrex, BX Thailand, Latoken, Bancor Network, Gate.io, Cryptopia, TDAX, BigONE, Lykke Exchange|
The roadmap for the project is:
- Q1 2018: The platform becomes active. Early Application Hosts will be gifted POWR tokens to incentivize their use of and contribution to the platform.
- Q3 2018: Marketing and partnerships
- Q4 2018: Beta test of new applications
- Q2 2019: Transition to a public PoS blockchain