|Creator||Nikolaj Martyniuk, Artūras Asakavičius|
|Creation Date||January 2017|
What is We Power?
We Power describe themselves as ‘a blockchain-based green energy trading platform’.
Similarly to Restart Energy, We Power are building a Peer to peer (P2P) energy trading platform, on the blockchain. They plan to work with small scale producers of solar, wind, hydro energy, allowing them a platform to sell their surplus energy.
One of the main problems with energy infrastructure currently, is that the energy industry is run by few, large companies who control the grids. For these large companies, it is not usually efficient or economically viable to buy the small amounts of surplus energy off individuals. We Power give these individuals a chance to sell their small amounts of surplus energy, as well as connecting buyers who might be able to buy that energy at below market prices, as the use of blockchain would be cutting out the huge fees charged by the large energy suppliers acting as the middleman.
Unless the world reaches the goal of having 100% renewable energy, climate change is only going to get worse and destroy the planet even further. One of the problems facing the growth of renewable energy, is lack of investment by governments. Tokenized projects, such as We Power, can allow renewable energy producers a way of financing their operations and earn up to 25% more than they would by selling to the main grid, by cutting out the monopolistic energy companies as middlemen.
One of the main challenges facing creating P2P energy trading platforms are the restrictions imposed by Government regulations. One of We Power’s main aims is to work with the legal and administrative side of providing P2P energy trading in different jurisdictions. We Power allows small scale energy producers to sign up to their local We Power branch, and the local and regional We Power branches will coordinate with their national branches in that country, who would have formalized the legal practicalities within that jurisdiction. For the small-scale energy producers, it is quick and easy to sell their energy to We Power, whereas without we power or such a similar set up, it might not be possible to otherwise find a market for their surplus energy, as the small amount of energy they produce wouldn’t be worthwhile for a larger energy supplier. In exchange for this, the local small-scale energy producers will pay 0.9% of their energy produced to We Power as an admin fee.
Some of We Power’s success will depend on an increase in renewable energy production throughout Europe. We Power also intend to help small scale producers increase their production of renewable energy, by giving them a platform which allows them to pre-sell their energy production, giving them the capital to grow their operations.
Unlike Restart Energy, or Power Ledger, We Power are not yet operational, and it would be worth keeping a close eye on their accomplishments before rushing in to invest. They have however so far signed up with solar power plants in Europe Conquista Solar, Civitas projects and Novocorex
WePower is founded and managed by previous workers of Elektrilevi, the company that built the electric infrastructure of Estonia.
How the We Power Platform will work
The WePower platform is not yet active, but you can see what it looks like here http://platform.wepower.network/landing . (At the moment the demo only works on Chrome, and you need to have MetaMask installed.)
Any licensed energy supplier can be a “seller” and anyone can be a “buyer”. The only requirement for the sellers is that they need to supply renewable energy – solar, wind or hydro.
WPR tokens are used both by the sellers and buyers.
- A buyer can buy the WPR token from any exchange and use it on the platform to buy energy from various suppliers. Each WPR token represents 1 kWh of energy.
- Note that this token can be used for all suppliers on the platform. The buyer is free to choose any supplier he/she wants. The token will always represent the same amount of energy.
- The seller gets paid with WPR token and converts the token to Fiat currency at exchanges.
Benefits to We Power token holders
WPR token is not the only form of payment on the WePower platform – buyers can also pay with fiat. However, only the WPR holders will have priority access to buy energy. For example, WPR token holders will be the first to acquire energy from each new seller joining the platform
It is intended that local we power token holders will be able to buy the energy that is sent to We Power as their admin fee, as well as other energy sold on the platform, at prices below the market rates.
One of the main benefits to We Power Token holders is that they would benefit from earning the 0.9% fee that energy producers pay to We Power. This could potentially become a passive income, in addition to fluctuations in the market value of the We Power token.
|Current Value (Total)||$ 32,282,081|
|Can Be Traded In||Huobi, Liqui, IDEX, Fork Delta, Coin Falcon, D-DEX|
The roadmap for the project is:
- 2018 April: Launch of the WePower platform
- 2018 May: Connections to the existing energy infrastructure
- 2018 August: Countrywide testing in Estonia
- 2018 November: Expanding to Spain and Australia
- 2018 December: First distribution of donated energy (0.9% fee) among token holders
- 2019 January: Further expansion in EU