WePower- Blockchain Technology Based Green Energy Trading Platform
The green energy platform of WePower strives to make way for a cleaner and healthier future by utilising the power of decentralized blockchain technology. WePower creators feel that one of the biggest problems bothering modern day population is the faulty energy source which is utilised for running operations. The benefits which usage of green energy tags along is unparalleled although using the same in our home setup might prove out to be pretty cumbersome. Gross annual renewable energy consumption rose from 7% in 2004 to 17% in 2014 in EU. 54% of Sweden’s economy is powered by renewable energy aiding it in efficient waste management apart from being an extremely clean country.
Ensuring this transition from dirty to clean energy on a global scale might prove out to be an extremely difficult task requiring decades of operation. Renewable energy needs a bulky investment to begin with in the form of wind turbine and solar panels. WePower wishes to cater to these problems by coming up with a network wherein everyone can participate with much ease. This decentralized ecosystem will empower people procuring green energy in buying and investing in the same through symbiotic collaborations.
Dynamics Of WePower Energy Trading Platform
WePower strives to bridge the gap between energy producers and investors in terms of proper capital allocation. Energy producers can raise capital through smart contracts and sale of tokens (WPR) to investors for enhancing the efficiency of green energy. These tokens shall be representative of the energy which will be generated by producers in upcoming days thus providing investors with an opportunity of investing in renewable energy while putting down their capital for a real product. The producers of renewable energy can enjoy unbridled access to funds in accordance with their need for financing energy production. Investors buying these tokens can take their pick amongst any of the three options:
- He can consume the energy after its production.
- He can sell the tokens to another user through the WePower platform.
- He can sell the generated energy to the wholesale market.
How WePower Energy Trading Platform Works?
Suppose a producer need $100 Million for setting up his power generation plant. The producer has $60 Million but is short of $40 Million. Here the producer can use the WePower energy trading platform to finance his project. The producer can raise the funds and in exchange will deliver the energy produced equal to the amount of funds raised to the investor. In our example, the producer will supply $40 Million worth of electricity to investors. The investors can in-turn sell the electricity at increased rates or can self-consume. All the transactions will be recorded in blockchain and executed on smart contracts. Hence, negligible risk of default.
Thus, when a producer requires capital to finance his or her project on a larger scale, he or she is given the option to sell a portion of the energy that he or she will produce in the future to the WePower platform.
The investors acquires all of this energy in the form of internal tokens. Each token hold some value in terms of Electricty (KW/MW,etc) and will be executed on smart contract. The smart contract will automatically execute the transaction but has to be pre-defined with following information:-
- A time-stamp describing the production and delivery date for the energy
- The type of energy being delivered
- An immutable price tag
Features Of WePower Energy Trading Platform
Information pertaining to the energy grid is transformed in an accurate manner into tokens for reflecting the production of energy flow as well as consumption of the same by each user. The energy tokens get converted automatically to CO2 tokens on consumption of energy. Users can keep a tab on those CO2 tokens for gaining knowledge about the quantum of CO2 emissions which they could save. Each transaction gets recorded on the public blockchain which is impossible to alter thus helping with the security of record-keeping at all times.
Easy Purchase Mechanism
WePower serves the requirement of an internal base of producers, consumers and investors by relying on blockchain-based smart contracts. The energy tokens represent the quantum of energy which can be purchased and consumed by buyers. The international operation of this network is ensured by blockchain so that green energy produced in Spain is sold in Germany.
Consumption Or Investment Of Energy Purchased
Users can consume the green energy by themselves or utilise the same as an investment coupled with the use of tokens. The market becomes more attractive on the aftermath of a token purchase thus leading to greater production of green energy.
Can Be Produced By Anyone
Anyone wishing to produce green energy can sale the same at a future value for financing the setup cost of their power plant. The expected energy production becomes tokenized paving the way for a legally binding contract which guarantees that relevant amount of energy will be provided by the producer. Coupled with this system, buyers can keep tab on the quantum of energy owned by them presently and the amount which is required out of them in days to come. Purchase and sale of smart contracts is possible providing the buyers with market access in terms of energy production financing along with necessary rights pertaining to sale of investment when the right time comes.
Elering, the pilot project of WePower refers to an Estonian transmission system operator which functions with the aim of building a proof-of-concept to record a nation-state scale of production and consumption data based on the Ethereum blockchain. This first of its kind initiative will enable the global blockchain powered energy market by leveraging on the existing advanced smart grid of Estonia particularly the central data hub having a data exchange layer to promote transparent 3rd party access and a 100% smart meter coverage having hourly reading. These technical conditions shall serve as the true benchmarks of testing the scalability of the technology working at the backend of WePower. Partnership with WePower can empower utilities in exploring the following possibilities which are non-existent presently:
- Energy data stored on blockchain enabling new consumer experiences.
- Exploration of the advantages of operating as a data broker business model at scale.
- Aiding with the integration of renewable energy providers along with a smart grid thus helping in the facilitation of grid level energy cluster creation.
WePower Token – WPR
WPR is the native token or Cryptocurrency that will be used in WePower Energy Trading Platform. Built on Ethereum Blockchain, the WPR token is an ERC-20 token will be used as a mode of payment for energy manufacturing/trading.consuming.
From Where To Buy WePower Cryptocurrency ? How to Buy WPR tokens?
WePower Cryptocurrency (WPR) is listed on and can be purchased from the following list of cryptocurrency exchanges:-
How to Buy WePower Cryptocurrency (WPR Tokens) in India?
WePower coin (WPR) is listed on and can be purchased from the following list of cryptocurrency exchanges in India:-
WePower Wallets | Where To Safely Store WPR Coins
Since WPR is an ERC20 token, hence it should be stored in wallets that supports storage of ERC-20 Tokens like:
- MyEtherWallet (MEW),
- Ledger Nano S,
- Trezor, etc
Here is a full list of different wallets that are compatible and supports storage of ERC-20 tokens:- Best Wallets To Store Your ERC20 Tokens
Coupled with in-depth experience in green energy, WePower can be expected to bring together energy consumers, energy producers and energy infrastructure investors under one roof. Key team members include its Co-Founder Nikolaj Martyniuk having 10 years of experience in the field of building energy and solar plants as well as purchase and sale of green energy. Co-Founder, Investments Arturas Asakavicius, the chairman of Lithuanian Fintech Association carries stellar experience in FinTech and simultaneously practices law in Baltics. Other important team members are Kaspar Kaarlep (CTO) having experience in the renewable energy sector and Augustus Staras (Co-Founder, P2P & Crowdfunding).
WePower Useful Resource Links
Renewable energy will pave the path for economic growth in days to come by replacing the conventional energy sources with green alternatives. This project has already been endorsed by the energy ministry in Estonia and is projected to make renewable energy revenue of $7 billion within 2022. A working demo version of WePower has been made available online and an extensive 84-page whitepaper has been published by the company containing all the technical details.
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Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.