Power Ledger has launched a form of bitcoin, a virtual currency allowing consumers to practice green energy trading.
The leading Australian peer-to-peer platform is creating a new kind of renewable energy marketplace.
The token-trading platform will enable householders, businesses, strata holders and property developers to generate renewable power. They can also trade surplus energy with their neighbours.
In a growing trend, blockchain companies create digital currencies and sell tokens to the public to fund projects.
A global player, Power Ledger’s energy trading platform is backed by leading energy providers in Australia, New Zealand, the US and Europe.
How green energy trading helps ordinary consumers
This version of the bitcoin marketplace lets consumers, householders and SMEs earn money from their solar installation.
With no middleman, excess energy generated from rooftop solar panels is sold directly to neighbours.
According to Power Ledger co-founder and Managing Director David Martin, the company wants to hand power back to ordinary people.
“We want to spread the tokens far and wide, allowing as many potential future users access to them from inception and creating a diverse and powerful network,” he says.
“We believe that literally giving power back to the people will catalyse the movement towards peer-to-peer renewable energy trading.”
Power Ledger already has significant investments in the Australian renewable and solar energy sector.
The predicted value of green energy trading
According to Power Ledger, there is strong interest in token generation from the cryptocurrency community as well as power companies.
In addition, energy providers are also looking to secure POWR tokens to trade on the platform, Power Ledger claims.
Australia’s first initial coin offering (ICO) was set to achieve a total valuation of around $100 million.
Starting on 27 August 2017, the token generation sale is to be followed by an uncapped token release in September.
By purchasing POWR tokens, consumers can also play a part in Power Ledger’s blockchain energy ecosystem and boost solar trading in Australia.
Furthermore, token trades happen on public blockchain platform Ethereum or converted to SPARKZ, buying units of electricity.
See Energy Matters’ guide to peer to peer solar energy trading.