Power Ledger — Empowering Blockchain by Energy Distribution Network and Trading
Power Ledger — Power Ledger Pty Ltd was officially formed In May 2016, based in Perth-Australia. A fintech energy with blockchain based platform, Power Ledger puts the power to be able to manage the energy economy distributions to the costumers. Blockchain technology will provide transparent, auditable, and also automated distribution. The market trading and clearing mechanism for grid or non-grid energy, whether by home or business are connected to the distribution network.
The startup begin developing the peer-to-peer energy trading network, and made as the first Australia’s trial in energy trading network in August 2016. The trial was conducted in the conjunction with National Lifestyle Villages, for eight week long involve 10 households and about 20 people at NLV Busselton Lifestyle Village — Western Power Network, as its reported on onestepoffthegrid.com.
Since then, the company has been following up by the largest energy network business in New Zealand, Vector Ltd. According to an article written at reneweconomy.com, Vector itself also points about the ability for families or communities to share solar energy, distributed them, and having supplied to SunGenie branded modules to the market since 2013.
Decentralized energy distributions is needs
Energy is the most important social assets. It should not just the network service providers only taking the benefits. Earlier centralized managed power system, should be able to co-created by prosumers and investors. Customers, as the financially and socially marginalized renters, usually will be the one who getting the impact, if there is falling network utilization happened. Finding a way how to be able giving incentive the prosumers is important.
By the changing global technology revolutions, it is possible to changes the power balance between consumers and centralized power authorities. Based on the Power Ledger whitepaper, Distributed Energy Resources (DER) such as solar photovoltaic system (PV), batteries, microgrids and embedded network has moved the balance, from central authorities into the edges of grid, and citizens having the control.
The benefit from decentralized energy distributions not only about controlling the cost of energy consumption, but also a reflection of peoples desires about the energy supplies to be more sustainable, socially-responsible, resilient, and also bring more democratic benefit.
By attempting to apply blockchain technology into the platform, Power Ledger also having support from TransActive Grid, a joint venture of LO3 Energy and ConsenSys. TransActive Grid, known as Austria’s grid singularity in the major European developer which is applying the blockchain into energy space.
Renewable Energy Market Potential
Based on Bloomberg New Energy Finance (NEF) report on July 7, power demand growth increasingly from GDP, from $10.2 trillion investment in new power generation capacity worldwide to 2040, 72% will goes to renewable energy, or about $7.4 trillion. While, solar just take only $2.8 trillion, and the wind $3.3 trillion.
An article in Fortune.com said that In the California, has tossed out more than 300,000 megawatts by solar panels and wind farms. The main problem is because there is no good way to store it. So here, on the existing electrical grids will be struggle with renewable energy, especially on how to driving demand for new storage methods. While, if the distribution will able to handle into the right options, it will increasing productivity, and bring growing prosperity into others.
Then, here is why energy distributed network having a good opportunity. Hundreds of millions of people have attained modern energy access over last two decade through distribution network. Power Ledger platform, able to create an enormous appetite for innovative peer-to-peer energy transaction, whether for stationary energy or non-stationary energy.
Blockchain Technology as the fundamental aspect
By the blockchain technology, will enables to distributing energy network, without need a central intermediary. Tracking the transaction, verifying the digital exchange of value, could be done by the blockchain.
In the platform, smart contracts are used to exchange the energy distributions. Smart contract able to exchange money, property, shares, or anything of value with a transparent transactions process, without middleman services.
Power Ledger Token — POWR and Sparkz
Basically, Power Ledger is the ecosystem to enables interoperability between market management pricing mechanism, and the unit of electricity by pre-purchased tokens. Power ledger platform, created two different tokens, POWR and Sparkz.
POWR tokens are frictionless blockchain tokens, allowing Applications Hosts and Participants to access and use the platform.
Sparkz tokens are issued against escrowed POWR tokens, by a Smart Bond, used by the Application Host to onboard its customers.
Based on the whitepaper, the token ratio for third party developer between POWR and Sparkz might be adjusted. It will depends on the customer feedback and reputation. But as the “low level” token, Sparkz are specifically limited. Because it’s to presenting tokenized value of a unit of electricity. For sure, both of the tokens will be exchangeable, as its functions to connecting the wholes ecosystem inside the platform.
Power Ledger Crowdsale Detail
Post by : ICOmagazine.com