WATTZ is Fostering Sustainability on the Algorand Blockchain
Wattz selects Algorand to create the world’s first distributed ledger for sustainable energy and mobility data.
Wattz is an environment-focused project on Algorand founded in 2022. It aims to leverage advanced technologies to accelerate the adoption of sustainable energy and mobility in the world through blockchain technology by making it affordable for everyone.
“At Wattz, we understand that our planet faces a big problem. The effect of fossil fuels on the environment. When fossil fuels are burned, they release large amounts of carbon dioxide, a greenhouse gas, into the air, which traps heat in our atmosphere, causing global warming. If we stay on today’s current path, we risk being trapped in a cycle of scarcity.”
There are several factors affecting the environment, but Wattz believes that the one with the most pressing need for change is energy usage. For example, consider a form of energy like electricity. Even though it’s clean and relatively safe when used, its generation and transmission still negatively affect the environment. Generally, it is nearly impossible to produce, transport, or consume energy without significant environmental impact. Therefore, transition to a sustainable path may be the way forward.
By shifting energy production away from fossil fuels, we can constrain CO2 emissions, limit global temperature increases, and reduce air pollution. We can achieve this shift by increasing the share of renewable energy to ensure sufficient energy for all while reducing pollution and mitigating climate change.
To encourage the adoption of green energy, the transition in energy production has to be as smooth as possible. For starters, the energy source has to be a common and obvious method for consumers. Therefore, it makes sense that Wattz’s initial focus is on solar power and electric vehicles — the two most common methods likely to ease consumers’ transition to the use of sustainable energy. Additionally, Wattz believes in a distributed future hence promoting the implementation of DERs.
HOW IS WATTZ LEVERAGING THE ALGORAND BLOCKCHAIN
Algorand is a pure proof of stake blockchain (the world’s first) designed from the ground up to minimally impact the environment. Since its consensus is not based on energy-intensive proof-of-work and requires minimal computational power or electricity, Algorand has been significantly minimizing the environmental impact of blockchain technology.
“At Wattz, we are committed to a sustainable world, and we believe that the Algorand Blockchain is the right blockchain for our mission and vision.”
Wattz looks to leverage Algorand’s security, speed, and scalability to create the first distributed ledger for sustainable energy and mobility data. The Wattz Network will be a decentralized network of sustainable energy and mobility monitor devices approved by Wattz and deliver real-time data that are relied upon by the Wattz community members.
Wattz also aims to reward all the data streams by leveraging Algorand’s standardized Layer 1 mechanism called Algorand Standard Asset (ASA) to create the WATTZ token.
WATTZ TOKEN
WATTZ will be a utility token on the Algorand blockchain that users will be able to earn by using sustainable energy and mobility to potentially increase their return on investment on their environmentally friendly products such as Solar Panel Systems, EV cars, and others. This may have the effect of making users’ transition to sustainable energy and mobility more affordable.
WATTZ DATA MARKETPLACE
Wattz will launch a Data Marketplace that will be decentralized, making it possible to securely buy data streams that are validated, analyzed, and written on the Algorand blockchain through the Wattz Network.
Wattz intends to share data in full compliance with privacy laws. Additionally, whenever WATTZ monetizes a user’s data, revenues are shared with the owner of the data in the form of WATTZ tokens.
Wattz Website: https://wattz.org
Wattz Official Discord Server: https://discord.gg/uedc6DmRRn
Wattz Twitter: https://twitter.com/EarnWATTZ
