Power Ledger Founders AMA Transcript
Due to having over 8500 members in our Telegram during the Founders Ask Me Anything ‘AMA’, the answers were quite brief to try and respond to everyone we could. Some questions were missed, therefore we will have a follow up post with these answers.
Q: Could you clarify if you have been on discussions with Elon Musk about any potential partnerships?
A: We’ve made contact with representatives but the story has been exaggerated greatly in forums. Nothing further has eventuated from these discussions.
Q: I have a question: There is a 20Kw solar array on the roof of my work. My boss is getting the minimal feedback tariff feeding power back into the grid (15cents a kw/h I think). Will Power Ledger be something my boss, who is a layman tradie, can use to capitalise his solar panels with? If yes, when?
A: Possibly now yes. Is it a commercial strata? Thanks
R: He owns the land and building privately, and operates out of a shed next door which his business owns. Cheers
Q: Hi Team, Thanks for doing the AMA! In your layer-pitch on the website and in a small sidebar in the whitepaper, you mention the use of oracles in the Power Ledger Core and Ecochain Services layers. Have you already created a (centralized) method to use oracles? Or are you considering use of third party decentralized oracles like i.e. ChainLink?
A: Oracle’s are referenced in smart contracts under construction.
Q: BP, Shell and Statoil are working on a new blockchain trading platform for energy trading: what’s your take on this? Has there already been talks about Power Ledger possibly collaborating with this new trading platform or are you looking at their platform as a competitor?
A: This trial is commodities trading, ie: oil and gas. We have looked into using the platform for this as well, but no trials or collaborations in this field to announce.
A: I thought BP sells oil (what it does not spill into the gulf of Mexico)? So they are a long ways from core biz entering Blockchain energy trading. Like saying we going to sell ice cream now.
Q: Hi Western power announced they are testing blockchain technology for peer to peer trading with Curtin University , is this a partnership with power ledger or a separate project ?
A: That’s us at WGV
Q: In many countries across Europe the governments have both direct and indirect control over the electricity network infrastructure.Despite near-monopoly in the field, some countries already offer to the end-customer the ability to sell excess power back to the state
As such, how do you plan on disrupting the above status quo?
What incentive is there for the normal person to give up selling excess energy back to the state on an already-developed network and rely on PL instead?
It seems to me that bringing PL to the masses seems like an adaptive change rather than a technical one, and as such a steeper price to pay.
A: State operators like those in Germany are actively reducing opportunities for consumers. No FiT for residents in Germany!
Q: Are you scared of any other Blockchain competitors such as Grid+ or the newly announced BP Blockchain etc?
A: No. Not at all. We leading in many ways.
Q: Any talk of possibly helping Puerto Rico’s Power Grid?? Endless Humanitarian Possibilities
A: Yes we have been active in discussions: The American Security Project mentioned Power Ledger in a discussion about the policy and security options for hurricane response in Puerto Rico, the USVI and Caribbean, watch here: https://youtu.be/7qcLpZWx8LI?t=1h2m25s
Q: Which strategic partnerships you have taken or plan to take?
A: We just announced one in Europe this week, https://medium.com/power-ledger/lisd-and-power-ledger-working-to-democratize-power-in-europe-1eb721c96977
Q: I was wondering whether Fremantle will be used as a flagship site for power ledger, and if so would the old tip site be a suitable location? It was mentioned by Scott Ludlum in his sustainable cities talk and I was wondering if this was on the cards?
A: We’d love to Steve it’s a massive opportunity for us and the City.
A: A reminder WGV trials are in a suburb of Fremantle, City of Fremantle big supporter of WGV
A: Yes along with LandCorp!
Q: Is there anything that legally ties the POWR token to the Pty Ltd company? ie : if for whatever reason (god forbid) the platform wasn’t competitive and a new token and platform was required, could the company then ditch the current token?
A: If a new blockchain or platform was ever required POWR would be resent for New POWR
Q: More partnerships to come?
A: Send them our way.
Q: In regards to smart contracts, any consideration to partner with a company like chainlink?
A: We like to do as much native coding as we can in house so no at this point. It’s v risky to rely on third party code ! Just ask parity wallet users (multisig) !!
Q: Any projects in INDIA as currently we have government subsidizing solar rooftop and buying back the electricity too ?
A: We’re working on a trial in India with Tech Mahindra right now
Q: hello, i am trying to understand how else you can generate the POWR tokens, other than purchasing them. are you able to generate them via renewable energy systems?
i have my mining systems currently running 24/7 from my off grid setup at home. and i am hoping that i may be able to contribute the energy generated from them back into th network.
A: No POWR supply is fixed
Q: Any USA partnerships updates?
A: None yet to announce, but a few irons in the fire.
Q: Jemma and David, I live in WA and was wondering are there any local places I can go to see this in action?
A: WGV is s good place to start. We’ll be announcing our role in an innovative property development soon. Game changer.
Q: Given your exposure in the cryptocurrency space has only begun. What sort of marketing strategies can we expect in the near future?
A: POWR positioning and profile in crypto space Is also very important and won’t be neglected
Q: The UK has many areas with a severe energy crisis. Family members reported dying at home from not being able to turn the heating on. Reported this week on mainstream news television stations. Is there any potential for UK proposition
A: I just met with a community energy provider from Bramley to discuss a trial of P2P in UK. Early days tho.
Q: Hi PL team, Is there any open positions currently within the company?
A: Looking for developers, senior back end and front end
Q: Is australia your primary focus? Or which country if not
A: We are operating globally.
Q: Any plans for a POWR Wallet?
A: Not at this stage.
Q: Do you think there may be complication going the ICO rout in regards to legitimacy ?
A: Having a platform token has many advantages and gives us great flexibility. Takes it to a new level compared to traditional company.
Q: Firstly, I’m a huge fan of this project, I’m super proud an Aussie company is on the forefront of what I believe will be a critical link in where the world is going with the shift to renewable energy such as Solar and reducing Australia’s power prices, which limit quality of life for our poorer citizens struggling to pay costly electricity bills. Question: When do you expect Power Ledger to be a widely known company and a norm in Australian households? Just like the eBay brand for selling personal items in the Mid 2000’s, when will Power Ledger ideally be widely known in households as the way to sell generated electricity?
A: Hi, thanks for your support! We won’t be able to know until after the trials are complete and contracts in place for roll out. Each state is different to the next. But we endeavor to get this done ASAP for Australia
Q: How far are you with platform development and when can we expect to see the first version? Is it gonna be accessible to everyone or only to people from the certain region?
A: The platform is live today, app dev can be tracked via out roadmap which we are ahead of to date in regards to EV and Asset Germ Events
Q: Hi, do you have any plans to market PL to the general public? A digital marketing campaign would be good to drum up some interest in the project and reach more people (outside of crypto). Thanks
A: Yes!! In the works
Q: Are you allowed to say the organizations????
A: We’ll release them as they become public for both companies. We are working with many but have agreements in place on public release.
Q: Will you be staying on ETH blockchain or will you consider switching it to something else?
A: ETH for now but agnostic too
Q: Have you considered applying for R&D grants from the ATO on the research POWR is doing in Australia
A: Yes we actively apply for federal grants.
Q: Anymore trading exchanges coming soon?
A: Working on it.
Q: Will you be listing on any korean markets any time soon?
A: Upbit! Today
Q: Can I cover my property in solar panels and sell cheap power to my community? Possible?
A: For now, if in an area supported by an Application Host on the Platform.
Q: Hey POWR team. Is AGL using. Power ledgers idea in Australia and trying to get it done first? Saw a video the other day with AGL claiming they have the first solar energy trading platform..
A: No we’ve partnered with Origin.
Q: I realise that. But AGL are copying the idea in Australia and claiming it to be the first of its kind?
A: Probably a slightly different model
Q: Which city do you see first having a full peer to peer system?
A: We’re already supporting P2P in Perth.
Q: What is your main focus right now ?
A: Executing the next stages of our platform applications. In particular asset germination events and more contract partnerships
Q: Has Australia’s support of your business been overwhelming and unexpected?
A: It’s been humbling
A: People power and community overwhelming
Q: Do you have confidentiality agreements signed with future partners which you can announce for now ?
A: Confidentiality agreements are exactly that.. confidential! Will let you know when we can release publicly
Q: Is there a scope for origin to use PL for all consumer settlements and data records in the future, not just prosumers and consumers who prefer to purchase solar energy?
A: Would like to think so.
Q: So tokens can grant you early access to projects in return for funding on the platform, what sort of things can we look forward to?
A: The 9 applications listed in the white paper, plus more as we grow!
Q: I live in Thailand. Do you have plan to setup here?
A: We have a Thai power company visiting us in Perth next week!
Q: In the future will Power Ledger be facilitating the purchase of decentralized assets such as solar farms etc. If so how will the public be able to get involved/invest ?
A: Will be disclosing and releasing paper on this shortly
Q: Hi team, can u discuss how the Electronic Vehicle charging station on the blockchain is going and if still going to be out before end of the year??
A: The hardware is being tested and we hope to have announcements in the next few weeks.
A: More will be out on this topic too. Stay tuned!
Q: Is there any plans to work with Property Developers on new housing Estates to set up P2P electricity grids rather than relying on ancient coal grids like they do now?
A: Yes we are totalling to many and working with some already
Q: Is getting rich or saving the world from global warming more important?
A: Trick question? Can’t drive a Lamborghini when the roads are melting. Climate change mitigation is a huge driver.
Q: A lot of people I talk to at work have no idea what blockchain technology is, and are skeptical of crypto currencies. Do you have a plan on educating the ‘everyday’ australian of how power ledger works? I assume a large portion of your customer base will be home owners who may not be very technically savy. What sort of plan to you have in place to educate this population of customers?
A: P2p customers won’t have to be crypto savvy. Will be in the background
Q: Do you have a fiat gateway for those who want to purchase power in the future or will it b by third party?
A: Customers trading electricity will purchase Sparkz with fiat which is the stable token used for kWh transactions
Q: Will you Outsource the KYC aspect of the fiat gateway?
A: Most users go through an application host and already kyc’d by them
Q: I read somewhere that a car Lithium-ion battery production produces as much as 8 years of diesel car emission. And the battery is made to last for 8 years. That doesn’t help climate change. I guess that’s out of topic, but feel free to answer if you have an input. Thanks!
A: Fake news. Diesel particulates cause massive health issues besides CO2 emissions
Q: Any plans for Africa? Or do you need a contact for South Africa? I can help with that!!
A: Developing economies in Asia and Africa are a huge focus.
Q: Dr Green, in one of your podcasts you talked about asset generation, where individuals can invest in solar power plants, when is this projected to start and how can holders of powr invest?
A: Details on our website under ‘Asset Germination’, projects will be announced there
Q: So how does one house sell energy to another house directly if all the poles and wires are networked? Need more detail on this, doesn’t your energy retailer still charge you for each kw/h?
A: Local energy pooling. The network is also an actor.
Q: Where can we find your paper/thesis Jemma? I would love to read it.
Q: Have any of the growth pool tokens been distributed yet?
A: None, you can see the contract address
Q: David, are you going to be at any conferences or hold any of your own?
A: At a digital commodities conference at the moment, more to come we will let you know.
Q: Where do you buy the POWR tokens that you reward for the prosumers and consumers from? From a crypto exchange?
A: They will use Sparks tokens not POWR, no crypto interface required
Q: IS PL targeting wind farms and hydro or only Solar???
A: Either. So long as it’s distributed.
Q: What is your vision for the future?
A: Millions of users, fully decentralised platform. RE assets trading autonomously and germinating profusely. POWR integral to the Ecosystem and integrating with other similar positive ecosystems.
Q: If we sell power p2p who will maintain the powerlines ? Do western power get a cut . Or this flows back to theme selling power from there power stations
A: The network is an actor in the economy and gets paid for the service it provides
Q: What exactly does asset germination mean?
Q: How much of the 34million raised in ico has been used up already?
A: Less than what it has appreciated by, as crypto prices gone up to date since ICO.
Q: So it’s like partnerships coming across all the countries in future ?
A: More application hosts, yeah
Q: Is power ledger in talk with dutch energy company’s?
A: It has been.
Q: Have we approached Gina Reinhardt??? She would be interested??
A: No mate but she’s an astute business person. She’d see the value
Q: Any plans on working with the UN? Particularly on SDGs 7 and 11?
A: I was in Bonn yesterday. SDG7 is my mantra! (Dave)
Q: couple of questions. Firstly , will you be working with a specific carrier in Australia? Possible co venture ? Also in regards to your devices is there a IOT strategy around who you partner with ?
A: Hi, we are working with many Aus companies, see our website and ANN channel. We do not have our own device, its all software.
Q: Are there any plans to burn the remaining tokens held by PL if they are not needed for future funding?
A: We will need them if we grow to the size aimed for that was the logic in 1 b selection. But like the thinking !
Q: How will the Spark/Powr token price vary when POWR ledger is implemented across several countries… Say for eg INDIA
A: Sparkz will always be pegged to the local currency
A: Spark will be fixed to the local currency, POWR will be market priced
Q: Are there any energy companies working with PL for now? Or only contact with energy companies?
A: Property developers too
Q: Excellent, can this be implemented the National Housing Affordability scheme????? NRAS??? Surely it will save the gov money and the tenants???
A: Brilliant idea!
Q: Does POWR have a vision to expand their offerings globally? Or will it just remain in AUS?
A: The world!
Q: Can you let us know when the POWR blockchain will be released and if so will it be POS or POW or a combination?
A: Initially POW and switching to POS when Ethereum switches
Q: Have you made any contact with developers? Implementing this before an estate has even put one foundation down could be much more cost effective and this creates a large pool of every house is participating.
A: We are live p2p in apartments and working with developers today.
Q: How partnership with Curtin university would contribute to the project developement?
A: Research and project collaborations
Q: Im not too familiar with EV charging. Is there a partnership with a EV charger in the works?
A: An EV charging provider could be an Application Host
Q: What is the current price of electricity in AUS and if Power was live project right now how much money would regular household (4 persons plus dog) save on a monthly basis?
A: Depends on use. Price in Perth is /8c
Q: Hello David, any plans to add Power Ledger to the hardware wallet Ledger ( or any other hardware wallet)?
A: POWR can be held on ledger nano
Q: Can you please give a brief breakdown of your marketing strategy. How will Power receive widespread adoption?
A: Trials to build a market partnerships to deploy
Q: Say, I have a house not running on solar. And I have a POWR tokens. Will I be able to buy electricity with my POWR ?
A: Yes, local and low carbon
Q: Will an everyday user need to go through all the hoops of buying powr tokens through and exchange?
A: No, today moms and pops buy Sparkz through the dashboard, no crypto interaction at all its all behind the scenes
Q: When is the first germination project planned to go live?
A: Q3 2018 in roadmap but we are way ahead of schedule
Q: Have you applied to ARENA for additional funding?
A: The WGV project has received ARENA funding
Q: WIll you be able to buy power for someone else who doesnt have access to it?
A: You will be able to help them buy it if they are on the PL platform
Q: Are you considering strategic partnerships with hardware manufacturers?
A: Yes. We have already partnered with Landis and Gyr
Q: What has been the most satisfying aspect of the launch so far?
A: This community.
Q: Is there possibility to have “Power Brokers”? Where by they could sell excess electricity to anywhere for customers? Or are they not needed???
A: Kind of bringing back what we removing by disruption I think…
Q: Is an application host someone like an origin energy? or have I misunderstood what an application host is?
A: That’s correct
Q: if your house is not connected to electric grid, how will you be able to sell electricity?
A: Physically you can’t.. you need to be connected to earn Sparkz
Q: Can you please answer this one question. what will be the total supply of the tokens
A: 1 billion
Q: What kind of GST will be charged for consumers of the energy? Or is that handled via the application host system itself as it normally is by buying enrgy with fiat?
A: Yes its handled through the Application Host
Q: So POWR will only be used by the application hosts and not the end customers ?
A: End consumers can exchange POWR for Sparkz and use it within the Platform across Applications.
Q: For P2P trading class, how does 1 peer transfer physical electricity to the other peer??
A: Through poles and wires, the system just accounts for all the imports and exports and allocates Sparkz accordingly
Q: But those same poles and wires are being used by your traditional energy retailer to charge you per kw/h also. So that means you either have to disconnect from their supply and every house essentially goes off grid and feeds from eachother. Or you need the energy retailer on board
A: The network provider receives a daily supply charge.
Q: So 1 spark = 1 cent (AUD?)
Q: So basically we would be selling our solar panel excess energy for the same price we are paying for it?
A: Yes buying it cheaper than the grid and selling it for more than your utility would pay for it
Q: Wouldn’t POWR need the partnership with every energy retailer on board? To sync the communication of POWR with existing energy grids?
A: No, in regulated energy markets, just a partnership with one retailer or a body with retailer rights such as condo or strata body
A: No luckily not. Powr settles energy trades virtually in P2P mode
A: No as groups could trade amongst themselves with and without retailers depends on application
Q: Whats the next step you are currently working on right now?
A: Application development and platform growth, as per the roadmap
Q: What happens to PL if energy companies that don’t partner, simply offer more rebate to users with excess energy?
A: Can still operate in unregulated markets, massive market behind the meter and microgrids as well.
Q: Keen to see a working example of buying and selling happening
A: Good idea we will organise something for public viewing when we come up for air!
Thank you everyone and sorry could only answer every 59th Q so many people in here!
We intend to release another post with responses to the ones we didn’t get to.