More and more countries around the world are pledging to make the switch over to renewable energy over the next decade. Renewable energy is arguably one of the most talked-about areas of technology in contemporary society. While much of the global community has come up with plans to switch to green energy in the future, there’s been little progress with adopting renewable energy in our present cities around the world. Much of this is due to the fact that subsidies and financing for renewable energy have experienced a decrease over the past year, making it difficult to produce and implement renewable energy worldwide.
WePower aims to remedy this problem by making renewable energy more inclusive through blockchain technology. By building the world’s first energy trading platform, powered by smart contracts and transparency, our WePower team was able to design a global network that connects investors, green energy producers and energy consumers.
Through the inclusivity and accessibility of WePower, investors can fund renewable projects from a decentralized platform without being bothered with fees and bureaucracy from middle-man establishments, while everyday consumers are able to purchase renewable energy in the form of cryptocurrencies which will be converted into a set kWh of electricity.
WePower Will Democratize, Decentralize and Decarbonize the Energy Sector
One of the biggest obstacles that renewable energy has faced is a drop in banking financing and as a result due to phased out support schemes and financial intermediaries motivated by profit rather than serving the needs of the people. Currently, there is no transparency or a unified system of CO2 mitigation calculation across the European Union, and policy and is determined by national policy rather than the union as a whole. The problem with this is that some countries give renewable energy producers support that is not effective from market perspective while capital is not being used where energy can be produced at the market price without any support. This lack of transparency distorts the progress and effectiveness of renewable energy, and can make the switch to green power more complicated than it has to be.
With WePower, the entire platform is built to be completely transparent so that investors, producers, and buyers all understand exactly what is going on. WePower records the exact amount of energy produced, as well as how much CO2 emissions were reduced. And all of this is done through inclusivity through P2P energy that gives every investor, energy producer, and consumer an equal seat at the table with full market transparency.
“WePower producers will generate green energy and feed it into their energy grid. WePower buyers can be anywhere in the world and buy green energy although the energy they consume may come from any renewable source,” Jon Matonis, WePower’s blockchain advisor.
WePower isn’t looking to just change the way energy is purchased and distributed. It’s looking to revolutionize the way the world gets its power. WePower’s green-first platform is actively facilitating the move towards renewables. As the demand for renewable energy increases, WePower will be there to power households across the world through a virtual marketplace that allows participation from anywhere in the world.
Security and Protection Powered by Blockchain Technology
An important part of creating an all-inclusive platform is ensuring that everyone accessing the WePower marketplace is protected from fraudulent transactions. In order to guarantee the security and protection of all investors, producers and buyers, WePower utilizes smart contract technology on the Ethereum network. This way, every transaction is automatically verified and the terms and conditions of the transaction are not able to be changed once they’ve been agreed upon by both parties. And since smart contracts require both parties to fulfil their end of the obligation, every transaction is guaranteed to be reliable and effective.
Interest in renewable energy is higher than it’s ever been. Thanks to WePower, everybody is able to participate in buying, supplying, and investing in green energy without unnecessary barriers that make it impossible for the average citizen to participate in.
