Concerns about energy production, resource consumption and its impact on the environment are among the dominant topics of discussion on the global stage. The high electricity costs of mining bitcoin and other cryptocurrencies to prove business are often cited as a serious flaw in the new asset class.
While environmental considerations and the cost of bonuses are on the rise, there is a host of cryptocurrency projects that aim to bring blockchain technology into global energy grids as a way to stimulate renewable energy production through a flexible market that brings together energy buyers and sellers. …
EWT / USDT vs POWR / USD vs 1 day WPR / USD chart. Source: TradingView
Three energy projects that have shown three-digit profits since early 2021 are Energy Web Token (EWT), Power Ledger (POWR), and WePower (WPR).
EWT / USDT
Energy Web Token (EWT) is a business token for Energy Web Chain, an open source enterprise blockchain designed to support and develop applications for the energy sector.
According to the project’s website, “The Energy Web site accelerates the creation of a low-carbon, consumer-focused electricity system by unleashing the potential of open source, decentralized digital technology.”
The project began in June 2019 and has since grown into an extensive partner network with several internationally recognized companies, including Volkswagen, Siemens and Hitachi.
Once fully designed and integrated, the virtual machine can connect to different areas of the power sector, including network operators, developers, and software vendors.
One of the main drivers of the 2021 EWT price increase occurred in early March, when the token was included in the Kraken cryptocurrency exchange rate in the United States of America.
4 hour chart EWT / USDT. Source: TradingView
The subsequent announcement of the partnership with Volkswagon on March 4 and the release of the EasyBat battery discharge app on March 16 helped increase the code, which hit a new full-time high of $ 19.85 on March 18.
POWR / USD
The Power Ledger platform was created in May 2016 with the goal of creating an operating system for new energy markets that can trade renewable energy and environmental products locally and globally.
The project, which is based in Australia, aims to use blockchain technology to create a system in which every electrical resource or power unit, connected to the market, is digitally identified in real time, to facilitate transactions between them.
POWR operates on the Ethereum (ETH) network as a peer-to-peer power exchange platform and uses a dual-token system consisting of POWR and Sparkz to “achieve consistency across the Power Ledger platform,” according to the project’s website.
Sparkz are static tokens used when buying and selling power (kWh) units on the Power Ledger platform.
POWR trading activity began to pick up at the end of January, when discussions about renewable energy started gaining momentum in the media.
4 hour chart POWR / USD. Source: TradingView
The March 3 announcement of Power Ledger’s partnership with India’s largest integrated power company, Tata Power-DDL, pushed prices up that pushed POWR to $ 0.504, the highest level since 2018.
WPR / USD
WePower is a blockchain-based green energy trading platform that brings together “energy suppliers, trade buyers, and energy producers for simple, direct green energy transactions”.
According to the project’s website, the WePower platform is “the easiest way for companies of all sizes to purchase clean energy directly from local producers,” and the platform’s goal is to make “businesses buying clean energy as easy as shopping online”.
WPR is an ERC-20 token that works as a payment method on the WePower network. It is used to standardize and increase the liquidity available in the current energy investment system, and it should also contribute to lowering prices for network participants.
Trading and token activity began to pick up in early February when the project delivered the “first fully functional core platform” to Mojo Power.