An energy platform which is used to trade electricity by the users is known as a Power Ledger or POWR. It uses a dual-chain architecture ledger in an Australian platform. This ledger is a solar-powered ledger. In its dual-chain architecture, it uses a layer of Ethereum. All the electric energy generation and payments are tracked through an Ethereum smart contract that is used to exchange and payment.
Among all the resources present on the earth (natural and man-made), electricity is one of the most valuable and widely used resources we possess, and cryptocurrency technology relies on it. Analysts are predicting that 123 GW of solar photovoltaic energy will be added to the global grid this year which would indirectly boost POWR ledger and helps make it popular.
However solar power isn’t as simple to observe and manage as individuals think – amid peak hours in a bright state like California, solar power has to be bottlenecked to abstain from over-burdening the network. Owners of homes in that area are informed that they are utilizing all the power they have been producing, hence, selling they should sell the overages to the electric companies. However, that is not how it really functions.
In many districts, solar power looks like sharecropping. However, the differences in price in this wholesale and retail prices make it a costly suggestion for the general public and hence restricting the popularity of such ventures.
Selling power to one another appears the ideal arrangement, and organizations like Kansai Electric Power Company and Sharing Energy are interested in Power Ledger having the appropriate response.
POWR and Sparkz Cryptocurrency Summary
The Power Ledger Token (POWR) has a circulating supply of 396,195,754 tokens out of a total supply of 1,000,000,000 POWR units, as of February 6, 2018. The peak cost of one POWR unit on January 4, 2018, was $1.79. Power Ledger held both an ICO and an ICO token crowdsale for investors and the general public respectively. The Power Ledger group has received an $8 million (AUD) from the Australian Government which would be used to boost further improvement in the solar power venture.
By October 6, 2017, 350,000,000 units of POWR were supplied which helped gather an aggregate of $34 million (AUD) worth of ETH for the company.
POWR is acknowledged on multiple cryptocurrency exchanges such as LATOKEN, Binance, Bittrex, and Huobi Global among a few others. Over $1.2 million worth of POWR is traded regularly on these exchanges.