PowerLedger is working to innovate the energy industry by letting companies and individuals sell surplus renewable energy. The result is an improvement in efficiency for the world as we consume less energy. It also offers the security and reliability of the blockchain that companies can count on.
The Basics of PowerLedger
There are several world-leading blockchain energy applications that make up PowerLedger, including the P2P energy trading application. This application lets businesses like Utility Providers host trading. With the blockchain technology, producers and consumers get to benefit from automated, auditable, and transparent market trading.
As mentioned, PowerLedger lets those with surplus renewable energy sell it. This renewable energy can be generated at a commercial or residential development, including both multitenant and multiunit properties. It works whether the entity with the surplus energy is within a microgrid or connected with one of the existing electricity distribution networks. Essentially, the developers behind PowerLedger found a solution that takes advantage of the current distribution networks for energy while letting consumers take control of the energy economy.
How Does PowerLedger Use Blockchain Technology?
The key part of PowerLedger that sets it apart from other energy-related applications is its use of blockchain technology. Because of the blockchain, PowerLedger can track every single unit of electricity. This tracking begins when it is generated and goes until it is either sold to another consumer via the local area’s electricity distribution network or used.
In addition to tracking the energy itself, the blockchain technology also tracks the financial aspects of it, allowing for simplicity and security for those making use of renewable energy. All energy traded using the distribution network will be tracked, giving DNSPs a secure revenue stream. This also lets those who own renewable energy assets to set their price and choose whom they sell to.
What are the POWR & Sparks Tokens?
PowerLedger uses two tokens in its ecosystem, POWR and Sparkz. Sparkz represents the traded energy value and is set to the lowest currency denomination in each of the trading jurisdictions (like one Australian cent in Australia). Sparkz is stable and is the transaction token for the closed-loop trading ecosystem. POWR tokens let users access the platform, create the network effect via rewarding early adopters, enhance security with SmartBond, and incentivize both generating and using renewable energy.
You can purchase POWR tokens at Binance.
What Is P2P Trading?
One of the most important applications within PowerLedger, P2P Trading empowers consumers, letting them trade with each other. With the blockchain, consumers are able to receive their payment in real-time via a settlement and reconciliation system that is trustless. The list of benefits associated with this program is extensive, including being able to trade with neighbors, choose your own clean energy source, enjoy transparency, take advantage of low-cost settlement costs that reduce power bills, and get more for any of your excess power.
What Other Applications Does PowerLedger Feature?
Another aspect of PowerLedger is Neo-Retailer support. With this, the system provides Neo-Retailers with smart management for supply and demand. Those retailers also receive remuneration nearly instantly, as well as payment settlements. The benefits for Neo-Retailers continue, as those retailers also get to manage consumer exposure.
Wholesale Market Settlement allows for quick, transparent, and low-cost dispatch management and optimization, along with reconciliation, data aggregation, and settlement within wholesale energy marketplaces.
The MicroGrid/Strata/Embedded Network Operator allows for everything from grid management to rapid microtransactions, big data acquisition, and electricity metering, all at a granular scale that hasn’t been seen before. By trading within an embedded network, there is no longer a nexus separating energy consumption and generation ownership. That, in turn, allows for the value to come from investing in DER, including in cases when an investor doesn’t use all their generated energy or are absent.
Distributed Market Management optimizes metering data, rapid transaction settlement, frequency management, load management, demand side management, demand side response, the right to access and dispatch assets, network load balancing, and collection for big data. Thanks to real-time remuneration for asset owners, optimizing these assets is possible. The Autonomous Asset Management allows for the shared ownership of the assets related to renewable energy and trading the ownership. This management can buy or sell electricity of its own and send the income to the assigned wallet address.
PowerLedger even assists with monitoring data related to electric vehicles, along with power ports, the latter of which can also be automated via the platform. Carbon traders can also take advantage of the system, and there is a transmission exchange.
What Is in the Other Layers of PowerLedger?
The next layer of PowerLedger after the applications is the Ecochain Services, which include SPARKZ Management, Power Trading, Meter Readings, POWR Incentivizer, Oracles, SPARKZ-POWR SmartBond, and Assets Management. Under this is the Power Ledger Core, which is made up of Oracles, POWR Growth Pool, POWR Incentivizer, TGE POWR Management, POWR Assets Germination, and POWR-SPARKZ SmartBond. Below this is the Ethereum blockchain that the entire system is based on.
What Is the Timeline for PowerLedger?
Now in Q4 of 2017, PowerLedger is working on application development, with the first applications entering beta testing following the Token Sale. These applications have entered the MicroGrid, something that the Electric Vehicle Trading Applications have also done. In this quarter, the Green Energy Loyalty Rewards Program is also set up.
In Q1 of 2018, PowerLedger will start distribution of the Growth Pool by giving POWR tokens to the early application hosts. The platform will also transition to a modified Consortium Ethereum network without fees. By Q3, the very first Asset Germination Event will take place and marketing and partnerships will be further developed. In Q4, beta testing will take place for Carbon Trading, Neo-Retailer, and Autonomous Asset Management applications. Moving on to 2019, Q2 will see Asset Germination Events becoming more frequent, as well as the completed transition to a public PoS blockchain. In Q3, beta testing for the PowerPort Application, Distributed Market Management, and Wholesale Market Settlement will begin. This is also when beta testing for other yet-to-be-dreamed applications will occur.
How to Buy Powerledger POWR
You are not able to purchase POWR with “Fiat” currency so you will need to first purchase another currency – the easiest to buy are Bitcoin or Ethereum which you can do at Coinbase using a bank transfer or debit / credit card purchase and then swap that for POWR at an exchange such as Binance.
Register at Coinbase
For first time buyers of crypto currency, we recommend that you use Coinbase to make your first purchase – its easy to use, fully regulated by the US government so you know it is one of the safest and most reputable places to purchase cryptocurrency from. Coinbase offers the ability to purchase Bitcoin, Litecoin and Ethereum with a credit or debit card or by sending a bank transfer. The fees are higher for cards but you will receive your currency instantly.
You will have to carry out some identity verification when signing up as they have to adhere to strict financial guidelines. Make sure you use our link to signup you will be credited with $10 in free bitcoin when you make your first purchase of $100.
To get started, click the “Sign up” button where you will be taken to a registration form where you will need to enter your name, email and choose a password.
Coinbase will then send you a link via email to verify your email account, once you click the link in the email you will be taken to a verification page. You must then add your phone number and upload a photo of your ID – this can be a passport, driving license etc. You also have to add your payment details, so you can add your bank account or a debit or credit card as required – after a short period your account will then be verified and you can then make your first purchase.
Purchase Ethereum or Bitcoin
For this guide, we will be purchasing Ethereum to swap for our target cryptocurrency. The reason for this is that it has far cheaper fees than bitcoin for sending and the transaction also happens a lot faster. So in Coinbase, visit the “Buy / Sell” tab at the top, select “Ethereum”, choose your payment method and enter the amount you wish to purchase – you can either enter a US Dollar amount or a number of Ether.
You will then be asked to confirm your transaction, if paying with a card you might have to complete a verification with your card provider. Once that’s complete, your Ethererum will be added to your account.
Purchase POWR at Binance
You can now send your Ether over to Binance to make your purchase of POWR, take a look at our review of Binance here to see how to signup and purchase on their exchange.
Conclusion
PowerLedger takes a unique approach to using the blockchain to simplify life and provide connections between people as one of the only platforms designed to assist with managing and selling renewable energy. This could very likely be an important step forward to the future of energy management, particularly with its focus on renewable energy.
