Blockchain-based renewable energy markets gain momentum in 2021


Concern for energy production, resource consumption and its impact on the environment is one of the dominant topics of debate on the world stage. The intense energy costs of mining Bitcoin and other proof-of-work cryptocurrencies are also frequently pointed out as a serious drawback for this emerging asset class..

As environmental concerns and the cost of reward debate continue, there is a group of cryptocurrency projects that aims to bring blockchain technology to global energy grids as a way to promote renewable energy generation through a flexible market that connects buyers and sellers of energy.

EWT / USDT 1-day chart vs. POWR / USD vs. WPR / USD. Source: TradingView

Three energy-focused projects that have seen triple-digit gains since early 2021 They are Energy Web Token (EWT), Power Ledger (POWR) and WePower (WPR).

EWT / USDT

Energy Web Token (EWT) is the operating token of Energy Web Chain, an open source enterprise blockchain designed to support and encourage the development of applications for the energy sector.

According to the project website, the “Energy Web is accelerating a customer-centric, low-carbon power system by unlocking the potential of decentralized open source digital technologies. “

The project was launched in June 2019 and since then has grown to a wide network of partners with some globally recognized companies such as Volkswagen, Siemens and Hitachi.

Once fully developed and integrated, your virtual machine could help connect the different areas of the energy sector, including network operators, software developers, and vendors.

One of EWT’s biggest price movements in 2021 occurred in early March, when the token was listed on Kraken, the US cryptocurrency exchange.

EWT / USDT 4-hour chart. Source: TradingView

The posterior advertisement of a partnership with Volkswagon on March 4 and the launching from the EasyBat battery compliance app on March 16 further helped provide a boost to the token that went on to set a new all-time high of $ 19.85 on March 18.

POWR / USD

The Power Ledger platform was established in May 2016 with the goal of create an operating system for new energy markets that is capable of trading renewable energy and environmental products on a local and global scale.

The Australia-based project aims to use blockchain technology to create a system in which each electrical resource or energy device has a digital identity that is connected to a market in real time that facilitates transactions between them.

POWR works on the Ethereum (ETH) network as a peer-to-peer energy exchange platform and uses a two-token system comprised of POWR and Sparkz to “ensure consistency across the Power Ledger platform,” according to the project website.

Sparkz are stable tokens that are used when buying and selling units of electricity (kWh) on the Power Ledger platform.

The activity of POWR trading started to rally at the end of January, when the debates on renewable energy began to gain momentum in the media.

4-hour chart for POWR / USD. Source: TradingView

The advertisement March 3, Power Ledger’s partnership with India’s largest integrated power company, Tata Power-DDL, kicked off a price rally which sent POWR up to $ 0.504, its highest level since 2018.

WPR / USD

WePower is a blockchain-based green energy trading platform connecting “energy providers, corporate buyers, and energy producers for easy and direct green energy transactions.”

According to the project website, the platform WePower is “the easiest way for companies of any size to buy green energy directly from local producers”, and the platform aims to make “corporate green energy procurement as easy as online shopping.”

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 existing energy investment system and also should help lower prices for network participants.

Trading activity and the token began to rebound in early February, when the project He delivered their “first complete Elemental platform to Mojo Power”.

4-hour chart for WPR / USD. Source: TradingView

Following the launch of the Elemental retail market On February 1, the price of WPR went from a low of $ 0.011 to a high of $ 0.05 on March 24, while talks on renewable energy and sustainability were taking place in Europe and Australia.

Increasing global attention on issues related to climate and energy production suggests that this niche of the cryptocurrency sector is ripe for more profits..

Projects using blockchain technology to optimize global energy markets are well positioned to increase its market share as distributed ledger technology becomes mainstream.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and operation involves a risk. You should do your own research when making a decision.

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