Here’s a rundown of what WePower (WPR) is all about.
WePower aims to become the next-generation energy company based on blockchain.
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Real-World Use of WePower
WePower promotes the use of renewable energy by providing relatively large green energy projects to raise capital. One of the reasons why many green energy projects today don’t take off is because of lack of capital.
The WePower platform enables these green energy projects to sell the energy they produce. For example, an energy project called “Z” is building a 100 megawatt (MW) solar energy power plant. The plant costs $100 million but Z lacks $20 million to bring the project to life. Z can tokenize the projected production of energy worth $20 million and sell it up front using the WePower platform.
The WePower platform rewards green energy buyers – typically large energy consumers – as Z sells the energy it produces at below market price. The green energy buyers, meanwhile, have the option to use the energy they bought for themselves or sell on the marketplace.
In its whitepaper, WePower said it aims to “change how energy is developed and distributed.”
WePower Technology
WePower uses these technologies: blockchain, smart contracts, data analytics and machine learning. The blockchain eliminates intermediaries in financing renewable energy projects, provides enhanced security as data can’t be tampered with and provides history of transactions and prediction of transactions.
WePower Team
WePower team is composed of experienced energy engineers who previously worked on the smart metering implementation countrywide in Estonia and former Skype programmers.
WePower’s blockchain development is led by Jon Matonis, founding partner of Bitcoin Foundation. WePower’s token economy is developed with the assistance of Eyal Hertzog, chief product architect of the Bancor Protocol.
WePower Roadmap
The WePower platform is already live. The demo version is available on WePower’s official site.
July/August 2018
Launching of WePower pilot project with transmission system operator Elering and tokenizing all Estonian energy
2019
Expansion to neighboring countries
Note: The author doesn’t promote the cryptocurrency mentioned on this post. This post is for information purposes only.