In this WePower review, a deep dive into the solution this project is trying to achieve by using blockchain technology in the renewable energy industry.
WePower Review: Introduction
Renewable energy solutions (wind and solar energy) are replacing conventional, non-renewable energy sources in our fast-paced world. In fact, this comes as no surprise considering their advantages over coal, natural gas and other sources of non-renewable energy. By all means, renewable energy has low maintenance costs, environmental benefits, and inexhaustible nature.
The adoption rate of green energy solutions has increased exponentially over the years. In Iceland, almost 100% of energy is generated from renewable sources. Furthermore, Sweden, Costa Rica, the United Kingdom, etc likewise emerge at the forefront of countries embracing renewable energy. A recent survey by Stanford University researchers suggests that in less than 40 years from now, the world could be powered solely by renewable sources. Moreover, this scenario will lead to increased efforts directed at improving renewable energy solutions. As a result, blockchain technology could help this market move forward. Next in this WePower review a deep dive into their solution to innovate the renewable energy market.
The WePower Solution
WePower is facilitating the mainstream adoption of renewable energy. Meaning, they are using blockchain-based solutions to conquer industry challenges. For example, one of these challenges is the difficulty of prospective renewable energy providers to raise capital. Also, to promote the adoption of renewable energy, a competitive market with different renewable energy providers is necessary. Unfortunately, the industry is very capital intensive and is not structured to favor new market entrants.
WePower introduces tokenization to the renewable energy sector as a means of assisting renewable energy providers (REPs) to raise funds. With WePower, REPs can create and issue tokens to customers in exchange for money. Furthermore, these funds will be allocated to growing their operations. Also, the issued tokens represent a commitment or bond that mandates the REP to produce and deliver energy to customers at subsidized rates. Finally, for customers, REPs and the industry at large, it is a win situation.
The current problem in the renewable energy industry
Excessive billing and exploitation of end-users by electricity providers is a very common menace in the industry. In fact, the lack of accountability and transparency has facilitated this problem in no small measures. For example, in 2015, over 4million customers were overcharged 72pounds because of ‘mistakes’ made by their providers. WePower pioneers the initiation of metering and billing processes using blockchain technology. In addition, WePower offers traceability of energy produced and consumed at each endpoint. This way, users can be aware of their energy source, consumption, and exact incurred cost.
WePower is promoting direct access between customers and producers through a Purchase Power Agreement (PPA). Additionally, WePower enhances operational efficiency and eliminates third-party costs. Also, the platform is capable of PPA auctioning, PPA tokenization and management of the PPA lifecycle.
WePower Review: A decentralized solution
Decentralized resource sharing is another solution that WePower ushers into the industry. Besides, electric data of customers are safer and devoid of manipulation when distributed among nodes.
WePower exposes REPs to the benefits of smart grids, smart meters, and other energy-efficient resources. It also significantly lowers entry barriers for small and medium scale REPs.
Features and Benefits of WePower
- Lowers industry entry barriers for REPs through tokenization
- Competitive rates amongst REPs
- Direct access between REPs and end-users
- Transparency and accountability in metering and billing
- Energy data stored on the blockchain to bolster security
- Facilitates the creation of grid-level energy clusters for REPs
- Low-cost transactions
- Enables fractional contracting
WPR is the native token of WePower’s ecosystem. Also, it is an ERC20 utility token that serves as a medium of exchange. Furthermore, it provides access to WePower Network functions such as Renewable green energy donation pool and green energy auctions.
Where to Buy WPR token
WePower with its token WPR is already available at several bigger cryptocurrency exchanges. Below the places to go with the highest trading volume:
WePower(WPR) numbers & details
|Total amount raised for ICO||$40.000.000|
|Total number of tokens||745.248.183 WPR|
|Emission rate||No further tokens will be created|
|Circulation supply||608.221.473 WPR|
|Nominal price||1 WPR = 0.13 USD|
Conventional non-renewable energy sources are losing ground due to their health and environmental disadvantages. Without an iota of doubt, renewable energy is the future.
As we countdown to the beginning of this era, WePower tasks itself with the responsibility of improving renewable energy solutions. Furthermore, to achieve this they are aiming at blockchain technology.
Information and Resources
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