WePower, found online at WePower.network, is a green energy exchange platform currently preparing to launch. Find out more about WePower today in our review.
What Is WePower?
WePower is a green energy exchange platform that aims to promote a cleaner, healthier future using the power of decentralized blockchain technology.
The creators of WePower see some problems with the world today: the world runs on dirty energy. We know the benefits of green energy, but actually using that green energy in our own homes can be difficult. Changing the world from dirty to clean energy from top to bottom is difficult – it could take decades. Green energy – like solar panels or a wind turbine – requires significant investment.
WePower plans to solve these enormous problems by creating a network where it’s easy for everyone to participate. Those who produce green energy, buy green energy, and invest in green energy can collaborate through a decentralized ecosystem.
How Does WePower Work?
WePower is a distributed green energy network based on the Ethereum blockchain. It uses smart contracts and a token-based ecosystem to make the world of green energy more efficient.
The platform is also connected to the energy grid and energy exchange markets. WePower’s platform connects existing and new renewable energy producers with companies that either want to use clean energy or invest in a 100% clean energy future.
The WePower blockchain solves key problems in the WePower ecosystem, including:
- Brings transparency to produced and consumed green energy by monitoring grid telemetry and making data accessible for users.
- Allows borderless and cheaper purchases of green energy directly from producers to consumers, regardless of what country they’re in.
- Gives direct access to financing green energy production projects by purchasing energy upfront that will be produced in the future.
WePower advertises all of the following features available over its blockchain:
Everything Is Transparent
The WePower platform takes pride in its transparency. Information from the energy grid is transformed into tokens that accurately reflect the flow of energy produced and consumed by each user. When energy is consumed, the energy tokens are automatically converted to CO2 tokens. Users can then keep track of those CO2 tokens to see the amount of CO2 emissions they helped to save.
Every transaction is recorded on the public blockchain, which is a distributed database that is impossible to alter. The record-keeping is absolutely secure and transparent at all times.
Everyone Can Buy Green Energy
WePower plans to cater to the international community of producers, consumers, and investors. The system relies on blockchain-based smart contracts. The energy tokens are based on smart contracts, and they represent how much energy the buyer owns and can consume.
Blockchain technology ensures the network is global. Green energy produced in Spain can be sold in Germany. It doesn’t matter where the energy is produced, or where it goes – as long as it’s produced and purchased.
Purchase Energy For Consumption Or Investment
Through the use of tokens, WePower allows users to purchase green energy for their own consumption, or use it as an investment. Every token purchase makes the market more attractive, which means more green energy is produced.
Anyone Can Produce Green Energy
Anyone who wants to produce green energy can finance the setup cost of their power plant by selling energy they will create in the future upfront. The anticipated energy production is tokenized and becomes a legally binding contract guaranteeing the producer will provide the relevant amount of energy.
Through this system, the buyer always knows how much energy they own today, and how much energy they will receive in the future. Smart contracts can be purchased and sold, giving the buyer access to the market of energy production financing along with the rights to sell their investment when the time is right.
You can learn more details about how the WePower network aims to work by reading through the firm’s 84 page whitepaper.
You can even take a demo version of the WePower platform for a spin by visiting the demo page. You can use that demo to register a household or register a plant. It’s a working demo – although nothing of value is exchanged over the platform at the moment. It’s still in development.
Who’s Behind WePower?
WePower continuously emphasizes the fact that its team has in-depth experience in the field of green energy. Key members of the team include Nikolaj Martyniuk (Co-Founder, Energy), who has spent 10 years working in the energy sector, building energy plants and solar plants, and buying/selling green energy. There’s also Artūras Asakavičius (Co-Founder, Investments), who practices law in the Baltics and has experience in FinTech. Other key members include Augustus Staras (Co-Founder, P2P & Crowdfunding).
Full details about the team and its network of developers, blockchain technologists, and advisors can be seen on their website.
WePower aims to change the world of green energy through the use of blockchain-based smart contracts. The platform brings together energy producers, energy consumers, and energy infrastructure investors. Using a decentralized platform, WePower makes it easier for all three parties to interact in an open and fair marketplace.
There’s already a working demo version of WePower available online, and the company has published an extensive whitepaper with their technical details. Look to hear more about the WePower project in the near future.