Inefficient industries are falling by the wayside at an ever increasing rate. Since the Ethereum blockchain introduced smart contracts, that tolled the death knell of middlemen across a wide array of industries.
Next up to be disrupted is the energy industry. Introducing Power Ledger.
How To Buy POWR
So you’re interested in buying POWR? Currently, there is no way to buy POWR directly with fiat, so the best way to buy POWR is to first purchase Ethereum, transfer it to your chosen trading platform and change it to POWR. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for POWR/ETH and confirm.
3. On the POWR/ETH trading section you can now choose how much POWR you want to buy with your Ether. Once you have chosen your amount, press Buy POWR and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of POWR.
What is Power Ledger?
Power Ledger is the latest platform to bring an old industry onto the blockchain. Making for a more decentralized and democratic system.
The way Power Ledger works is to create a peer to peer network for trading electricity surpluses.
Renewable energy is quickly becoming cheap enough to use for the bulk of the electricity needed. The problem is that is has to be used as it is produced and can’t be stored. With traditional coal or gas burning electricity plants, energy can be produced as it is needed. Simply burn it during peak usage, or stop burning when it isn’t needed.
Well, you can’t make the wind blow or the sun shine at will, so lots of electricity gets wasted if it is being used during non peak times. This is a gross simplification of course, but serves to make a point.
The point being that a platform like Power Ledger makes “renting out” your excess power coming from renewables that much easier and cost effective.
Since the system is peer to peer there is no need for a middleman to take part of the payments or decide who or where needs the power the most. Trading is in the hands of the users of the network.
Why Power Ledger?
Power Ledger also provides access to microgrid solutions, a wholesale market settlement application, autonomous asset management, and more.
Since the application is on a blockchain, it needs a token to pay for transactions fees and smart contract creation. This enables electricity metering and micro transactions.
Power Ledger actually has two coins. POWR and Sparkz. The POWR token was created to improve global interoperability, as it can be transferred across national borders.
To invest and trade in the platform, a buyer will need to purchase the POWR token. To make payments within the platform, a user will need to buy Sparkz. Sparkz is tied to the lowest denomination of a fiat currency, like the USD for example. It represents a unit of energy that can then be traded.
Using the POWR token creates a network effect since owners and users are incentivised to use the platform. In this way, users are rewarded as the success of Power Ledger grows. The more it is adopted, the more the token is valued.
The platform is already developed and in use. People are already trading their excess energy for tokens as this is being written.
Seeing as how the Australian government is supplying a large amount of funding to Power Ledger, there is a real world incentive for this project to succeed. As the Grid ages, it is becoming increasingly important to find a modernised way of handling our energy consumption. A more streamlined grid like how Power Ledger invisions it can not only be a wise investment, it may also change the way the world distributes electricity.