Australian Crypto Power Ledger Price Up 509% This Month Alone
Blockchain powered company Power Ledger (POWR) has had a remarkable weekend, rising 116%.
There was no one reason for this, but a combination of factors is working in their favour.
Supported by the federal government to the tune of $8 million dollars, the company is chaired by the deputy lord mayor of Perth, Dr Jemma Green.
Power Ledger aims to digitise the use of energy.
The company has developed a peer to peer platform that will dramatically lower energy prices. This will be done by creating microgrids to support the main grids. Focusing on water and electricity.
This may seem complex. But in reality it’s incredibly common sense.
Peer to Peer Traded Energy
Imagine a neighbourhood all equipped with solar panels.
These houses could produce, store, and trade electricity based on need. Some houses would need extra, and some would have excess.
A return to simple bartering, and a shared sense of community.
A fanciful as this seems, there is no need to imagine. The trials have already begun.
In combination with Origin Energy a three month pilot is currently being conducted. It commenced in October, and is set to be completed by the end of December. Results of the trial will arrive in the coming weeks.
Power Ledger’s David Martin had this to say about the trial with Origin Energy:
‘Peer-to-peer energy trading presents an opportunity to unlock enormous value for consumers, it disintermediates the energy supply model putting consumers in direct contact with other consumers.’
The city of Fremantle is also about to undertake a live test involving 80 houses. The ground-breaking technology does not want to compete with the main electricity networks. Not at all. Ideally they will act as microgrids that can work independently or in support of the major grids. A support layer.
Now in a country like Australia, this is great because we can lower our energy bills.
But imagine the benefits to the third world, where 79% don’t have access to electricity.
Enormous Benefits to the Third World
Electricity is the basic building block of modern society.
Your first thought might be on our reliance to the internet.
However without electricity you have no ability to store food, vaccines or medicines.
If you can’t store food, getting food and water becomes the core duty of your day.
Even worse if you can’t access basic medication.
‘Energy poverty’ effects two billion people worldwide.
‘Lack of electricity in Africa remains one of the biggest barriers to the region’s development and prosperity, and continues to trap millions of people in extreme poverty.’
This is the opinion of ONE, an international group looking to relieve extreme poverty.
Situations like this are where microgrids of electricity could really make an impact.
Power Ledger’s David Martin has been in India in the last week discussing this very topic.
These meetings have been held with Tech Mahindra, an Indian Multinational IT company.
‘Trialling in India is a major opportunity to change the way community’s source the energy required to take part in a modern global economy,’ he said.
A 12 month trial is expected to commence shortly within the Tech Mahindra campuses.
Power Ledger Price
Power Ledger (POWR) price is up 117% this week, and 509% for the month.
It can be bought from CoinSpot or Bittrex trading platforms. It’s currently trading at 65 Australian cents.
Junior Analyst, Money Morning