Concerns about energy production, resource consumption and its impact on the environment are one of the dominant topics in debate on the global stage. The energy-intensive costs of mining bitcoin and other cryptocurrencies to prove a business are often cited as a major drawback for a new asset class.

As environmental concerns and the cost of rewards are skyrocketing, there are a number of cryptocurrency projects aimed at introducing blockchain technology into global energy networks as a way to stimulate renewable energy production through a flexible market that brings together energy buyers and sellers.

EWT / USDT versus POWR / USD versus WPR / USD one-day chart. Source: TradingView
Three energy projects that have seen triple-digit growth since early 2021 are Energy Web Token (EWT), Power Ledger (POWR) and WePower (WPR).

Energy Web Token (EWT) is the operating code of the Energy Web Chain, which is an open source blockchain designed to support and develop applications for the energy sector.

According to the project’s website, “The Grid is accelerating the creation of a customer-centric low-carbon power system by unlocking the potential of open source digital and decentralized technologies.”

The project was launched in June 2019 and has since grown into an extensive partner network with some of the world’s most renowned companies, including Volkswagen, Siemens and Hitachi.

Once developed and integrated, the virtual machine can help connect different areas of the energy sector, including network operators, developers, and software vendors.

One of the main price drivers for EWT came in 2021 in early March, when the token was listed on the Kraken cryptocurrency exchange in the United States.

The subsequent announcement of the partnership with Volkswagon on March 4 and the release of the EasyBat battery compatibility app on March 16 also helped add value to the symbol, which went on to generate new permanent $ 19.85 on March 18.

The Power Ledger platform was created in May 2016 with the goal of creating an operating system for emerging energy markets, enabling the trading of renewable energies and green products locally and globally.

The Australian-based project aims to use blockchain technology to create a system in which every electrical resource or energy unit is digitally identified, connected to the market in real time, which facilitates transactions between them.

POWR operates on the Ethereum (ETH) network as a peer-to-peer energy exchange platform and uses a two-token system consisting of POWR and Sparkz to “bring consistency across the Power Ledger platform,” according to the project’s website.

Sparkz are static tokens used when buying and selling electrical devices (kWh) on the Power Ledger platform.

POWR trading activity began to pick up in late January, when discussions about renewable energy began to gain traction in the media.

4-hour chart POWR / USD. Source: TradingView
The March 3 announcement of Power Ledger’s partnership with India’s largest integrated energy company, Tata Power-DDL, raised prices and pushed POWR up to $ 0.504, the highest level since 2018.

WePower is a blockchain-based green energy trading platform that brings together “energy providers, business buyers and energy producers for simple and direct green energy transactions.”

According to the project’s website, the WePower platform is “the easiest way for companies of all sizes to buy clean energy directly from local producers” and the platform’s goal is to make “buying clean energy for businesses as easy as shopping online”.

WPR is an ERC-20 token that acts as a payment method on the WePower network. It is used to standardize and increase the liquidity of the existing energy investment system, and should also help lower prices for network participants.

Trading activity and tokens began to grow in early February when the project provided Mojo Power with “the first full-fledged Elemental platform.”

Following the launch of the Elemental retail market on February 1, WPR rose from $ 0.011 to $ 0.05 on March 24, when renewable energy and sustainability talks were held in Europe and Australia.

The growing global interest in climate and energy related issues indicates that this niche segment in the cryptocurrency sector is poised for further success.

Source: CoinTelegraph