by Jason Lewis, in New York
Power Ledger, a company based in Perth, Australia, has now concluded its sale of tokens for a peer-to-peer platform that will enable renewable energy trading among businesses and households. The company initially offered its “POWR” tokens on Sunday, August 27. As of August 30, more than ninety million tokens had been sold, which represented more than 90 percent of the amount it initially offered. An additional offering is planned for September 2017.
As designed, the POWR tokens will act like a software license, and will enable market participants to access the platform. Those tokens are convertible to “Sparkz” tokens, a second digital currency that represents the actual generation of electric energy, and in turn is convertible to cash. Producers of renewable energy will earn Sparkz tokens for their production. The platform employs Ethereum blockchain technology—i.e., distributed ledger technology, which powers digital currencies like Bitcoin—to create what is otherwise known in the industry as a “trustless” marketplace, one that does not rely on intermediaries like utilities or grid operators to settle the market.