You may have heard about a coin called POWR gaining popularity recently. POWR is definitely moving up the cryptocurrency charts and may soon be a top 10 coin. However, it isn’t the value of POWR coin that we are interested in right now – it is the fact that the coin has such an interesting premise. This premise is also why we are confident that POWR Coin may end up being one of the most influential coins in the upcoming year. It isn’t just another cryptocurrency – it is a revolutionary blockchain technology that is designed to be used in the energy sector.
Understanding the need for Power Ledger
POWR Coin isn’t the official name of the coin at all- it is called Power Ledger. The coins are denoted by POWR, which has led to people referring to it as POWR coin. So what is Power Ledger, and why is it so important? Power Ledger is a way of selling and buying energy on the grid. This may not seem very necessary – but that is because Power Ledger is designed for the future.
The way we use and consume energy is changing fast. One of the biggest developments has been the easy availability of solar panels. Solar panels are cheaper and more efficient now than they were ever before, and they keep getting even cheaper and more efficient as time goes on. It is already a lucrative idea to install solar panels in your home. With a few years or so of further technological progress solar panels may become the main source of energy for many people in the world.
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The Future of Power
Now, when you use solar panels you don’t really have control over how much power is being outputted. Imagine that your house required 10 units of energy per day. It is exceptionally sunny out today, so your solar panels end up producing 30 units of energy that day. What do you do with the extra units? One simple way would be to store it in a battery to use in the future.
There are many problems with the battery approach. One is that batteries are not very efficient and they cost a lot. Another is that they are bad for the environment. They may not damage the environment while being used, but manufacturing batteries is not good for the environment. Now imagine if every house started getting extra batteries to store the extra energy. It would end up being too costly for everyone. Plus, there’s no point in storing too much energy – the sun will come out again tomorrow, providing more energy.
The smart solution that we are moving towards is the ability to sell and buy electricity. If you have too much power you just sell it to someone who needs more power. This way we can manage the whole grid easily.
The only problem is creating a system to track all these transactions and to automate them. The blockchain and smart contracts are the best possible way of doing this, which is exactly why Power Ledger is so important. It is one of the best solutions we have for a problem that will become commonplace in the coming few years.