How and where to buy Wepower?

WePower recently raised $40 million in their ICO.

It’s no surprise; the startup is set for big things. WePower is a blockchain-based green energy trading platform.

This is an innovative use of blockchain technology.

If you hadn’t heard of WePower previously, then it’s time to do your due diligence. I believe WPR is the next generation of altcoin.

It’s entirely possible that we all will be buying cheap energy through WePower’s platform in the future.

But you’re probably wondering, how exactly does the token model work? How does the WePower platform work? And most importantly, where can you get your hands on WPR?

How WePower’s Token Model Works

Before we dive into the intricacies of the WePower platform and the exchanges on which to buy WPR, let’s take a look at how the token model actually works.

Renewable energy producers who wish to raise capital can sell tokenized energy via auction on the WePower platform. Each token represents 1 kWh of green energy to be produced within a given timeframe (usually 4-6 months).

This is one of the reasons why WePower has so much potential. There are substantial incentives for producers and investors:

  • Producers raise capital and increase the profitability of their project.
  • Investors benefit from low-cost energy, which is liquid i.e., they can sell it.

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Holders of WPR  gain access to the auction first. They’ll be able to buy energy tokens at auction 48 hours in advance of other WePower platform users.

WPR holders also automatically gain access to the donation pool. Energy producers donate 0.9% of the energy they produce to WPR holders.

Whether they receive energy by auction or the donation pool, WPR holders can choose what they want to do with their tokenized energy:

  • Use the energy.
  • Sell before the energy is produced.
  • Sell to the wholesale market after production and reinvest.

WePower is a startup and in its early stages of growth. So nothing is guaranteed in terms of the above benefits. However, WePower already has strong partnerships in place. Its contracted clients in Italy and Spain will connect 1000 MW capacity solar energy farms. And here is WePower’s projected growth based on its first partnerships and market potential:

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They expect the donated energy to have a payback window by book value of three years. And every year from the fifth year it will multiply.

In my opinion, their projections are reasonable. I also believe WPR has a huge potential to multiply in value. This is because:

  • It is backed by a team of energy, investment, and blockchain experts. This gives the startup massive credibility.
  • The platform has incentives for both producers and investors. It will also make it easy for the average consumer to access cheap green energy making it conducive to mainstream adoption.
  • Its ICO was hugely successful. WePower raised $40 million in the largest and most subscribed token sale in the energy industry.

So that’s a summary of how the token model works and why I think it has the potential to be massive. But what about the WePower trading platform? How does it work?

How To Use The WePower Platform

You can test out the WePower platform on their website now.

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To use it you will need to first register as either a household or a plant. As an investor, you will need to input your household’s data. This includes:

  • Ethereum Wallet ID
  • Household area
  • Meter ID
  • Household size
  • Household electricity yearly consumption, kWh

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You will then be shown a chart of your energy consumption prediction.

Once registered, you will be able to visit the market to trade energy contracts using Ethereum.

The trading platform works using MetaMask, so you will need an account, and it will log you in automatically.

On the trading platform, you can buy energy from green energy producers based on your household consumption or for investment purposes.

When you buy, MetaMask will pop up to execute the deal.

When you have bought energy you can sell it or send it to a family member by clicking the ‘send’ option. All you need to do is input the recipient’s Ethereum wallet ID and the amount you wish to send.

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The interface seems simple to use. You don’t need to be enormously tech-savvy to get to grips with it. All you really need is to know your personal details so you can input them.

Here is the demo in full:

https://youtu.be/g6coWsXjAuY

It appears that there are further developments to be made on the platform. But that’s essentially how you will be able to get your hands on energy tokens.

Now you need to know where to purchase WPR so you can get early access to auctions and access to the donation pool.

How and Where To Buy WePower

WPR isn’t on the more commonly-used exchanges such as Binance and GDAX yet. But it is currently available on five exchanges. I’m going to give you a quick rundown of the features of each so you can make your own decision as to which to use. I would recommend you go ahead and do more of your own research to ensure you make the right choice.

Huobi.pro

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This exchange is a blockchain asset only trading platform, designed to meet the needs of traders who want a diverse portfolio of digital assets. It’s a crypto-to-crypto exchange, and its service centers are all in South East Asia. Seeing as reviews are mixed, and the security of the exchange is in question, it wouldn’t be my first choice of exchange.

Pros:

  • Standard fees – Fees are set at 0.20% of the total transaction fee, which is fair.
  • Intuitive platform – Charting is provided by TradingView, which is a strong option.
  • Security – Huobi uses advanced distributed system architecture to ward off DDoS and other threats.

Cons:

  • Few/mixed reviews – There aren’t many reviews from the English-speaking market. Some are skeptical of Huobi’s trading volumes and think they may be fake.
  • Possibly hacked previously – There have been rumors of a previous hack, but Huobi denies this.

Liqui

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Liqui is a Ukranian exchange, run by just seven individuals. It is not yet a ‘white label’ exchange, but they’re a growing company working on building trust over time. Do your own due diligence, of course, but I don’t recommend you use Liqui. It is not regulated and has a poor reputation so far with complaints of lost ETH.

Pros:

  • Lots of assets – The exchange offers over 190 digital assets to be traded against BTC, ETH, USDT.
  • Competitive fees – Takers are charged 0.25%; makers are charged 0.10%.

Cons:

  • Serious complaints – Customers have complained online about delayed or blocked deposits and withdrawals. Such disputes have been met with little to no customer support. Customers have also claimed that they have been hacked.
  • No fiat currencies – Fiat currencies are not supported (USD, EUR, etc.)
  • Lack of info – There is little information available about fees and procedures, plus little information about the company overall.

IDEX

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This is an Ethereum-based, decentralized exchange on the DAO blockchain network (same as ETH). It uses smart contracts to manage transactions making it secure. It offers fast, real-time trading. But it does not trade in Bitcoin or coins which are on the Ethereum smart contract network. The advantages certainly outweigh the disadvantages when it comes to this exchange. This, in my opinion, is the best exchange that offers WPR, if you’re looking to buy with ETH of course.

Pros:

  • High speed – While other platforms can take hours or days to process orders, IDEX does it at high speed. The order book is updated in real-time too.
  • Lots of info – IDEX offers detailed guides on how to use the platform.
  • Competitive fees – The exchange offers the standard fees of 0.20% for takers and 0.10% for makers.
  • Good security – Users can have their own wallet with a private key to access it.
  • Lots of assets – There are over 200 coins on the exchange and users can vote to add more.

Cons:

  • Limits – There are minimum order limits of the equivalent of $20 for makers and $10 for takers. There is also a minimum withdrawal limit of $1 (which is small but still a limit).
  • No fiat currencies – There is no trading in fiat currencies. Therefore it doesn’t accept debit/credit cards for payment.
  • Gas fees – There is a ~140k gas for each trade, which is basically a transaction fee covered in ETH.

ForkDelta

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ForkDelta is another decentralized exchange and a fork of EtherDelta, hence the name. You can see from its roadmap that the exchange is still in development. A lack of information at present adds some uncertainty about this exchange.

Pros:

  • Decentralized exchange – You can trade directly with other users using smart contracts.
  • Lots of assets – There are many altcoins available on the exchange.
  • Easy access – You can simply connect your Ethereum wallet using MetaMask.
  • Token listing – Any member of ForkDelta can request a token to be listed.

Cons:

  • Lack of info – There is no information on the company behind the exchange or withdrawal fees.
  • No fiat currencies – Users must trade against ETH, so there are no BTC, USDT, LTC or fiat currencies.
  • Dependent on the Ethereum network – If there are any issues with it, then it will affect ForkDelta. Also, it’s not the best platform as charting and the interface are pretty basic.

CoinFalcon

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This is a UK-based exchange that trades in Bitcoin, Ether, Litecoin, Bitcoin Cash and IOTA.  It offers two types of trading, an instant service plus an advanced service for more advanced traders. Unfortunately, CoinFalcon does not allow US citizens to trade on this exchange. If you’re based outside of the US though, this seems to be an excellent exchange to use.

Pros:

  • High speed – Buying and selling is almost instant on the exchange.
  • Good security – 98% of funds are stored in offline cold storage, which is quite safe.
  • Competitive fees – There is a 0.25% trading fee, in line with the industry standard. There is a fee for using the instant exchange, but no fees for deposits and only network fees are charged for withdrawals.
  • Many digital assets – This exchange doesn’t offer as many coins as others, but there are still 50+ coins available.

Cons:

  • No US citizens – When you sign up, you must state that you are not a US citizen.
  • No fiat currencies – This exchange does not accept fiat currencies, so you cannot use a debit or credit card for transactions.

Each of these exchanges has its pros and cons, but my top picks are IDEX and CoinFalcon.

TL;DR

WePower’s token model works.

Green energy producers can raise capital for production. WPR holders gain early access to green energy auctions and donated energy from producers. It’s a reciprocal thing with incentives for both.

WPR has huge potential. It has community backing and a strong team behind it. Its ICO was successful, and it already has strong partnerships in place.

Plus, WePower represents the future of blockchain technology adoption.

The WePower platform is ready to demo but is undergoing some developments still. It’s simple to register and use. From there, you can trade directly with producers easily and sell surplus energy.

There are currently five exchanges on which to buy WPR. In my opinion, you should probably avoid Liqui and ForkDelta. In terms of the other exchanges, users are uncertain about Huobi. And while IDEX and CoinFalcon have their limits, they are probably your best options for purchasing WPR.

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