New altcoins pop up all the time. They may boast stronger blockchains, enhanced security or lightning fast transactions.
That is certainly the direction in which cryptocurrency is headed. People will continue to create more advanced models that are ever safer and improved.
But what about other applications of blockchain technology? What else is in store for blockchain and cryptocurrency?
I believe WePower is the next generation of altcoin. It’s a simple platform which will, essentially, allow anybody to invest in green energy.
Hence, if we’re thinking about how blockchain will be applied mainstream in the near future, this is a solid example.
That’s just one of the reasons why I think WePower will do very well. WePower has an exciting future ahead of it.
So what exactly is WePower? How does it work? And why do I think it has mega potential?
Not long ago, I noticed an article on Huff Post entitled, The Real Secret of Green Power Powered by Blockchain. This, of course, piqued my interest as it’s such a novel but brilliant idea.
This is where I first read about WePower and learned that it’s the first of its kind, i.e., the first blockchain-based green energy trading platform.
As blockchain technology is applied in a completely new way here, it was tempting to wait and see how the project pans out. But the more I looked into WePower, the more excited I got…
So let’s look at exactly what WePower is and why its future is so promising.
For a renewable energy project to get off the ground, producers need to procure capital. The usual route power producers would take is to procure top-down investment from banks and institutions.
WePower, however, allows anyone around the world to invest in green power through cryptocurrency.
While Bitcoin uses blockchain technology as an economic ledger, WePower uses it to tokenize energy.
Power producers issue their own energy tokens. Each of these tokens represents energy they will produce and deliver.
Thus, green power producers and energy buyers can trade directly on the WePower platform.
This is where the major benefits of holding WPR come in.
When a renewable energy plant joins the platform, they will hold an auction. Holders of WPR have priority to purchase tokenized energy at the auctions. The more WPR tokens you have, the more energy you get.
This is just one of the reasons why the platform is so phenomenal and has the potential to skyrocket. As WPR token holders have access to green energy at the best price, the trading value of WPR tokens is increased due to demand from large energy buyers.
Not only do WPR holders have priority access to auctions, but energy tokens also accrue energy over time. Green energy producers donate 0.9% of the energy they produce to a contributors’ pool which only WPR holders have access to.
WPR token holders can use the green energy themselves, sell it or reinvest in the contributions pool.
You might be wondering what stage the project is in currently. We all know how many teams behind an altcoin say they’re going to deliver a project in a certain time period… and it never happens.
But, WePower is well on its way to meeting the goals outlined in their roadmap:
WePower’s February ICO was a total success (which we’ll talk a little more about later). That’s no surprise to me.
The WePower platform is ready. You can even try a demo version of it on their site now.
Plus, WePower is working with some strong partners to get the platform off the ground.
During their first two years, WePower will bring in a pipeline of projects through some powerful partnerships. They will expand simultaneously on two continents. The future is certainly bright for WePower.
WePower is currently partnered with an Estonian transmission system operator called Elering. This is where they are carrying out the testing and development of product features for their pilot project.
They are also working on finalizing other partnership deals within Europe. Based on their partnership with Elering and these other exciting opportunities, WePower believes they will be operational within nine months of the ICO (which took place in February).
Furthermore, the engineering team is currently taking part in a three-month program, Startupbootcamp Energy Australia.
While in Australia WePower hopes to establish relationships and start pilot programs with large energy companies.
They will open an office and hire an Aussie team. Additionally, they’ll work with local institutional investors to establish a renewable energy project financing pipeline for their Australian and European clients. Some of those investors participated in their pre-sale.
They’ll work with these clients to integrate them into the platform and get them ready for a token sale by the end of the year.
So, all in all, WePower’s growth means more and more power producers are coming on board. Major players in the energy industry clearly have faith in WePower. And the platform has markets in which to scale from the get-go, which is a huge plus point for WePower.
Now, let’s get down to serious business – why I’m excited about WePower, and why you should be too.
The first thing I do when assessing an altcoin: look at the founding team behind it. Like I said before, teams often fail to follow through on their promises.
For this reason, you need to know that the founding team has a sensational amount of knowledge and experience in the industry to be able to see their project through.
The WePower team fulfills these criteria and then some. The team is led by energy and investment experts.
Co-founder and CEO, Nikolaj Martyniuk, was previously CEO of a renewable energy projects development company, Modus Energy.
The other co-founder, Arturas Asakavicius, headed a startup team at a major Baltic law firm, Sorainen, and is Chairman of the Lithuanian Fintech Association.
And CTO, Kaspar Kaarlep, also served as CTO at one of Estonia’s main electricity companies, Elektrilevi.
So these guys really know their stuff. They haven’t just come up with a nice idea out of thin air.
Another addition to the team that really gives WePower credibility is Jon Matonis, Founding Director of the Bitcoin Foundation. His connections and expertise will bring a lot to his advisory role with WePower.
WePower is totally innovative and represents the next generation of altcoin. In their whitepaper, they state the following:
“WePower is the next stage in token economy evolution. The great majority of tokens currently
released in the market, tokenize equity or company future cash flows, both of which do not have an existing intrinsic value. WePower tokenizes energy, which has a well-established market and measurable value.”
Simply, the way the token works gives it maximum potential to mulitply in value. There are incentives for both the energy producers and buyers to get involved.
Energy producers gain capital and will see an increased return on equity through this model. Consumers can buy energy at a reduced market cost. Plus, the energy rights are held in smart contracts which means the energy that isn’t used is liquid and can be sold. Those are some major incentives.
And buyers like us don’t even need to know much about blockchain technology to use and enjoy the benefits of the WePower platform. Consumers can merely buy cheap electricity for their household through it.
This is a good indicator that WePower and similar blockchain-based products have the chance to multiply in value. The idea is that the average person can adopt the new technology easily, leading to a greater likelihood of mainstream mass adoption in the future.
Another reason why I’m betting on WePower is that, boy, does it have some backing.
Its ICO held in February was a runaway success. They reached the $40 million hard cap goal in just a few hours. This funding came from 22,933 participants in the token sale and backing from partners such as DNA Fund, BlockchainIL, LDJ Capital, Science, OGroup/Kryptsu, PrimeBlock Capital, AlgoLedge, Connect Capital, and Everblue Capital.
This made the token sale the largest and most subscribed in the energy industry. The support WePower has behind it is beyond impressive.
What’s more, Fast Company, named WePower one of the ten most innovative energy companies of the year, alongside big names such as GE Power, SpaceX, and Apple. That kind of recognition shouldn’t go unnoticed.
And the platform also has major community backing. As I’ve mentioned previously, a strong community of followers is a huge driver of success.
WPR is dirt cheap right now. There may be a couple of reasons why. Number one, there’s always a slump after an ICO.
And secondly, not everyone is as enthusiastic as I am about WePower (unfortunately).
The platform has been the subject of some controversy recently. Cryptocurrency YouTuber Michael Suppo or ‘Suppoman’ criticized WePower in a review, claiming, among other concerns, that the startup offers merely “a vague and general proposition.” (The video has since been removed.)
But, let’s face it, there are always going to be skeptics and naysayers. Bitcoin may be the most mainstream crypto, but even it gets flack left, right and center.
And co-founder Arturas Asakavicius has since addressed Suppo’s claims in an open letter.
“WePower key value proposition is not as vague and general as stated in the video. We are very clearly focused on creating a fundraising platform for green energy project developers during our first phase and building a set of digital services for energy trade and power grid management during our second and third phase.”
So there you have it! WePower does have answers for its critics, if they would bother to ask.
I’ve done a lot of research on this coin. Here are the main reasons I think it will be huge in 2018 and continue to grow in strength beyond this year:
I am convinced WePower will go from strength to strength now and the price will soar.
What do you think?