What is Powerledger (POWR)?
POWR is the native ERC-20 token for the Powerledger platform. It’s one of the two tokens on the platform, alongside Sparkz. The POWR token is multi-purpose, as it is applicable for staking, governance, service access, and Sparkz conversion. While it initially ran on Ethereum, in 2021, the Powerledger crypto platform migrated to Solana.
Powerledger is a blockchain-based Australian platform that offers solutions for sustainable and renewable energy. It has completed a number of projects in Australia, India, France, Thailand, and other countries. The platform uses a dual-token system to ensure cross-market electricity compatibility in varying markets.
The chart shows the current and historical Powerledger market performance. Additionally, the POWR price can be converted to USD using the tool above.
Who Are the Creators of Powerledger?
The co-founders of the Powerledger crypto solution are John Bulich and Dr. Jemma Green. Dr. Green has conducted research on corporate social responsibility and sustainable business. As an entrepreneur, she has worked on projects that focus on climate change and sustainable development.
Bulich is Powerledger’s Technical Director who has worked on several blockchain projects in the APAC region. He is considered to be one of the blockchain pioneers in Australia and has spearheaded the design and development strategies at Powerledger.
The aim of Powerledger is to lead towards a world that uses 100% renewable energy. This includes both hardware and software solutions, such as power grids, sustainable energy operators, and a decentralized blockchain network for global compatibility.
The blockchain is powered using renewable energy to reduce the carbon footprint and the environmental impact of the technology. Powerledger is based on Solana, which is considered to be one of the most sustainable blockchains, and uses the Proof-of-Stake (PoS) consensus mechanism.
This makes the POWR token considerably more environmentally friendly than the platforms, which use the Proof-of-Work (PoW) mechanism, such as Bitcoin. Furthermore, while the token has seen fluctuations, the Powerledger price has stayed under $1 for most of its existence, making it an affordable option for traders.
What Are the Main Features of Powerledger?
There is no hard cap on the max supply of POWR. However, each validator cannot hold more than 5 million POWR tokens. The tokens have a range of uses on the Powerledger network. The services available on the platform cannot be paid using POWR directly, thus, holders must first exchange their assets for Sparkz. The Powerledger price is not static and may vary depending on market conditions.
Sparkz are local market-level tokens. Since Powerledger is a dual-token system, POWR tokens can be directly exchanged for Sparkz. They can only be generated via POWR and are priced based on the local exchange market rate, i.e. 1 Sparkz = ¢1 in the USA.
The Sparkz tokens can be purchased using fiat currencies on private trading platforms. The POWR price directly impacts the exchange rate of Sparkz.
The Powerledger token also grants the ability for the users to participate in the protocol governance. The platform’s services are available to all token holders. Long-term participants are eligible for loyalty rewards as an incentive.
As of June 2022, Powerledger token holders are able to stake their assets for additional rewards on the Powerledger Energy Blockchain. The rewards are set at the fixed rate of 37,000 POWR per epoch, or 5 million POWR annually, for the first four years of the staking system.
