Power Ledger, the blockchain startup in the decentralized energy space, has been announced as the winner of the fourth Extreme Tech Challenge (XTC) competition. Power Ledger is based in Perth, Australia and the finals took place between three startups in Necker Island, UK. Sir Richard Branson was among the judges in the XTC event. Other judges included Bitfury co-founder Valery Vavilov, UAE Prince Zayed Suroor, Singularity University Co-Ambassador Lisa Andrews, and Zoom Communications Head of Marketing Janine Pelosi.
The XTC competition
From hundreds of participants, the final three included Power Ledger, Owlet Baby Care, and Revl. Revl is an AI video editing service for activities including theme parks and zip lining. Owlet was founded in 2013 as a means to provide resources for infant health care in the home. XTC aims to provide exposure to entrepreneurs at no extra cost with a platform for them to showcase their skills and the opportunity to network with influential figures. The next XTC competition is set to take place on April 3rd, 2019, and the top 25 competitors for next years event have already been announced.
The three companies were selected from the Consumer Electronics Show (CES) among hundreds of others. The CES Las Vegas event is the world’s largest technology trade show. There were four stages where participants pitched their ventures, and the competition was said to have been incredibly intense, with multiple innovative and promising projects. In the end, it was Power Ledger that stole the show.
What is Power Ledger?
Power Ledger aims to provide a decentralized energy marketplace. While there are certain areas where people are setting up networks of blockchain based power grids, there is still an almost complete monopoly on the world’s energy markets. Power Ledger is offering peer to peer electricity trading for network participants. The benefits include a source of renewable energy that is transparent and low cost. They are attempting to re-imagine how energy works, with customers who can choose the source of their energy and trade excess energy between each other while eliminating nationalized government bodies. They offer products including peer-to-peer trading (xGrid), microgrid trading (μGrid), carbon product trading (C6 and C6+), electric vehicle settlement (Power Port), asset germination and virtual power plants (VPP 2.0). Power Ledger has launched commercially in the USA as of last May.
The Power Ledger token is the POWR, and they also have a token specifically designed to support renewable energy, known as the Asset Germination Event (AGE) token. They are aiming to disrupt the centralized energy market with a cleaner, more efficient, and decentralized alternative. People will be able to choose their own form of energy and trade it among themselves, eliminating third-party nationalized intermediaries. According to co-founder Dr. Jemma Green –
“We’ve developed a model that we believe will define the world’s best practice when it comes to fully regulated blockchain token offerings, while allowing people to actively help the environment by supporting renewable energy all over the world.”
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