Concerns about energy production, resource consumption and its impact on the environment are one of the dominant topics of debate on the global stage. The intensive energy costs of mining Bitcoin and other proof-of-work cryptocurrencies are also frequently pointed to as a serious downside to the emerging asset class.
While environmental concerns and the cost to reward debate rages on, there is one group of cryptocurrency projects that has the goal of bringing blockchain technology to the global energy grids as a way to encourage renewable energy generation through a flexible marketplace that connects energy buyers and sellers.
Three energy-focused projects that have seen triple-digit gains since the beginning of 2021 are Energy Web Token (EWT), Power Ledger (POWR) and WePower (WPR).
Energy Web Token (EWT) is the operational token for the Energy Web Chain, an open-source enterprise blockchain designed to support and further application development for the energy sector.
According to the project’s website, the “Energy Web is accelerating a low-carbon, customer-centric electricity system by unleashing the potential of open-source, decentralized, digital technologies.”
The project launched in June of 2019 and has since grown to an extensive network of partners with some globally recognized companies including Volkswagen, Siemens and Hitachi.
Once fully developed and integrated, its virtual machine could help connect the different areas of the energy sector including grid operators, software developers and vendors.
One of the biggest price movers for EWT in 2021 came at the beginning of March when the token was listed on the U.S.-based Kraken cryptocurrency exchange.