An Ethereum-Based Altcoin Surges 110% This Week Amid New Product Update
A little-known altcoin based on the Ethereum blockchain has been defying the bearish crypto market trend by experiencing a surge of over 110% in the past seven days.
Power Ledger (POWR) is a blockchain platform designed for decentralized and distributed energy markets. Its native token, POWR, has seen a significant rise from its weekly low of $0.35 to nearly $0.737 at the time of writing. The crypto asset, ranked 171st by market cap, has also recorded a 25% increase in the past 24 hours.
Decentralizing Energy and Empowering Consumers
Power Ledger aims to facilitate the decentralization of the energy grid, support the transition towards renewable energy sources, and help consumers monitor their power usage. According to the project’s official website, it provides blockchain solutions for energy trading and management.
xGrid 2.0 Unveiled
The recent surge in POWR’s value coincides with the unveiling of xGrid 2.0, Power Ledger’s latest version of its blockchain-enabled energy trading platform. The new platform boasts a user-friendly interface and enhanced flexibility with demand and percentage-based secondary market power purchase agreements (PPA).
Power Purchase Agreements for Renewable Energy
Power Purchase Agreements (PPAs) are commonly used for renewable energy sources. They involve third-party developers installing and operating energy systems on customers’ properties. This enables customers to receive low-cost energy while developers can sell excess electricity generated by the system.
Despite Gains, Still Below All-Time High
Although POWR has experienced significant gains this week, it is still down more than 61% from its all-time high of $1.89, which was reached in January 2018.
Hot Take: Power Ledger Empowers the Energy Market
Power Ledger’s recent surge demonstrates the potential for blockchain technology to revolutionize the energy market. With its focus on decentralization, renewable energy, and empowering consumers, Power Ledger is making strides in transforming the way we produce and consume electricity. The introduction of xGrid 2.0 further enhances the platform’s capabilities and usability. While POWR still has a long way to go to reach its previous all-time high, its recent performance shows promise for the future of decentralized energy trading.
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