About Power Ledger (POWR)

Overview

Power Ledger (POWR) is developing 'cutting-edge blockchain energy solution for the people of the world.' The cryptocurrency, founded in May 2016, aims to provide individuals and communities with low-cost, reliable and renewable energy. POWR is driven by three separate products, xGrid, uGrid and Power Port. xGrid provides peer-to-peer electricity trading across the regulated electricity network (Grid). Energy retailers give access to cheap, clean and renewable energy, even if they don't have the means for generating clean energy themselves. Using the blockchain, neighbours can trade low-carbon energy, make an income from their excess generation and receive a better return on renewable energy investments. This ultimately passes the savings on to customers, seen through lower power bills. uGrid provides peer-to-peer electricity trading behind the regulated electricity mastermeter. Consumers within an energy microgrid or embedded network have complete visibility of their electricity usage and transactions, which can be viewed in real-time. uGrid is an ideal tool for anyone in a microgrid or embedded network environment, such as a shopping centre or industrial park. The last product POWR offers is Power Port, a device used to interact with electric vehicle charging stations. The device allows users to view real-time metering and choose which source the electricity to charge your electric vehicle comes from.

Technology

POWR is a ERC20 token built on the Ethereum network. Ethereum uses a Proof-of-Work (PoW) consensus algorithm to validate transactions and produce new blocks on the chain, similar to Bitcoin. PoW is the original consensus algorithm and is considered highly secure. However, it is criticised and limited by the processing power required to mine, which has a negative impact on the environment. With PoW, miners race against each other to solve a complex mathematical puzzle, and the first to do so receives a reward. The more computational power a miner has, the more likely they are to solve the puzzle. Once the mathematical puzzle is solved, a new block is formed and added to the blockchain. Transactions placed in this block are considered confirmed.

Future Focus

POWR has a myriad of projects currently underway all over the globe. The team is concentrated on creating and maintaining partnerships with other parties with a similar vision. Moving forward, POWR looks to continue the development and testing of their products as they go into beta-testing. For more information regarding Power Ledger visit the official webpage or read their roadmap.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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