Blog Crypto How Power Ledger Coin Aims to Protect the Environment

How Power Ledger Coin Aims to Protect the Environment

date January 7, 2022 time 5 min read 944 views

As cryptocurrencies are increasingly entering the mainstream and achieving more recognition, they’re also attracting more criticisms—and a major point of contention is their lack of energy efficiency. But Power Ledger is among the ranks trying to change this perception by providing a way to distribute renewable energy. Let’s take a look at what power ledger coin has achieved and why it could be a good choice for environmentally conscious investors.

Power Ledger is one of a few blockchain protocols aiming to make crypto a force for good in the world.
Power Ledger is one of a few blockchain protocols aiming to make crypto a force for good in the world. (Source: Power Ledger)

If you pride yourself on being an ethical investor, you might have reservations about diving into crypto. There have been numerous negative headlines about problems with cryptocurrencies, such as how bitcoin requires more energy than entire countries. But don’t get so caught up in this narrative that you fail to recognize the emergence of new projects working tirelessly to provide environmental solutions. One of them is power ledger coin, the product of a team from Down Under.

To get you up to speed with how and why power ledger coin is aiding sustainability, let’s look at what it is, how it’s performed so far, and why it’s worth paying attention to.

Power ledger coin review

Ask the average person on the street if they’ve heard of Power Ledger and the answer will almost certainly be a “no,” yet the protocol has been around for a while. The ICO for power ledger coin (POWR) took place in September 2017, and it’s slowly been rising in prominence ever since. 

Power Leger’s main selling point is that it’s aiming to disrupt the energy industry. More specifically, it allows users to trade power using the blockchain to reduce waste without involving third parties. But more on that later—first, let’s take a glance at the coin’s past performance.

Price history

The Power Ledger ICO price was $0.03 when it launched in November 2017. Shortly after, in January 2018, it reached an all-time high of $1.8. This was partly due to Power Ledger’s strong potential, but we also have to give credit to the activities of the crypto market as a whole. Crypto was really beginning to gain momentum in December 2017, and POWR benefitted from this overall trend.

It was a promising start, but it wouldn’t last. As is almost always the case with market trends, what goes up has to come down—and in December 2018, POWR (along with most other cryptocurrencies at the time) experienced a price drop.

It remains to be seen whether POWR coin will return to the highs of 2018.
It remains to be seen whether POWR coin will return to the highs of 2018. (Source: CoinMarketCap)

For around two years, its value stabilized at a low point, with a price of just $0.03 in March 2020—even lower than its starting value.

On the bright side, the coin eventually enjoyed some recovery. Its price began to climb at the beginning of 2021, reaching $0.66 in February. Unfortunately, even the crypto boom of spring 2021 wasn’t enough to propel POWR coin to its former highs. 

The price dropped again a few months later, but it went on to experience further spikes in both November 2021 and January 2022. Not quite enough to bring it back to its previous high point from 2018, but a positive sign for potential investors.

Where to buy 

POWR is available to buy on most major exchanges, including Coinbase, Binance, and KuCoin.

After buying it, you can transfer it to one of the available power ledger wallets, such as the MyConstant multi-cryptocurrency wallet or a hardware wallet like Ledger. This ensures you’ll maintain full control over your crypto, which exchanges don’t offer.

But before you go ahead and use your life savings to buy as much POWR as possible, we recommend making sure you understand what power ledger coin is used for and why so many people are excited about its environmental impact.

What is power ledger coin used for?

As we’ve said already, Power Ledger is a protocol for trading power. This means that, unlike most familiar cryptocurrency platforms, it’s not designed for payment processing or even applications building. Rather, it creates a market for trading energy (specifically renewable energy like solar).

It’s great that society is increasingly transitioning to more sustainable energy sources, but now that many entities are generating their own energy (e.g., by placing solar panels on their roof), there can be a lot of waste. Power Ledger has a solution. 

Individual households and businesses can offer excess energy they’ve generated and don’t need, and other households or businesses can buy it. So, instead of a centralized energy system that governments or huge companies control, Power Ledger decentralizes the market and gives greater flexibility to individuals.

All thanks to the Ethereum blockchain, which tracks how much energy each entity creates and uses, allowing it to work out the excess and portion it out through Power Ledger’s distribution networks.

Anyone using the platform needs a minimum amount of POWR tokens to be able to participate, so the coin itself is essential to the platform’s functioning.

Emphasis on energy solutions

Although those in the know have been concerned about the energy efficiency of cryptocurrencies for a while, the problem really came to the public’s attention thanks to a few statements from Elon Musk in 2021.

Power ledger coin is one of a few cryptocurrencies that’s conscious of its environmental impact.
Power ledger coin is one of a few cryptocurrencies that’s conscious of its environmental impact. (Source: Pixabay)

In May 2021, the Tesla founder commented that mining and paying with bitcoin requires huge amounts of energy, and that Tesla would no longer accept the cryptocurrency for that reason. Bitcoin isn’t the only guilty party here—other major cryptocurrencies have also been criticized for wasting energy, while others are aiming to solve the problem by being more energy-efficient (such as Cardano and Nano).

But Power Ledger is trying to do something even more ambitious. As a power trading protocol, it’s hoping to make renewable energy even more sustainable by ensuring that none of the power generated goes to waste. And it’s just getting started—Power Ledger has been adding more applications to its core platform to provide even more ways to help protect the planet.

Power ledger coin is the perfect cryptocurrency for more ethical investors who don’t want to earn money at the expense of their moral compass. However, given its innovative direction, the token could also be a great choice for crypto investors who simply want to maximize their returns.

Take your POWR further with MyConstant loans

If you believe in Power Ledger’s mission and its potential to grow, you might be interested in investing. But once you’ve made your purchase, you don’t have to leave things there—you can take your crypto assets further.

With platforms like MyConstant, you can collateralize cryptos like POWR to receive instant crypto loans with low-interest rates, and use them to make further crypto investments. Other benefits of using MyConstant include:

  • 24/7 customer service.
  • Rates as low as 6%.
  • Early repayments for lower rates.
  • Instant matching.
  • Store and borrow against over 70+ different cryptocurrencies.

Sound interesting? Sign up for a free account today and make the most of power ledger coin.

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George Schooling

George Schooling

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Tags: power coin power ledger ico price power ledger wallets

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