WePower Coin Review
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WePower is a block-based green energy trading platform that enables numerous green energy projects. This includes project financing, investment, and trading at scale. WePower is primarily focused to additionally inject renewable power into the green energy project grid. Lets learn all about it below.
What is WePower?
WePower is a green energy trading platform based on the Ethereum blockchain that has the capability of impacting our planet positively by promoting the use of environment-friendly green energy. WePower enables green energy producers all over the world to raise capital by issuing their own smart tokens to buyers. Utility companies can, therefore, improve efficiency in their operations by leveraging the power of blockchain technology and smart contracts. Buyers will also benefit since the green energy will be sold at below market prices since blockchain eliminates middlemen.
WePower is a blockchain-based service that aims to promote a cleaner, greener future by providing a better means for renewable energy projects to get funding. In exchange, the project owners sell energy tokens at prices below their market value. WePower also provides special WePower tokens. Holders of these coins are given priority when new projects are launched on the platform.
In February 2018, WePower held an ICO to raise funds for its platform. The targeted hard capitalization of $35 million was achieved and surpassed by $5 million. WePower opened its services 9 days later, trading at $0.18 on its first day. 27 days since the launch of the WePower platform, here is a review of its performance.
- WPR can give holders a chance to get built-in values in form of energy hence they are also willing to get more energy in future.
- WePower has great plans for the WPR token. This can be proved by their proposed plans to expand further to a wider market.
- As the CEO and Co-founder suggests, people need power, and together with the government, they can meet the targets.
WePower business plan
WePower business plan is more of a clean energy determined movement. It is an emerging technology and is more interested in making the green energy a hot topic. For this reason, it is a celebrated kind of business even though it has not been widely discussed.
- As a Blockchain-based green energy trading platform, it has numerous aims regarding electric power. This is by creating a marketplace for electric power thus it will be easier to engage the manufactures and the consumers of the electricity.
- Besides that, WePower has put emphasis on green energy which is a source of energy that is renewable.
WePower Team and Advisers
The lead co-founder of the project, Nikolaj Martyniuk, is an experienced expert in the energy sector. Nikolaj co-founded WePower together with Arturas Asakavicius, a former lawyer in the Baltics. Arturas is also a former chairman of the Lithuanian fin-tech association. He currently acts as the Chief Operations Officer of WePower.
WePower is joined by an influential blockchain figure, Jon Matonis. Jon is the founder of Globitex, a cryptocurrency network. He acts as an advisor to the team, bringing his great experience as a blockchain inventor and a manager in the banking sector. Another prominent advisor in WePower is David Cohen, a blockchain inventor and an expert in security systems. In total, WePower consists of 24 members, all with relevant roles meant to take the WePower cryptocurrency forward.
- WePower has partnered with numerous retailers for better results. Among them is the 220 Energia, an electricity retailer across the Nordic ballistic region. The outcome has been amazing as WePower has managed to elevate to the next level in terms of testing and adoption.
- There has been an implemented Blockchain technology for financial purposes for projects regarding the residential solar.
- Token holders have benefited a lot as there has been a match of tokenized energy as well as delivery from the power plants.
The WePower Coin
The WePower coin (WPR) is a utility ERC20 coin. WePower token holders are given priority when a new project on the platform proposes to auction its energy. As such, WPR owners get to bid on new energy projects at much lower prices than any other member. Additionally, WePower coin holders are entitled to a share of energy donated by companies that auction their tokens on the WePower platform. Currently, WePower demands that every company that plans to hold services on the platform donate at least 0.9% of its energy.
The WePower coins are not minable. They are all pre-mined and will be distributed in the following ways:
- 62% of all tokens were sold in the pre-sale and main sale.
- 20% of tokens were distributed to the team (the coins will be held for 3 years).
- 15% would be distributed to different communities within the platform.
- 3% of tokens belong to future stakeholders.
- Unused coins would be burned.
There are numerous Blockchain projects with intentions to disrupt energy market this includes,
- Suncontract (SNC).
- Grid+ (GRID).
- PowerLedger (PWR).
However, according to WePower, they have different strategies. Producers have set the pace to work on their product on the global market. It has resulted in better outcomes especially for them and the consumers. The growth has enabled a better planning of investment.
WePower’s Presale was set for October 2017 while the main sale on 1st February 2018. The company set a crowd sale hard cap of $35 million. The hard cap was surpassed as the company raised $40 million in the 14 days’ token sale period. The ICO only accepted ether coins. 1 ether coin was traded for 8000 WPR tokens. A 25% bonus was issued to those who participated in the presale and a 15% bonus for people who participated in the crowd sale.
The WePower coin was trading on Huobi exchange 9 days after the ICO. The coin debuted at a value of $0.18 on 9th February. It took a downward curve in its first week before gaining value for the rest of the month. WePower’s highest moment was on February 24th, when the coin traded at $0.22. In the next two weeks, the coin dropped in value steadily, trading at $0.11 at the time of writing. Being a new coin on the market, WePower coin may take a while before it can start gaining value.
How to buy WePower
WePower is an ERC-20 token and can be stored in any compatible wallet. An ERC20 token follows a specific set of rules provided by the ethereum platform. There are dozens of applications and platforms developed out of the ethereum platform. Like all of the other tokens, WePower tokens can be accepted in any ERC20 compatible wallet.
Top 3 Wallets to Hold WePower Tokens
Myetherwallet is a web wallet specially designed for ERC-20 tokens. When creating your own address, the wallet provides you with your private key. Store it safely. Additionally, the wallet allows you to access your tokens stored in the Trezor and the Ledger Nano S hard wallets.
Meta Mask is an alternative to Myetherwallet. It allows you to store ether coins and other ERC 20 coins safely. Meta Mask is user-friendly and freely available.
Coinomi is a popular, android based wallet that accepts more than 40 cryptocurrencies. It also supports any ERC-20 tokens such as WePower coin. Although it’s mobile-based, the WePower wallet provides tight security through a PIN code, a passphrase and seed key.
Top 3 Exchanges to buy WPR Tokens
To buy WePower, you have to first purchase ether coins. None of the 9 exchanges where WPR coins are held accepts direct purchase of the WPR tokens using real cash. Here are the top 3 exchanges that trade the tokens:
WPR Pairs- BTC/ETH
Huobi is a Chinese based exchange launched in 2013. Since it’s based in Beijing, most of the traders on the exchange are from China. However, Huobi also accepts international traders. It currently lists more than 100 cryptocurrencies. To join huobi, you have to pass through strict anti-money laundering rules.
IDEX is a Panama based exchange that works as a peer to peer trading platform. It was launched in 2017 as an ethereum based platform. It deploys smart contracts to ensure traders settle payments in a trustless manner. IDEX is a respected company and has fewer rules to join.
Liqui is an Ukraine-based exchange that currently ranks at position 24th in daily trading volumes. It was launched in 2016 to be both an exchange and a savings account. In the savings plans, members are allowed to save funds and earn 24% interests rates based on certain guidelines.
How to buy WePower Coins: Step by Step
Step 1: Set up a Personal Wallet
The first step before buying any tokens is to set up your personal wallet in place. Select a suitable ERC-20 compatible wallet and set it up. Myetherwallet is the most recommended wallet for beginners.
Step 2: Buy bitcoins or ethereum
Step 3: Buy WePower Coins
After you purchase bitcoins, create an account on huobi.com. IDEX, Liqui, and ForkDelta are other suitable exchanges to buy the WPR coins. However, to trade in any of the exchanges you have to fund your account. Use these funds to buy any amount of WePower coins.
Step 4: Transfer Funds to your Personal wallet
Cryptocurrencies are best stored in a personal wallet. A personal wallet provides better security and prevents any loss of coins associated with an exchange’s security flaws. Transfer your WPR coins to your personal wallet immediately. Visit your personal wallet and click ‘receive’ coins. Copy the address provided. Visit your account on huobi and click ‘withdraw’ funds. Paste the address you previously copied and complete the process. You should receive your WePpower coins immediately.
Funding for renewable energy projects has been on the decline in recent years. WePower has a solid business model and a service on demand. Companies focused on producing green energy are in great need of funding. With proper marketing, WePower could attract global adoption.
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