Do you really think we need blockchain and cryptocurrency to solve the energy efficiency problem we have? I don't think so. But, it is definitely a new way to look at this problem. At least, that's what Steve Wozniak thinks. And, what he thinks has value as he is a cofounder of Apple. I do not dare to not look into a project that he backs up.
What's the concept?
EFFORCE (WOZX) is a blockchain based energy saving trading platform which allows contributors from all around the world to invest in energy efficiency projects. The platform is trying to solve the current problem that large, middle and small businesses have when it comes to implementing a project that saves energy. In other words, businesses are reluctant to invest heavily in energy efficiency projects. That's where EFFORCE comes in. The platform will help connect businesses with potential investors and contributors. The investors will use the platform to invest in energy efficiency projects registered by businesses.
EFFORCE will manage those projects and tokenize the energy savings while running energy contract management. There are two fold benefits-
- Businesses will have access to funds that otherwise are not there to dispose
- Investors will have an opportunity to contribute to global projects and share the profit
Using Blockchain Technology
The most interesting concept here is the tokenization of energy saving projects for crowd distribution. EFFORCE will use the blockchain technology to distribute the energy investment costs to investors. Contributors could buy the listed projects by using fractional or full share of the WOZX tokens. The energy savings by the projects are measured and tracked through smart meters built on the blockchain. Since, the measurements are transparent and on the blockchain, users could use the trading app to see and monitor the energy savings the project will generate. Users can store, trade or sell the energy savings that they have in their account.
I like it
I think this is a really cool concept. I may not necessarily think that we need a blockchain to implement this idea but hey, why not? If accepted, this will disrupt the energy investment sector. I would definitely be keeping this project under my radar. The initial jump in price was based on Wozniak’s star power. The real price of the token will depend upon how popular the idea will be among businesses and investors. The coin cannot be purchased in the US and Canada at the moment. There could be many other regulatory issues that need to be solved before this project is mainstream. Let’s see what the future holds for EFFORCE (WOZX)