Next time you receive your power bill; have a closer look at it. Have a complete analysis of it. Your actual consumption’ cost will surprise you. The actual price will have tons of duties and taxes on it. Depending on where you live, the additions will range anywhere from 10 to 40 percent. Now you must be wondering why are the taxes and duties so high?
Want another shock? (Pun intended) The cost if units consumed itself (before taxes) is bloated too.
Is the power company cheating you? No and Yes. It does sell you at a high cost since it has to pay its employees, maintain infrastructure and make profit. The taxes and duties are government bound so it can earn too. Then there are overheads you cannot count.
WePower is an initiative that is tapping in the renewable energy systems installed by individuals and organizations, merging it with blockchain computing and letting you sell or buy electricity. It is cheaper and more economical since the metering and distribution is dependent on blockchain and eliminates or reduces overheads as much as possible.
Powering WePower is their own token, the WPR. It is an independent coin, which people on the WePower network will use to trade power. If you have a solar system running in your house and the power generated is more than your consumption, you will be able to sell that extra power. A buyer will use your excess power to light up his home or building and will pay you in WPR tokens. You can use the earned tokens to trade for power if you need more than you are producing.
Since the advanced algorithms of WePower base on blockchain technology, you and the other party will be dealing directly, without any interference from a power company or a regulatory authority. This means massive decrease in overheads and other costs, making power cheaper for buying and lower charges that will cut into your profits.
The WPR token will be in its ICO stage in roughly a week. You can go here and sign up for their newsletter; and register for the sale.
The ICO (and the concept of WePower) has EU approval so there is no danger of regulatory departments clamping down on it in the future. This makes the coin a wise investment as more sellers and buyers connecting on the grid means increase in value. The coin itself will be tradable in the future on major digital exchanges.