Steve Wozniak launches ETH based energy token project

by | Dec 25, 2020 | Industry | 1 comment

After the success with Apple, Steve Wozniak has launched a new blockchain project called Efforce (WOZX) based on Ethereum platform. 

With the purpose of funding energy efficient projects, Efforce was recently launched its token WOZX on, a 100 percent Token Holder Owned Trading Platform. 

The company believes that linking the financing contributors and the energy savers can make the energy efficiency market accessible to everyone.

The cooperation between a high-tech team backed by Wozniak and a leading team from the Blockchain industry has shown an ambition that may end up a revolution to the existing environment and energy industries.

Efforce is a Blockchain-based energy saving trading platform which provides an innovative way for companies to funding energy-efficient projects and saving energy expenses. 

By adopting the Blockchain technology and launching a token named WOZX, Efforce allows contributors to fund the efficiency improvement projects by investing in WOZX and get repaid in tokens representing the energy savings achieved. 

The energy efficiency market has always been a complex financial system with barriers for retail investors to make contributions. However, with the innovative business model launched by Efforce, anyone who is interested in contributing or investing in the energy saving projects can now easily access the market, the company said in a statement.

On the other hand, companies who wish to implement solutions on its energy system or start the energy efficiency improvement projects no longer need to worry about the lack of fund or go through the tedious funding processes, instead, they will be able to negotiate its energy savings directly with consumers or contributors from the open market. 

Tokenization will play an important role in the funding process. With the issuance of WOZX, a contractual relationship between the contributors and the companies that need funds for their energy efficiency projects can be formed. The energy saved as a result of the energy efficiency projects will be tokenized back to WOZX and distributed to the contributors, the statement added.

“We created Efforce to be the first decentralized platform that allows everyone to participate and benefit financially from worldwide energy efficiency projects, and create meaningful environmental change,” Wozniak added. 

The goal to decentralize the USD $241 billion energy financing market is just like what Apple aimed in popularizing personal computers. 

As per a report of the International Energy Agency, the market for energy efficiency investments is huge. It is estimated by the IEA as between USD $310 billion and USD $360 billion in 2011.

Energy efficiency is big business and plays a large and valuable role in the sustainable development of the global economy according to a new report from the International Energy Agency.

According to Navigant Research, global utilities and governments will increase their spending on electric energy efficiency programmes from USD $30 billion in 2019 to USD $60 billion by 2028.

An increase in the adoption of innovative and digital technologies is helping increase awareness of how digital platforms can help optimise energy efficiency, the research adds.

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