Essentially a decentralized database, Blockchain technology has taken the world by storm. It is often considered a magical solution to various problems of the world. Application of this decentralized ledger technology to the energy sector enables peer to peer energy trading, thereby enabling a fundamental shift in energy distribution. This disruptive technology is changing the way energy is produced, distributed and consumed.
TerraGreen has designed a platform to trade energy using blockchain technology. It is paving way to a greener and cleaner world by eliminating the challenges faced by the renewable energy industry. The cryptographic platform’s out-of-the-box purpose connects users on a common platform to produce, supply, trade, and consume renewable energy. The key feature of the project is TerraGreen Coin, the use of which will aid in micro-management of biomass waste and its conversion into renewable energy products. The coin is an energy efficient coin in the sense that its value is based on the amount of renewable energy produced and delivered to the end users.
The concept of the energy efficient coin is influenced by an incentive mechanism to trade energy. While green currencies such as Carbon coin, Ergo, Solar coin and Genercoin are addressing global environmental concerns, however, they fail to cover the discrepancies in the distribution of energy from renewable energy technologies. Therefore, the focus of TerraGreen coin is majorly on the distribution of energy outputs to ensure decentralization. A monetary incentive system is implemented on the platform that will reward users for participating in production of high value renewable energy products from biomass waste. Purchasing the currency will increase its market value overtime, which can be used to avail discounts on goods and services from the renewable energy industries. The currency is backed and secured by smart contract built on SHA384 Algorithm.
The founding members and advisors of the project have years of experience in the renewable energy industry and blockchain technology and are determined to design a sustainable economic system that is based on renewable energy resources. Given the staggering statistics and dreadful state of waste management in most countries, TerraGreen strives to design an ideal system to improve and develop a clean, green and sustainable community. And this is only possible with the help of the blockchain technology and its decentralized feature that enables a transparent and disintermediate trade of energy.