Blockchain and crypto projects never cease to amaze us with what they can achieve. Yet another example of it is this new green crypto project GreenPower Network (GPN) that aims at encouraging a brand-new Use-to-Earn model which bridges the use of everyday real world power products with NFTs and blockchain powered tokens.
Since the first Bitcoin was mined back in 2009, technology has rapidly evolved. Many projects have come up in recent years from Tokens to NFTs and now to the Metaverse. Web 3.0 is quickly becoming a well-known subject. While blockchain continues to disrupt tech and finance industry simultaneously, there has been a growing concern from the eco-warriors about the side effects of crypto mining.
As of 2022, the Cambridge Centre for Alternative Finance (CCAF) estimates that Bitcoin consumes 131 TWh annually, representing 0.29% of the world’s energy production and 0.59% of the world’s electricity production. That said, a growing number of crypto projects are addressing these concerns by either investing or incentivizing miners to use renewable energy for their mining process.
What is GreenPower Network and How it works
Greenpower Network (GPN) is a ground-breaking web 3.0 platform that will not only encourage the use and production of renewable energy through tokens and rewards but also empowers various power hardware manufacturers to offer their power products ranging from portable power bank, outdoor power stations, home power storage, electric vehicle charging stations and solar power generators etc. that users can use for their everyday energy consumption needs.
The decentralized network partners with power hardware manufacturers who will offer portable Smart Energy Sources in various sizes and capacities that effectively cover the users’ portable, outdoor and in-home energy consumptions. These smart power products will be linked to the GPN’s very own application available both on iOS and Android and the secured and encrypted power production and consumption data will be transmitted to the APP and connect to web 3.0 via blockchain technologies. The application will allow users to pair with the in-app NFT which is upgradable with use of the power products or via in-app marketplace. The users will be able to claim rewards or tokens through their paired NFTs with the use of the power products and buy, sell, upgrade or trade their NFTs.
The Vision
The vision behind GPN is to encourage the use and production of green power and to solve the problem of energy consumption in areas that is inconvenient or facing an energy crisis. This next generation of power consumers may be brought on board by switching from energy produced with fossil fuels to electricity, using smart energy storage technology to increase energy efficiency, and inviting people to participate in Web3.0 and receive benefits.
Additionally, the usage of green energy by GPN users will support the planet’s sustainability and contribute to environmental protection. GPN will also contribute towards a greener environment by incentivizing and investing in solar power or other clean tech products to ensure not only do its users earn from GPN but can contribute to actually addressing environment issues such as deforestation.
According to GPN’s spokesperson: “Greenpower Network actively encourages the production, storage, and utilization of green energy, with the aim to maximize energy utilization, and contribute to carbon neutrality.
The goal is to allow tracking of energy usage and transactions on the blockchain to in the form of digital currency that users can participate in the real world economy”.
Earning with GPN
With NFTs that can be staked and incentives that can be earned through renting, charging, and exchanging the smart energy products, GPN uses a novel “Use-to-Earn” concept. This enables consumers to gain from the energy that their device uses.
Users that have a larger stake in the network will also be involved in governance and have a strong voting voice because the architecture was developed using a decentralized approach.
The Road towards EnergyFi
GPN’s model works on combining smart energy storage resources with blockchain and Web 3.0. As a result it encourages users to utilize its renewable smart resources while allowing them to earn tokens through NFTs held by users on the dApp platform. Users will also be able to consume the tokens for the services that any GPN associated power products provide such as portable battery renting or EV charging portals. The tokens will also be listed in DEX or CE in the future.
In short, Blockchain + Web3.0 + Energy Sustainability + Real World Token Consumption = EnergyFi.
This unique model combined with the latest trends of rising number of green crypto projects means that GPN holds a unique opportunity to create a new earning mechanism through the “Use-to-Earn” model.
Currently the GPN team is on the final stretch of creating their dApp Greenpower Protocol, NFT Marketplace and the partnered NFT-integrated Smart Energy Source (Hardware). The hardware will launch very shortly on popular crowdfunding platforms. Follow Greenpower Network socials to keep updated on the next big thing to hit Web3.0!
Greenpower Network Officials
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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