When thinking about climate change and ways to reduce CO2 emissions, the first ideas that may come to mind are flying less, switching to EVs, and consuming less meat.
These are all great ideas, but it’s also important to reconsider how we consume energy. In recent years, efforts for creating more green energy sources have expanded greatly, but another way to reduce carbon emissions is to increase the energy efficiency of existing buildings, machines, and modes of transportation.
Energy efficiency is a growing market that has already reached more than $241 billion and is expected to continue growing for the foreseeable future. With a projected growth of 10% per year, the energy efficiency sector will soon become one of the most capitalized green initiatives in the fight against climate change.
But what exactly does energy efficiency mean? Energy efficiency refers to “the ability of a physical system to obtain a given result using less energy than other so-called “lower efficiency” systems” according to the Efforce whitepaper. This means that achieving energy efficiency can increase yields and allow for greater energy savings.
This seems like a no-brainer, but more than 68% of energy used today can be used more efficiently by adhering to new energy efficiency standards. By increasing energy efficiency across the board, countries can reduce their reliance on oil and gas.
With technological advances and increasing digitization, the energy efficiency sector is in the process of modernizing. Though energy efficiency is something that everyone can take part in, as an industry, it remains a complex market with high entry barriers. One of the major difficulties in executing energy efficiency projects is bringing savers and contributors together, raising the capital required, and ensuring financial returns for investors.
Efforce is a blockchain company set to address these issues. A major concept of the Efforce project is tokenizing energy saved. By tokenizing energy savings, Efforce has built continued liquidity into its infrastructure, and extends access to capital investment through these savings. The token representing energy savings on the Efforce platform is WOZX. By securitizing these savings, Efforce is following its vision of connecting supply and demand of energy efficiency investments by harnessing the power of blockchain.
As a result, they remove several of the hindrances that investors currently face, including high initial cost, missing trust, lacking technical knowledge, and uncertainty over payback.
The process of Efforce mirrors the process in the real world in which energy services companies (E.S.Co) obtain positive economic returns against their initial investment through so-called energy performance contracts (EPC).
Execution of Energy Efficiency Improvement Projects
On efforce, anyone can submit a request for an energy efficiency improvement project secured by the decentralized ledger technology. Energy service companies will then evaluate those proposals, and if they are happy to work on that improvement, they can implement the measures to increase energy efficiency. For the duration of the contract, the beneficiary will be paying part of the energy savings generated (in the form of WOZX). Once the contract ends, beneficiaries take full advantage of the energy savings generated by the improvement project. The financial investments are fully carried by the Energy Savings companies, which aligns incentives as E.S.Co’s benefit more the higher the energy savings are.
The use of immutable blockchain technology ensures the integrity and uniqueness of data. The data is generated by smart meters that are equally certified on-chain.
All energy savings are securitized, and 1% of all energy savings obtained are donated and distributed among all Efforce token holders. Despite receiving these “dividends,” token holders can also participate in efficiency improvement projects and vote in governance decisions, including on the ratio of redistribution.
Unlike mining in other cryptocurrencies, which involves using computational power to solve a puzzle, efforce mining relies on increasing the number of savers and contributors to the platform.
Efforce Mining
Two different types of mining are possible with Efforce: major partner sign up and funding partner contribution. As the name suggests, major partner sign-ups involve bringing a company to Efforce to launch funding round for their energy project. For bringing a new company to the platform, up to 30% of the total amount allocated for this type of mining can be earned.
The funding partners’ contribution rewards go to individuals or companies that invest most into energy improvement projects. The remaining 70% of tokens allocated for mining per year will go towards these.
The total supply of Efforce tokens is: 1,000,000,000 and no new tokens will ever be created. Tokens will be released according to the lock-up policy laid out in the Whitepaper. Of the total supply, 20% are allocated for Mining rewards.
As an ERC-20 token, WOZX can be stored in the common ERC-20 wallets like meta mask or on hardware wallets such as ledger or trezor. To buy, sell and trade the WOZX token, head to Bitcoin.com Exchange. WOZX can be traded with USDT and ETH.
To learn more about Efforce, check out their website or follow them on Twitter.