KWATT - A Crypto for Tokenization of Electricity Generated from The Waste Products
The world is excited for alternative energy sources such clean-coal, wind-power, fossil-fuel and many other rather than sticking to the traditional energy sources. The current blockchain and crypto revolution is disrupting this renewable energy sector as well.
A company 4NEW Ltd generates electricity from the waste products using the plant located in UK. The company 4NEW Ltd has the funding of the amount of US$ 30.5 Millions from the private equity funds. The company's renewable energy plant is projected to produce 300 million kilowatts per annum. The company has its own cryptocurrency KWATT with total 300 Million coins. Each KWATT coin will be backed by 1 Kilowatt of electricity.
The electricity generated by the company's waste-to-energy plant will be used to power the bitcoin and other cryptocurrency mining. The company aims to provide the sustainable solution to the energy crisis generated by the crypto mining.
Even though the company plans to provide energy to blockchain based infrastructure, the KWATT coin holders will have the voting power to determine the allocation of the energy in the future. This concept of tokenization of electricity in very innovative and may be used to provide energy to different areas in our daily life.