Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
Crypto exchange Coinbase has announced the release of Rosetta, a set of tools designed to help exchanges and developers integrate any blockchain.
In brief
Coinbase released its blockchain integration tool, Rosetta.
It's aimed at exchanges as well as developers working on cross-blockchain applications.
Celo, Filecoin, and other teams have already contributed to the open-source software.
Popular San Francisco-based crypto exchange Coinbase has released Rosetta, a toolkit designed to make blockchain integration simpler and more effective, especially for exchanges working with new tokens.
In a blog post, Coinbase stated that Rosetta will be available starting today for digital currency exchanges and blockchain developers alike.
With the number of blockchains increasing—and with each blockchain featuring unique specifications—exchanges have to take time and care when integrating with different blockchains. Coinbase saw the need for standardization. Therefore, it says, Rosetta is designed to keep funds secure and take care of compatibility issues that can slow developers down.
In addition to exchanges, the company believes other cross-blockchain applications can benefit from Rosetta’s standard format, reducing the amount of code developers need to write.
Rosetta is open source, meaning anyone can contribute to its growth and development. Ventures such as Filecoin, Celo, Near, and Oasis have already added to its documentation.
“Rosetta is an exciting development in the cryptocurrency space that helps establish a standard API for integrating and building applications on blockchain networks,” explained Celo co-founder Marek Olszewski in a statement. “The cLabs team is excited to see applications use a common interface via Rosetta to build not only on Celo, but on other blockchains as well, opening up the potential for new developers and businesses to join our growing industry.”
Coinbase said that in the future, it’s aiming to support a full “ecosystem of Rosetta interfaces” for major blockchains like Bitcoin and Ethereum.
Today’s product news is already receiving plaudits from crypto audiences. That stands in contrast with a Coinbase move from earlier this month when the mega-exchange announced it was looking to issue its blockchain analytics software to government agencies such as the Drug Enforcement Agency (DEA) and the Internal Revenue Service (IRS).
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
Crypto exchange Huobi is among the largest players in the derivatives market.
Just a week after crypto exchange Binance started offering quarterly futures, rival exchange Huobi today introduced bi-quarterly futures. Touché!
A futures contract is a bet on whether the price of a cryptocurrency will rise or fall by a certain point, in Huobi’s case every six weeks. If the bet is correct, the person who made it wins. If not, they lose, and the money goes to the person they signed the contract with.
Huobi’s bi-quarterly futures product supports nine cryptocurrencies, among them Bitcoin, Ethereum and Litecoin, along with 36 trading pairs. Huobi’s futures platform already supports weekly, bi-weekly and quarterly futures contracts.
Huobi’s offering goes live the day after Huobi Futures launched version 4.2.0 of its platform. It also adds a feature called “locked margin optimization,” which lets users make the most of their money by lowering trading costs and reducing lag.
Huobi offers 125x leverage
People can also leverage trades by up to 125 times—an extremely high number that comes with a considerable amount of risk. Huobi wants to “provide users with wider choices and lower principal cost to open a position.”
“The higher the leverage multiples they apply, the less principal cost is required to open the position, so as to potentially earn greater profits,” it wrote.
Huobi is one of the stalwarts in the crypto-derivatives industry. Last quarter, it traded $438 billion, according to coin metrics firm TokenInsight. In March, April and May, Huobi had the largest volumes for derivatives trading among top exchanges, followed by OKEx and Binance, according to crypto analytics firm CryptoCompare.
Binance, the newcomer that launched in late 2019, is hot on Huobi’s heels. Huobi has been solidifying its market share ever since it launched its derivatives platform in early 2018 (then called Huobi DM), but Binance is quickly gaining. Between April and May, Binance’s volume increased by 58%; Huobi increased by just 29%.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
Data from Arcane Research and Nansen AI shows that Ethereum wallets with at least 32 ETH, the amount required for ETH 2.0 staking, have grown by 13% this year.
In brief
The number of Ethereum wallets containing 32 or more ETH has hit an all-time high.
This is the amount needed to stake a validator node under the proposed ETH 2.0 upgrade.
The upgrade, which may come later this year, will revamp Ethereum’s design and make the consensus switch to proof of stake, shedding the proof-of-work algorithm that Bitcoin uses.
As the crypto world awaits the TBD launch of Ethereum 2.0, ETH bulls are loading up on tokens in anticipation of the update—in an apparent attempt to claim the so-called staking nodes that will be critical to Ethereum’s revamped design.
According to a report teased by analytics firm Arcane Research, the number of Ethereum network balances that include or exceed 32 ETH is nearing 120,000. Under the proposed ETH 2.0 update, 32 ETH is the number of tokens you need to run an ETH 2.0 staking node—the validating nodes that will come to replace the miners to validate transactions and maintain the Ethereum blockchain
Are investors preparing for the Ethereum 2.0 upgrade and staking?” the Arcane post queries, noting the rise over the past year since the major upgrade was announced.
According to the data, which was provided by Ethereum blockchain analytics company Nansen AI, the number of wallets holding at least 32 ETH has risen roughly 13% over the year. Ethereans are apparently stacking ETH in anticipation of the ETH 2.0 update, even though the proposed switch to proof of stake has suffered various delays. In an interview last month, however, Ben Edgington of Teku—an Eth 2.0 client operator—told Decrypt that the upgrade could be deployed as soon as July.
As with other staking blockchains, crypto exchanges are expected to offer staking services for their users, meaning Ethereum holders will likely be able to deposit ETH with an exchange which in turn will stake the tokens for them (whether it’s the full 32 ETH of just a few).
This potential future has some critics worried that ETH 2.0 will bring about centralization of Ethereum staking on exchanges. Proponents, however, say this concern is overblown and presents a situation which is no more centralized than Bitcoin mining.
Nevertheless, according to Nansen co-founder and data scientist Alex Svanevik, the vast majority of these new addresses holding 32 ETH or more do not belong to exchanges. “In fact, it’s less than 1,000 addresses,” he told Decrypt.
“However, a large proportion of the total ETH are, as you'd expect, held by exchange wallets,” he said. “Specifically, out of the 105M ETH held by the ‘32 ETH Club’ addresses, at least 32M ETH are held by exchange wallets—in other words, [greater than] 30%
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
Tech entrepreneur Elon Musk, the founder of Tesla, SpaceX, PayPal, Neuralink and The Boring Company, among other ventures, says the time has come to break up e-commerce giant Amazon.
In a tweet issued on Thursday, Musk comments on a case of Covid-19 censorship.
Author and former New York Times reporter Alex Berenson apparently received an alert from the Amazon-owned publisher Kindle stating that his latest title, “Unreported Truths About COVID-19 and Lockdowns: Part 1: Introduction and Death Counts and Estimates”, has failed to meet the company’s guidelines.
According to the Kindle message to Berenson,
But Amazon is everywhere and putting an end to its reign would hardly be easy. As of March 31, 2020, Amazon, which delivers essential goods to households, ranks as the third-largest company in the world by market capitalization, trailing only Microsoft and Apple. Not only is Amazon the king of e-commerce, its sprawling empire dominates several verticals, from entertainment to food to publishing.
“As a result we are not offering your book for sale.”
Writes Berenson,
“Oh fuck me. I can’t believe it. They censored it…
It is based entirely on published government data and scientific papers. It doesn’t say coronavirus isn’t real or doesn’t kill people (in fact, the worst-case death toll is likely to be striking to people). And Amazon won’t run it.”
Musk called the decision “insane” and declared that Amazon’s days as a behemoth spanning numerous verticals should come to an end.
Amazon is also the home of AWS (Amazon Web Services) which offers a host of cloud computing products and services, and functions as a utility that powers websites around the world. The number of active AWS users topped one million back in 2016 and generated $35 billion in sales in 2019.
US Department of State, USDA Food
Breaking up Amazon would require politicians to act. But with slow-churning and often crippling bureaucratic wheels, policymakers are reduced to snails that try to regulate sprinters that are innovating, expanding and scaling at breakneck speed.
Seemingly overnight – although lawmakers have had nearly 26 years to address Amazon’s rapid growth, which has now pushed into food production, food distribution, food delivery, television production, television distribution, web services, book publishing and news media, among many other sectors – the behemoth, owned by founder Jeff Bezos, who also owns the Washington Post under a separate holding company, dominates several industries.
Despite regulatory probes, Amazon is not currently labeled as a monopoly by the Federal Trade Commission.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
Popular Bitcoin proponent and educator Andreas Antonopoulos believes that the current drops in oil prices will benefit some BTC miners. In a video on his YouTube channel, he outlined that miners in the recently opened Bitmain facility in Texas could be the biggest beneficiaries.
Oil Prices To Affect BTC Mining
The sudden outbreak of the COVID-19 pandemic started a domino effect on world economies. Nationwide lockdowns – meaning less traveling and movement – prompted less oil consumption. At the same time, though, oil production continued with high levels.
Ultimately, the decreased demand and the large production caused price plunges not seen before as some futures, including WTI, were trading in the negative at one point.
Although WTI’s price has recovered to some extent since those historical days, oil prices are still down on a macro scale.
Aside from cheap gasoline, Antonopoulos noted that the effect will not pass by Bitcoin mining. He argued that the declining oil prices will decrease electricity costs worldwide but “not equally worldwide.” Antonopoulos explained that the Bitcoin farm in Rockdale, Texas, opened by the Chinese manufacturer of computing chips Bitmain in October 2019, could benefit the most.
“One of the biggest new mining operations opened in the United States, in the state of Texas. I can’t imagine that this is a coincidence. It probably had a lot to do with the fact that the US had 12,000 barrels per day, and it is the largest oil producer in the world because of fracking.
Therefore, there may be really good opportunities for cheap power. This could suddenly make the US-based miners much, much more competitive and powerful.”
Effects On Chinese Miners
According to the Bitcoin Mining Map recently launched by a team from Cambridge University, the most populated nation in the world is responsible for 65% of Bitcoin’s hashrate.
Antonopoulos indicated that Chinese miners use primarily rigs powered by coal plants. However, he believes that the low cost of gas-fired or oil-fired power plants will urge coal-fired power plants to drop their prices as well, because “energy and electricity is a fungible commodity.” Therefore, declining oil prices could also benefit Chinese miners.
It’s also worth noting that the Chinese region Sichuan recently published a reform aiming to assist Bitcoin mining. It planned to utilize the vast water resources in the area and the advantages of hydropower resources to lower electricity prices even more.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
The South Korean Ministry of Strategy and Finance is gearing up to tax income from the sale of Bitcoin and other crypto.
In brief
South Korean lawmakers recently provided details on upcoming legislation regarding income taxes on crypto transactions.
Tax would apply to profits derived from sources like crypto mining and initial coin offerings.
South Korea has an inconsistent track record of crypto-related taxation.
South Koreans may soon find their crypto dealings at the mercy of the tax man.
The South Korean Ministry of Strategy and Finance proposed a tax on profits made through crypto-fiat transactions earlier this week, including tokens sold by crypto mining organizations and through initial coin offerings (ICO).
Regulators intend to release the full proposal in July and submit the tax amendment to the South Korean regular assembly in September, as reported by local South Korean news outlet Edaily. In a country that has struggled to find the right approach to taxing digital currencies, the proposed change could bring much needed clarity to the domestic crypto industry.
Under existing laws, South Koreans are not taxed on income generated from digital currency transactions, breaking from the standard set by the US, Japan, Germany, and others, all of whom treat crypto gains as taxable income. Singapore also applies a value added tax (VAT) to crypto transactions, but South Korean regulators said they don’t intend to go that far.
Officials are now seeking to apply the standard of ‘taxation where income is located’ to digital currency transactions that generate a profit. Tax won’t apply if the transaction results in a net loss, but will be applied equally across citizens and foreign residents. Cryptocurrencies are anticipated to be treated as assets rather than currencies, in light of G20 deliberations on the matter. But not everyone is convinced the proposed changes are a good idea, or even possible to implement effectively.
“If you do a P2P transaction without going through an exchange, there is a possibility of avoiding taxation,” Seung-Young Jeong, a researcher at the Korea Local Tax Institute, told Edaily. “Even with IP tracking, if there are a large number of targets, administrative costs will increase and it will be difficult to track each day.”
South Korean action on crypto taxes have been in flux over the past few years, stymied by coronavirus concerns and a retroactive tax bill for the Bithumb exchange that resulted in an ongoing lawsuit. Crypto in South Korea is also under pressure from a proposed change that would stop residents from using DeFi products, designating cryptocurrencies as ‘high-risk assets.’
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
Bitcoin buying dropped off more than half in March, but rebounded soundly in April, according to the fintech company.
In brief
Revolut analyzed trading data collected from its crypto trading app.
UK users bought, on average, 50% less crypto when lockdown restrictions kicked in mid-March, the data showed.
But by the end of April, Bitcoin trading saw a huge rebound, according to the challenger bank.
When the UK went into lockdown, financial trepidation spread into the Bitcoin world, according to a new study released Wednesday by “challenger bank” Revolut.
The London-based fintech analyzed data from 3 million UK customers who use its crypto trading service to buy and sell Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP), Ethereum (ETH) and Litecoin (LTC).
The UK went into full coronavirus lockdown with the British public ordered to stay at home on March 23.
In the second half of March, UK crypto traders bought nearly two-thirds (-58%) less crypto per week, Revolut said. That’s an average per week drop of approximately 540 pounds to 230 pounds ($663 to $280). Users of the Revolut app also did about 50% less trading, the company said.
April saw Bitcoin buyers return
Interest in the market began to pick up again on April 20, when users began to purchase more BTC, according to the report. This was accompanied by a rise in the price of BTC.
On April 20, BTC was about $7,000. Since then, it has gone up more than 30% to about $9,000.
In the two weeks following April 20, the number of users buying cryptocurrencies rose 68%. The average amount of cryptocurrency bought by users increased by 57% and the amount bought per trade increased 63%, the report showed.
Bitcoin domination
Throughout the lockdown period, Bitcoin (BTC) dominated purchasing habits, with a total 51% share of the cryptocurrency trading market, Revolut’s data showed. This was followed by XRP, ETH, and BCH, the company said.
Revolut’s data also highlighted how different age groups buy and sell cryptocurrency. Those in the 55-64 age group buy at the highest value (345 pounds per trade) whereas those in the 18-24 age group trade at the lowest value (109 pounds per trade), the firm said.
Launched in 2015, Revolut now boasts more than 10 million customers, mainly in the UK and Europe. Along with banking services, the company offers a currency exchange, insurance brokerage and equity trading platform. The fintech completed a $500 million Series D in February, valuing the company at $5.5 billion.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
A much anticipated event has come and gone with nothing happening at all in either price or hash or much of anything else.
Bitcoin’s price has not moved, nor the hash, despite bitcoin’s block reward now reduced to 6.25 BTC from 12.5 bitcoins.
Bitmain’s Antpool mined this halvening block 630,000 and they got nearly 1 BTC in fees for it, worth about $9,000 as of writing.
So considering there has been such a drastic change in new supply, why did nothing happen?
Some might say because it’s been priced-in, but we don’t buy that theory as it assumes perfect information which isn’t quite possible.
Others might say because speculation happened before hand, but then why wasn’t there a sell the news event? So we have our own theory.
Nakamoto the Genius
We’ve been thinking about this for quite some time, but never found the time to articulate it.
If you look at the algorithmic past halvenings and what followed, it kind of says quite a lot about how inflation in the real world works and how supply and the value of money interact.
Nakamoto could have, for example, gradually increased or decreased the supply but that probably wouldn’t have told us much about the nature of money.
While this sharp 50% reduction is in many ways kind of a mass academic lecture because we have all seen the effects of it so far.
There are three ‘surprises.’ The first one is that there’s no effect at all when supply is cut. Meaning when Fed or ECB moves their interest rate or when gov takes on debt which practically translates to increasing fiat supply, one shouldn’t expect any near term result.
Bitcoin is a relatively small and a fairly isolated monetary system that doesn’t act much as a unit of account. And still everyone quickly forgets about the halvening as nothing happens for months until in suddenly it has boomed in the past in a way that it seemed it will go on forever.
In the fiat system which is much bigger and a bit sticky due to its mass use as a unit of account, any change in interest rates or debt should take much longer than months to have an actual effect with here the process being more kind of every decade, while in bitcoin it’s around half a decade.
So the second surprise is that sudden boom because no one really expects it, except they maybe once thought it might happen but they’ve kind of forgotten about it.
Same in fiat where the experience is far longer with one interesting unpredictable being whether the fact now some expect this second surprise means there won’t be one this time.
Obviously that’s for the future to say but everyone expects a boom and bust in fiat until things are so good they claim no more boom and bust because it’s been so long since the bust that they forgotten about it.
And the bust is the third surprise. 2014, 2018, whether in 2022 also is to be seen but the supply cut that gave this ‘stimulus,’ effectively at some point reaches its limit.
Since bitcoin is still inflationary, albeit at a reduced rate of now 1.8% a year, this new supply starts weighing on the market with a slower reverse process beginning.
If we take 2017-2018, plenty would say $20,000 was madness, but it’s not clear it was at that point in time.
Supply had been cut, demand was constant or increasing, a new balance was found at that $20,000, and that’s the problem.
Because supply is increasing, once demand and supply strike a balance, the value of money should fall, as demand is remaining constant while supply is increasing.
Hence we have the reverse process of the two years bust with bitcoin’s price gradually falling to as much as $3,000 just before 2020 opened.
Again $3,000 probably was the right price at that brief point when a new balance had been struck, with some speculation then kicking in as well as ultimately the cost of production where miners just withdraw supply both to create a floor and out of necessity.
The necessity being that back then in five months their income was to be cut in half, therefore if they wanted to survive they had to put aside some bitcoin savings to smooth out the income reduction, with the cycle then repeating.
What this says and what Nakamoto is saying is that it is changes in monetary supply that create booms and busts, rather than some animal spirit or economic cycles.
He is clearly arguing that a fixed supply is better because presumably in his view money would not interfere with the economy, instead rather than the measurer of value measuring the economy, the economy would measure the measurer of value. That is instead of money pricing goods, production and the economy in general would set the price of money.
The value of money would thus increase if production, population growth and so on, increases, and it would decrease if there’s less production in the economy for whatever reason.
Hence bitcoin’s price fell when Milan was Marshall lawed on Red Monday, March 9th, and has gradually recovered since as the economy has gradually began to open.
We’re now in for a recession when we can see who will measure better the actual production in the economy instead of what arguably could be seen as fake busts.
That makes this fixed money idea pretty interesting but there are different opinions on it as you’d expect and we don’t quite have the data to objectively adjudicate so they can continue having their different opinions.
What is undeniable however is this revelation that booms and busts are created by changes in money supply, and that it is so is not evident because the effects of those changes are felt long after it has been forgotten there has been a change at all.
It is also undeniable that a monetary system with changeable supply interferes in the economy instead of being an objective measurer, say like a ruler can measure the length of a table.
Tables of course come in different sizes, but the measurer is one size – if we ignore anglo saxons and their feet with most so using meters.
Likewise Nakamoto and bitcoin is saying the size of the economy should change, not its measurer, money, which should be fixed.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
The cryptocurrency market has been going through some tough times in recent months as the coronavirus pandemic continues to affect the entire world. However, the prevailing conditions in the industry are far better than the conventional global financial markets.
While the entire world stares at an inevitable recession in the coming days, many investors have started investing in some of the leading digital currencies as a measure to minimize the impact on their finances. These decisions are based on the fact that Bitcoin and a significant number of altcoins exhibited a limited direct correlation with the traditional market instruments. Meaning, as the value of stocks continues to plummet, cryptocurrencies have held their ground registering a small percentage fall in their valuation.
Meanwhile, the crypto trading community hasn’t lost its hopes either, as one thing that has remained constant during these trying times is the volatile nature of these digital assets. As the interest in investing and trading in cryptocurrencies continues to increase, so does the search for the right platform that can satisfy all their trading requirements.
Changing Traffic Patterns on Crypto Platforms
A recent analysis of web traffic data shared by ICO Analytics shows that the number of users on a handful of crypto platforms has increased while the rest of them registered a decline. The comparison was made between the web traffic registered by these leading platforms in the months of March and April 2020
A quick glance at the numbers shows a list of 20 most popular cryptocurrency exchange platforms, out of which only three have witnessed increased activities compared to their peers. These three platforms include OKEx, CoinsBit, and ZBcom with 147%, 33% and 18% respectively. On the other hand, the highest drop in web traffic in the month of April as compared to March 2020 was experienced by BitMEX at 40%. The web traffic trend favoring just 3 out of 20 exchanges may indicate that new traders are perceiving these 3 exchanges to be more reliable, trustworthy, and maybe even easier to access compared to others. Another possibility involves some of the existing traders favoring them over the rest due to favorable trading terms, supported assets, or a lot of other reasons.
Visit - https://t.me/s/freebitmexsignals
For more latest news update on Cryptocurrency, Free Crypto signals & Bitcoin Binance Bitmex automated trading BOT visit above given Telegram channel
The tech investor and Dallas Mavericks owner knows a “really, really easy” way to make cash—but it doesn’t involve Bitcoin.
In brief
The AI-obsessed investor said learning how to code virtual assistants is “really, really easy.”
He admitted telling his children that they should learn how to do it as a side hustle.
But he doesn’t want them to invest in Bitcoin just yet.
Billionaire investor and Bitcoin skeptic Mark Cuban is teaching his children how to really make some easy money—and it doesn’t have anything to do with crypto.
The tech investor and owner of the Dallas Mavericks advised youngsters to learn scripting as a side hustle, adding he had already educated his children with the skill, CNBC reported.
Cuban told CNBC in an interview that learning how to script for virtual assistants like Amazon’s Alexa, Microsoft’s Cortana or Google Home could net youngsters extra cash—even for those who aren’t too tech-savvy.
He said that those who have learned how to code these virtual assistants to complete tasks, could charge their neighbors up to $40 an hour, adding such skills were “really, really easy” despite everyone thinking they were “really, really hard.”
Cuban, who is one of the investors on the Shark Tank TV show, has previously spoken about the skill of scripting. During a speech at the 2020 CES Conference in January, he said that if he were 16 years old, he would definitely be making money doing it.
The mega-investor is big into AI, and in 2017 he predicted that the world’s first trillionaire would be an AI entrepreneur.
But Cuban has long been a critic of Bitcoin—even though he said he owns some of the cryptocurrency.
Cuban previously said it was “too complicated” to go mainstream, but his basketball team owns around $130 in Bitcoin because it accepts Bitcoin for tickets and merchandise. Cuban also said Bitcoin could rival gold as a store of value if the US continues to excessively print money.
Visit - https://t.me/freebitmexsignals
For more latest news update on Cryptocurrency & Free bitmex signals on telegram cum BitMEX auto trading BOT visit above given Telegram channel
Power Ledger has signed a deal with property developer Nicheliving to create a microgrid in Western Australia.
Microgrids enable residents to store and trade renewable energy.
The partnership will see over 100 properties using a blockchain-based microgrid platform.
Blockchain start-up Power Ledger has teamed up with property developer Nicheliving to roll out a microgrid energy trading platform across 100 properties in Western Australia.
The deal, announced Wednesday, will initially see Power Ledger's blockchain platform used across 62 apartments in Nicheliving’s Inglewood development, and 40 apartments in East Cannington, before being rolled out across further Nicheliving projects over the next three years.
What is a microgrid?
Microgrids are small local energy grids that typically draw power from sustainable energy sources such as wind or solar. The power generated is stored locally; Power Ledger enables residents to sell their excess energy to neighbors, tracking energy consumption and transactions on its blockchain platform. According to the press release, the firm aims to deliver 100% renewable energy via an "embedded electricity network and solar PV and storage microgrid."
"We're seeing an emerging trend of project developers considering more low cost and low carbon energy supplies during the design phase of their projects," explained Power Ledger co-founder and chairman Dr Jemma Green. "Power Ledger's platform incentivises homeowners to invest in solar energy infrastructure."
Microgrids bring power to the people
Power Ledger’s microgrid follows in the footsteps of other blockchain-based microgrids around the world, including the pioneering Brooklyn Microgrid in New York.
Large energy firms are also getting involved; in London, EDF Energy launched a trial microgrid, Project CommUNITY, which outfitted an apartment complex with solar panels. Residents used a blockchain-powered app to access and trade their energy allowance with peers, removing the need for an intermediary.
