Aussie Blockchain Startup Wins Billionaire Branson’s Tech Challenge

Aussie Blockchain Startup Wins Billionaire Branson’s Tech Challenge

Blockchain News
October 25, 2018 by XNews Editor 4
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A blockchain startup based in Australia, Power Ledger, won business magnate Sir Richard Branson’s Extreme Tech Challenge (XTC) 2018, as specified by Australian news channel Nine News. The challenge, whose previous finalists comprise Doctor on Demand and Vantage Robotics, targets to provide entrepreneurs with the right tools to help them build their tech products. Power
Aussie

A blockchain startup based in Australia, Power Ledger, won business magnate Sir Richard Branson’s Extreme Tech Challenge (XTC) 2018, as specified by Australian news channel Nine News.

The challenge, whose previous finalists comprise Doctor on Demand and Vantage Robotics, targets to provide entrepreneurs with the right tools to help them build their tech products. Power Ledger received endorsements worth millions of dollars in a ceremony that took place at Branson’s Caribbean island this weekend.

Power Ledger was introduced in 2016 and raised $34 million AUD in its ICO the following year with a mission to provide peer-to-peer electricity to people via the use of blockchain technology. Dave Martin, the co-founder of Power Ledger, mentioned that the success of their renewable project verifies that people understand the prominence as well as the potential of clean energy. Apart from the validations, Power Ledger will also receive mentorship from leading tech companies such as IBM and Amazon.

Even though the top 10 finalists for XTC were declared on January 2018, the judges took nine months to finalize the winning team. During this period, Power Ledger implemented its solution and launched three different applications. In August 2018, the company, in partnership with electric power generation company BCPG, began testing power trading in Bangkok’s T77 precinct. The trial permits residents to buy and sell excess renewable energy using blockchain technology.

“(On) both sides of the United States we’ve got energy trading occurring within utilities… and we’re working with Silicon Valley power and the city of Santa Clara to develop a carbon trading derivative platform,” said Martin. He added that it was an honor as well as a “massive endorsement” for the company to receive support from Branson.

Earlier today, Power Ledger issued a press release proclaiming its latest product: Asset Germination Event (AGE) token. The security token will be conjoined among retail investors who co-own renewable energy assets. This token will motivate people to invest in clean energy and share their profits on a decentralized network.

Power Ledger chose to aim investors who have been earlier denied the opportunity to take part in renewable projects. The tokens will be published once the company attains a grid-connected battery and a commercial solar panel. The funds garnered after the distribution of energy from these assets will be paid to investors in the form of AGE tokens. The security token doesn’t have a launch date set, however, Power Ledger remarked that the process is in its final stage.

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