It might not be the best day to launch a new coin what with Elon Musk’s announcement about Bitcoin which wiped billions of the cryptocurrency’s value, but at least this coin is in theory is good for the environment.
Candela Coin is a cryptocurrency that allows holders to take part in the first-ever decentralised blockchain-based peer-to-peer transactive solar energy system.
That means that people across the globe can transfer solar energy to others in their communities using the Candela coin as a medium of exchange.
The main beneficiaries will be solar panel owners who will be able to sell excess solar energy to other people in their communities. The advantage for the buyers is that they get access to cheaper clean energy without having to buy a solar panel.
The process is controlled via a mobile app and web interface that acts as a solar energy marketplace, which aggregates bid and ask prices set by the users.
As for the technical side Candela has developed an IoT device/smart meter that functions as a distributed computing node and an asset control switch. This device permits the designation of certain kWh units of locally produced energy to be marked and offered for consumption by adjacent local participants using the same component. The transaction is “cleared” within this system between the meters through machine-to-machine management and the app/web interface management of distributed ledger entries.
Candela acknowledges that blockchain has been used in the past to decentralise energy. It claims that its new system delivers a seamless single point of transaction for easy buying, selling, and storing of energy.
The company believes that its coin will remove the current infrastructure that keeps nations tied to these corporations and entities. The innovative IoT hardware enables users to receive and store energy, while at the same time giving them a single point of seamless transaction to buy and sell energy.
Candela CEO Avi Verdugo said, “Candela’s open-source ecosystem allows users to participate in every way possible. Everybody is a contributor. By doing this we believe that we can truly democratize and decentralize energy. Ditch the grid with Candela coin!”
Candela Coin can be traded on the Vindax exchange. The ticker symbol is CLA and the market pairs are ETH, USDT, and BTC.
If you are still not sure how it works, the video below is good primer.