Tokens by Ocean Wave Power

Inspiration

Energy cost is getting expensive for coastal communities as costs of infrastructure increases.

What it does

Generate electricity via by ocean wave electricity generator (this is base technology) for our token denominated in kWh funding which uses proof of stake.

How we built it

As a first phase, we install ocean waves generating plants designed by http://ecowavepower.com that cost USD 1.3 million per 1 MW, thereafter we build the next phrase to involve residents of these coastal communities to take control over the enterprise using Token/Fiat Currencies combination. Token is limited and linked to kWh created, with an upper limit. Tokens will be the currency for the community replacing much of the transactional costs driven by the usage of electricity.

Challenges we ran into

Probably better if we use our own blockchain instead of piggyback on the ethereum network due to higher gas costs. FIRST PHASE Find support from Port Authorities, major port and harbour tenants, and electricity and business chambers and end-customers were difficult at best. In Port Kembla because of a failed project with previous technology, we have not been particularly accepted as yet. State government should be involved at the initial stage as they provide many of the licenses required. SECOND PHASE Economics of tokens is the next challenge because tokens have no value except as currency tied to electricity kWh. .We need to work out. After an agreed time frame each enterprise will be offered to the customers to become shareholders. The profits will be shared in AUD or Tokens or combination of AUD and tokens.