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What was TerraGreen?
How did TerraGreen work?
- Renewable energy production tracking. Blockchain can create a transparent and immutable ledger for tracking renewable energy production. Each renewable energy generator, such as a solar panel or wind turbine, can be linked to the blockchain. When these generators produce energy, the data is recorded on the blockchain. This allows for a transparent and auditable record of renewable energy production.
- Tokenization of energy. Projects like TerraGreen may introduce a digital asset or token (in this case, potentially called TerraGreen Tokens or TGN) that represents a certain amount of renewable energy. These tokens can be issued and traded on a blockchain platform. People can buy and hold these tokens as a form of investment or use them to access renewable energy resources.
- Incentives for renewable energy production. Blockchain-based smart contracts can automate the process of rewarding renewable energy producers. When a renewable energy generator produces electricity, it can trigger a smart contract to automatically distribute Terragreen Tokens to the generator's owner as an incentive for contributing to clean energy production.
- Transparency and trust. Blockchain's transparent and immutable nature helps build trust among stakeholders in the renewable energy sector. Consumers and investors can verify the authenticity of renewable energy claims, ensuring they support genuinely sustainable practices.
- Trading and marketplaces. Blockchain platforms like TerraGreen.io may also provide a marketplace where TerraGreen Tokens can be bought, sold, or traded among users. This facilitates liquidity and allows people to participate in the renewable energy economy.
TerraGreen competitors
Power Ledger
WePower
Energy Web Foundation
LO3 Energy
Grid+ (Consensys)
The bottom line
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