Candela Coin is a cryptocurrency that allows holders to take part in the first ever decentralized blockchain based peer-to-peer transactive solar energy system. The company pictures people across the globe being able to transfer solar energy to others in their communities using Candela coin as a medium of exchange. Solar panel owners will be able to sell excess solar energy to neighbors and others in their communities. Those who purchase solar energy from the solar panel owners will be able to get cheaper clean energy without having to buy a solar panel.
How it works: Candela has developed a mobile app and web interface that acts as a solar energy marketplace by aggregating bid and ask prices set by the users. They have also developed an IoT device/smart meter. The IoT device 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.
The concept of utilizing blockchain technology to decentralize energy is a new but not novel concept. So what makes Candela coin different? Candela’s goal is to create a seamless single point of transaction for easy buying, selling, and storing of energy. Past attempts have been unable to bridge the gap with some offering secondary markets, lack of liquidity, multi-token systems, or even inviting large corporate entities to invade the technology.
Candela Coin will remove the current infrastructure that keeps our 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.”