Australian software developer Power Ledger, which develops a peer-to-peer energy trading platform, today said that its initial coin offering (ICO) will take place this Sunday, August 27, 2017.
In a statement, the energy company noted strong pre-sale interest and although the amount it is seeking is uncapped, it now expects to achieve a total valuation of approximately $100 million for its POWR tokens.
Earlier this year, Power Ledger announced that it will arrange Australia’s first ICO to fund its platform, which is already deployed by energy providers such as Vector NZ, Western Power WA and TAS Networks, and to accelerate development through POWR tokens.
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The team has also revealed details on its upcoming pre-token sale. It said: “While there is no minimum purchase for participation for the pre-sale, the company has applied a US$25K maximum spend. Such a limit, known as an “anti-whale” provision, aims to ensure that larger buyers with deeper pockets do not dominate the sale, enabling broader participation and minimising the risk of potentially destabilising network dynamics.”
In addition, a further 250 million POWR tokens will be released in an uncapped token generation event next month.
POWRs will be tradeable on the Ethereum platform and also convertible into SPARKZ tokens, whose main function is to trade units of electricity on Power Ledger’s private blockchain platform, Ecochain.
Venture capitalist Bill Tai has joined Power Ledger’s board of advisors. He said that he hopes the platform will generate revenue through licensing its P2P electricity trading business model and software.
David Martin, co-founder and Managing Director of Power Ledger, commented: “The overarching aim of our Token Generation Event has been to interact with the community and raise awareness and funds to support the rapid market development of a global Power Ledger platform. We want to spread the tokens far and wide, allowing as many potential future users access to them from inception and creating a diverse and powerful network. We believe that literally giving power back to the people will catalyse the movement towards peer-to-peer renewable energy trading, which lies at the core of Power Ledger.”