GLOBAL GREEN ENERGY PLATFORM ("HyFi")
Renewable Energy currently represents just under 25% of the world’s total energy production and forecasts indicate by 2040 that share will increase to 33-40% of the world’s total energy production. We believe the latter number is achievable and in fact can and will be surpassed. To do so both existing and new green technologies must be efficient in their science, economics, distribution, promotion and barriers removed for market adoption. To convincingly outmaneuver and outperform the polluting, toxic, and often lethal fossil fuel market, the global renewable energy market needs to have a highly organized central trading hub/marketplace for the transacting of green energy supply contracts.
ANATOMY OF THE PLATFORM
WPP’s Global Green Energy Blockchain Platform (“HyFi”) is a multi phased initiative with a staggered roll out (release date to be announced) consisting of the following 5 stages:
A blockchain marketplace (“HyFi”) to buy and sell green hydrogen and biofuel futures contracts which have been derived from WPP’s W2H2 Technologies.
Smart contracts are being created to represent an underlying fuel futures contract being offered by the W2H2 owner, be it WPP or one of WPP’s technology customers. The supply contract will be ready to be agreed to and purchased outright. The contract can also be resold on the platform if the original buyer decides to do so. The underlying fuel itself is a fully exportable/transportable commodity so that the buyer can take physically possession should they wish to do so in the future.
Expanding on Phase 1 above, Phase 2 sees the green hydrogen and biofuel futures marketplace expand in a continuous multi-year initiative where requests for power purchase agreements can be made by both green power producers and larger consumers (businesses, governments, utilities) to cover any type of renewable energy supply that can be bought and sold via contracts between producers/suppliers and end buyers by using WPP Tokens, that are smart contract enabled to represent an underlying asset, namely an energy supply contract that is ready to be agreed to and purchased outright.
The contract can also be resold on the platform if the original buyer decides to do so. As the transaction facilitator WPP will offer 2 financial settlement options to the end energy supplier: Fiat currency or WPP Tokens, with WPP Tokens carrying additional incentives over fiat to encourage cryptocurrency adoption within the energy sector.
To support the marketplace activity in 1 & 2 above the following 3 elements below are also being introduced
A Trust, Reputation and Feedback system all managed on the blockchain. This will help create the necessary confidence for parties to transact with one another.
A built-in Cryptocurrency Exchange feature that will convert fiat currency and cryptocurrencies into WPP Tokens, an accepted currency on the Global Green Energy Platform (“HyFi”).
a) Green Energy Rebate Program. WPP Tokens paid out as a rewards system to promote conducting green energy transactions on the Global Green Energy Platform.
b) WPP ERC20 Wallet and Mobile App. WPP Token rewards earned from the Green Energy Rebate Program will be sent to a users WPP Wallet which can then be loaded into app and spent goods and services on a “rewards marketplace” which will follow with a wide range of products available from various participating companies also willing to reward users for “Going Green”.
The following is an outline of the renewable energy green energy supply marketplace (“HyFi”) along with a distributed storage system for data collection from the participating energy producers for safe secure and easy energy transaction at a wholesale rate to the energy suppliers anywhere, anytime. Use of Smart Contracts through WPP Token on a distributed storage system on a permissioned ledger will help avoid any attempted disruption or blocking of what will be energy industry changing transaction methods and increased market pressure to lower costs based on the exposure of much lower prices offered in the Global Green Energy Platform (“HyFi”) Marketplace. WPP will be using a permission based blockchain model to avoid mining and to ensure we are not adding to the present and growing energy crisis caused by crypto mining.
The project will be an intuitive user friendly cross platform web and mobile application which will allow the energy buyers and energy sellers to connect and do the energy transaction below the wholesale price bypassing the utility companies.
This document covers details about the product vision which will be a complete global green energy solution for green energy cryptocurrencies, green energy goods and supply transaction.
The project will offer a reliable, trusted, real-time, high-throughput affordable green energy transaction experience among energy producers and buyers in conjunction with smart contract deployment between parties, identity management of users, WPP Token for energy transaction and a blockchain based distributed storage system for real time data collection from the energy producers on the amount of energy available for purchase, energy price, the location, energy distribution network, data metrics on how green the energy is with customer usage information in a tamper proof blockchain environment.