Categories: Green Finance

GreenX Network – Green Cryptocurrency that makes Funding Renewable Energy Projects Easy

The GreenX Network is a blockchain ecosystem which enables people opportunities to invest in affordable energy projects worldwide. It is often observed that developers of renewable energy projects find it difficult to raise funding for their projects because of the lack of awareness and a professional network. At the same time, institutional investors often face the problem of dearth of reliable, low-cost energy projects to invest in. GreenX solves the problems by acting as a bridge for investors and developers. Its two platforms—GreenX Capital Market and GreenX Exchange—help the two sides find what they need. The  GreenX Capital Market is a platform devised for crowdfunding and is based on blockchain technology, The GreenX Exchange is energy exchange marketplace, which processes transactions on a global scale.

The network offers many benefits for developers. For starters, it provides them with a pool to tap into for easy availability of funds. Secondly, the legal procedures is not too complex and is similar to the one in a simple joint venture contract. The funds are credited simultaneously so there is no delay sanctioning of the money. Because of its streamlined structure, the GreenX Network prevents any leakage of sensitive information.

On the other hand, investors too stand to gain from the blockchain ecosystem. To start with, the platform enables even institutional or individual investors to invest in energy projects. As GreenX takes care of all legal proceedings, the interests and rights of investors are safeguarded. Also, the risk involved is minimal as projection statements are prepared using artificial intelligence. Lastly, the cryptocurrency-based platform allows investors to invest in projects while maintaining their privacy.

The green energy market is growing by leaps and bounds in terms of investment and capacity. In 2007, the world produced roughly 99 gigawatts  (GW) of renewable energy. However, the figure grew to over 2011.3 GW in 2016. Renewable sources of energy contributed to 24% of the electricity produced around the world in 2016, with hydropower being the biggest contributor followed by wind and solar power.

The push for renewable energy would have been ineffective had it not been for policies of various governments. Nations have been offering tax breaks and funding incentives to invite entrepreneurs and tap into the huge potential of renewable energy sector. Countries are also trying to cut down their dependence on exhaustible sources of energy. For instance, Germany plans to switch completely to green energy by 2050.

GreenX Network’s blockchain system enables developers to tokenize their innovations and get funding for their projects from prospective investments. Every investment proposal pitched by a developer represents the tokenization event of a renewable energy project. The project equity is actually a contract receipt which is backed by real assets. The infrastructure  and green energy equipment used by the developer in the project represents the real assets. Moreover, the network places an impetus on protecting the investors’ privacy. The GreenX technology segregates data into off-chain and on-chain. Sensitive information like KYC clearances is encrypted and stored in off-chain. Public terms of investment are saved in on-chain to highlight the project’s data integrity.

The GreenX token could be bought in two ways. Firstly, by purchasing it  during the firm’s token sale and secondly  in the open market after the ICO finishes. Investors in the token sale can send ETHs to smart contact address to get GEX tokens. The GreenX token is sold via smart contract details and for participating in the token sale event investors would first have to register themselves on GreenX Network’s official website. Once registered, investors can simply pay in Ethereum from a payment wallet supported by the GreenX smart contact address and claim the GEX tokens.

The team working behind GreenX Network is a group of five innovators. The team is led by its chief executive officer Stanley Nguyen, who is an entrepreneur and an innovator as well. He has worked with a hedge fund and has facilitated multi-billion dollar deals across various sector. The company’s investor relations are looked after Florian Weggman who has worked in the financial services sector for more than 10 years. GreenX Network’s chief technology officer Dennis Duong software and cryptocurrency expert. Anik Dang is another member of the team and he looks after blockchain systems. An active speaker at blockchain evernts, Anik also co-founded FirstBlood, a startup which is an eSport platform based on blockchain technology.

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