AVNRich is an online shopping platform built on Binance Smart Chain seeking to merge digital commerce with cryptocurrency. The project’s native token, AVN, will be available to buy at a pre-sale event on November 1st. Blockchain and cryptocurrencies are evolving at an increasing rate making their way into our everyday lives. One of their benefits is making online shopping faster, safer, and more rewarding. In this regard, one platform aims to become an industry leader by incentivizing traditional eCommerce customers…
Not long ago, Elon Musk called out Bitcoin for its mining mechanisms to wreak havoc on the environment. His apparently innocent tweet dragged the entire crypto market back into bear territory after one of the most impressive bull runs in its history. Besides that, it also raised the question – can cryptocurrencies be eco-friendly?
The answer came from the legendary Apple co-founder, Steve Wozniak, and his new project, Efforce. His vision is that of a “revolutionary platform aiming at increasing energy efficiency by allowing everyone to participate and benefit from worldwide energy efficiency projects.”
That sounds amazing! Can we fund it? How can I get in on this one? We were wondering the same, which is why we looked closer at the Efforce project and desiccated it for you. The results are below!
What is Efforce?
Efforce is a blockchain-based marketplace for sponsoring eco-friendly initiatives. Its main goal is to “democratize the energy efficiency industry” and provide financial solutions for energy problems with global consequences.
Efforce is the brainchild of Apple co-founder Steve Wozniak. His vision is to provide companies with a viable means of crowdfunding their energy redevelopment plans with cryptocurrency.
For example, contributors to Efforce can help a company install and use solar panel systems. This way, that enterprise is less dependant on the grid, protects the environment, and saves money. In exchange, the contributors receive a share of the company’s energy savings.
The whole activity takes place on the Ethereumblockchain. There, contributors and companies agree to terms through smart contracts. Additionally, Efforce uses Ethereum to tokenize energy savings. This way, the participants can transfer the savings in tokens faster and at a low transaction cost.
A Brief History of Efforce
At the end of 2020 and nearly 45 years after co-founding Apple with Steve Jobs, Steve Wozniak decided to open a new company. According to this interview, Efforce is the product of “a couple of years” of a behind-the-scenes collaboration between Wozniack and AitherCO2.
AitherCO2 is an Italian company founded in 2010. Its mission is to provide financial services and consultancy to environmental and energy markets worldwide. AitherCO2 trades various services and energy and carbon allowances in layman’s terms, mainly to companies operating in the European Union.
Allegedly, the Efforce concept stemmed from the AitherCO2 offices. However, it needed the support and ideas of a globally esteemed tech entrepreneur like Wozniak to take off. The Efforce Limited Company was registered in crypto-friendly Malta in 2018. Most importantly, the Efforce whitepaper cites several members of the Italian company together with Wozniak as co-founders.
There was very little news about the project until December 1st, 2020, when Efforce announced the listing of their WOZX token on HBTC. Benefiting Wozniak’s popularity, the token’s price took off and reached its (still standing) ATH at $3.62 only eight days later.
How Efforce Works
From the start, we should mention that, as of June 2021, the Efforce project was still in its early stages of development. Despite its innovative approach, the project has yet to define most of its mechanisms. The following operative aspects derive from the Efforce whitepaper and roadmaps as they were at writing.
Efforce should work as a marketplace, where Contributors can trade tokenized energy credits. Additionally, they should be able to crowdfund development projects put forward by companies. The latter is also known as “Savers” for their energy-efficiency plans towards environmental sustainability.
During the early stages of the project, the Efforce platform is attractive mainly to deep-pockets investors and companies with an eco-friendly approach. Nevertheless, regular investors should also participate in the platform’s development as Consumers by purchasing tokenized credits.
According to the Efforce whitepaper, the platform will require KYC for all the participants. While this process has not been defined yet, it is expected that the Efforce team will decide who gets their projects funded as Savers.
When a project gets the green light, the platform will automatically create an Energy Performance Smart Contract on the Ethereumblockchain. Next, the Contributors will be able to fund it depending on the amount of WOZX they have. After the funding period ends, the Saver will accumulate a tokenized version of the energy in their wallet and available as payment for their energy-efficiency development plans.
Efforce should re-distribute 1% of all energy savings from all the projects on the platform to WOZX holders. The mining and incentivizing mechanisms are still to be defined. Nevertheless, it is worth noting that mining will occur differently than from other cryptocurrencies. Since the platform’s goal is to protect the environment, it is expected not to use traditional mining methods to obtain new WOZX.
According to the Efforce roadmap, the second quarter of 2021 should end with the First Efficiency Project Completed and the Beginning of Energy Efficiency Sharing. There are no other mentions of where the roadmap should go from here.
What is Efforce Token (WOZX)?
The Efforce Token, WOZX, is an ERC-20 token built on the Ethereumblockchain. It is the primary tool available on the Efforce platform for all participants, including contributors and companies. The former use it for auctioning purposes, while the latter uses them as energy credits.
Efforce did not organize an Initial Coin Offering (ICO) for WOZX. Instead, it sold 450 million tokens at the price of $0.10 per unit through a private sale event in June 2019. WOZX has a limited-cap supply of 1 billion tokens. So, this amount represents 45% of all the WOZX tokens ever to be minted.
The platform plans to allocate 20% of the remaining tokens at a rate of 1% per year to the community, and the rest as follows:
- 20% of WOZX to research and mining
- 15% to the Efforce growth (at a rate of 1.5% per month)
At the time of this writing, WOZX was trading at $0.776. There was a circulating supply of 94,225,368.99 WOZX, and the total market cap was at $73,151,199.
Where to Buy Efforce (WOZX)?
As the fresh token of a new project, WOZX cannot buy at many crypto exchanges. For now, you can purchase it at HBTC by paying Bitcoin and Tether in return.
The Bottom Line – A Guide to Efforce
Efforce has kept the headlines mainly thanks to Steve Wozniak’s name. The co-founder of one of the best-known brands in the world has his merits in the project’s development so far. However, it is not enough to distract our attention from the platform’s obvious lack of transparency.
Creating a marketplace for energy credits is an outstanding idea. When some complain about how cryptocurrency mining is bad for the environment, an eco-friendly project is a decisive step in the right direction. However, are we sure that Efforce is making that step, after all?
Six months have passed since listing its token on HBTC, and Efforce has yet to provide additional documentation. The project has an inconclusive roadmap and a generalist whitepaper that, so far, has failed to attract serious investors.
Saving the environment works as a dignifying slogan for any project. But, after a while, you have to prove it in action. It could be that Efforce is one of those slow-starting, late-blooming projects that surge to the top when you list expected. Let’s hope that it is the case. Otherwise, it will just be a short-lived blockchain initiative with a celebrity-named token.