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Apple co-founder Steve Wozniak has started a new company that promises to innovate the energy sector through a virtual currency called “WOZX”.
We know, it sounds strange. But Wozniak hopes that the new startup, Efforce, will help stop climate change by promoting energy-efficient “green” technologies. It marks only the second time Wozniak has founded a company since starting Apple with Steve Jobs in 1976.
“We can save the environment simply by making further energy improvements,” Wozniak said in today’s announcement. “We created Efforce to be the first decentralized platform that allows everyone to participate and financially benefit from global energy efficiency projects and create meaningful environmental change.”
So how will it actually work? Well, Efforce should act as a digital marketplace that companies can use to raise funds for energy efficiency projects. This could include switching to energy-efficient LED lighting or adopting a better manufacturing process to save on electricity.
“Companies will then have more money available to use for other critical projects such as infrastructure or hiring,” said Jacopo Visetti, another Efforce co-founder.
(Credit: Endeavor)
In particular, Efforce plans to work with energy service companies (ESCOs), which specialize in organizing financing for energy saving projects. Wozniak’s startup will evaluate the investment required for the projects, calculate the expected savings and then draw up a contract that will detail the returns for both the company and investors.
(Credit: Endeavor)
“The platform then lists the project for the crowd’s contribution. Participants can buy into the project using fractional or whole WOZX tokens, “added Efforce. The startup will then use special meters to measure the energy savings resulting from the project and record them on the WOZX blockchain. Any savings made will be distributed in the investor profile as energy credits. .
“The energy savings generated become a tangible asset in the hands of token holders, who can decide to sell them or use them to reduce their electricity bills,” states the company’s white paper. “Through the wallet, the energy savings achieved over time can be maintained and spent on reducing the bill whenever the price of electricity is affordable to offset.”
(Credit: Endeavor)
Although Wozniak is one of the company’s six co-founders, it is unclear what role he will play in leading Efforce. For now, the startup’s website simply lists him as an engineer. However, his name and presence are sure to boost publicity for a company that claims it is already valued at $ 90 million.
The company also yesterday listed the WOZX token on the cryptocurrency exchange HBTC, where it is currently trading at around $ 1.09 per token.
