Apple co-founder Steve Woznaik launched his new cryptocurrency, WOZX, last week on HBTC, a cryptocurrency exchange and its token value has gone up by a whopping 1,400 percent.
Wozniak launched Efforce, a new environmental ‘blockchain’ project, his second business venture after nearly 40 plus years.
Efforce is a marketplace that enables companies to undertake energy efficiency measures at no cost so that they can invest their cash in more critical tasks. Efforce will make the energy efficiency market accessible to large and small investors alike, who can then monetize the transferable energy savings.
“We created Efforce to be the first decentralized platform that enables everyone to participate and financially benefit from energy efficiency projects around the world and create significant environmental change,” Wozniak explained in a statement .
The cryptocurrency attracted $950 million within just 10 minutes of its going live. And within some time, the figure rose to almost 1,400% of its value. Its initial price was 0.1 dollars and by Monday it had reached 1.41 dollars per unit (27.85 pesos).
The token will now start trading on smaller exchanges like Bithumb Global, Efforce announced.
The WOZX will have a limited supply of 1 billion ‘tokens’.
Wozniak has always been interested in efficient innovations. Even at Apple, he built an efficient smaller machine that made computing accessible to everyone.
Efforce is a similar effort where he wants people to get access to energy-efficient investments “Energy consumption and CO2 emissions worldwide have grown exponentially, leading to climate change and extreme consequences to our environment. We can improve our energy footprint and lower our energy consumption without changing our habits. We can save the environment simply by making more energy improvements,” said Wozniak. “We created Efforce to be the first decentralized platform that allows everyone to participate and benefit financially from worldwide energy efficiency projects, and create meaningful environmental change.”
Jacopo Visetti, project lead and co-founder, Efforce, noted that small investors struggled to get access to efficient energy solutions. “They can’t afford to switch to LED lighting, streamline production processes, or even insulate to conserve heat, all of which could save them money in the long term. Efforce allows business owners to safely register their energy upgrade project on the web and secure funding from all types of investors around the world. The companies will then have more available cash to use for other critical projects such as infrastructure or hiring.”
The Energy Efficiency Market
The market for energy efficiency projects has reached a staggering $250 billion, says Efforce. The market is attracting funding not only from private investors but governments like the EU and China are heavily investing However, in order to achieve the International Energy Agency’s Efficient World Scenario, the sector must double the size of investments to $580 billion by 2025.
The Efforce platform makes capital available to energy companies that lack access to big loans as banks are still not ready to process such capital lending as they do not have the expertise for it. Efforce democratizes the market. “We have created a business model that allows anyone to participate in the greater good of making the world cleaner and healthier, all by leveraging efficiency for economic growth,” said Visetti. “Energy efficiency is a way to create a sustainable future, and this is a way to help counter climate change, reduce carbon — and make money while you do it.”
Efforce has created the first platform leveraging the power of blockchain technology to democratize access to energy efficiency projects and investment opportunities. It is co-founded by Steve Wozniak, Jacopo Visetti, Jacopo Vanetti and Andrea Castiglione who have more than a decade of experience in this field.
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