One of Apple’s founders, Steve Wozniak, started a startup promising energy industry innovation through a virtual currency called ‘WOZX’.
It may sound strange, but Woz hopes his new startup, Efforce, will help halt the pace of climate change by promoting energy-efficient technologies.
“We can save the environment only by making more energy improvements,” Woz said as quoted by PCMag, Saturday (5/12/2020).
“We created Efforce to be the first decentralized platform that allows everyone to participate and benefit financially from energy efficiency projects around the world, and create meaningful environmental changes,” he continued.
So how can virtual currency startups contribute to the environment?
Woz explained that Efforce will act as a digital marketplace that companies can use to raise funds for energy efficiency projects.
Energy efficiency projects include switching to low-energy LED lighting, or adopting better manufacturing processes to save electricity.
“Efforce will then raise more cash to use on other important projects like infrastructure or recruiting,” said Jacopo Visetti, another Efforce co-founder.
Specifically, Efforce plans to work with an energy services company (ESCO) that specializes in arranging financing for energy-efficient projects.
Woz’s startup will then evaluate the investment required for the project, calculate the possible savings, and then
ontributed to the project.
“The platform then lists projects for crowd contribution. Investors can” buy “projects using fractions or all of the WOZX tokens. Then Efforce will use a special meter to measure the energy savings of the project and record it on the WOZX blockchain. Any savings made will be distributed to the profile. investors credit energy, which can then be used or sold, “explains Visetti.
Although Woz is one of the six founders of the company, it is not known what role he will have in leading Efforce. For now, the startup’s website only lists him as an engineer. But what is clear, is that his striking name and presence at the startup are sure to raise publicity for a company that claims to be worth USD 90 million.