What Is EFFORCE (WOZX)?
EFFORCE (WOZX) is the native cryptocurrency token of energy efficiency platform Efforce. Launched in December 2020, the project and token are the brainchild of Steve Wozniak, co-founder of computing giant Apple.
The principal aim of Efforce is to democratize the energy efficiency industry, which to this day suffers from teething problems with financing and global outreach.
WOZX tokens function as the medium through which energy savings created on the Efforce platform are tokenized for use by any participant.
Who Are the Founders of Efforce?
As the EFFORCE token’s ticker name suggests, the main personality associated with Efforce is Steve Wozniak, the IT mogul known the world over for co-founding Apple with Steve Jobs.
Wozniak has stated that even at that time, one of his major goals was to improve energy efficiency in emerging technologies, with Apple set to focus on smaller, more efficient machines.
Efforce continues that ethos, with an official press release at launch describing the product as the “first decentralized platform that allows everyone to participate and benefit financially from worldwide energy efficiency projects, and create meaningful environmental change.”
The company’s other three co-founders — Jacopo Visetti, Jacopo Vanetti and Andrea Castiglione — have more than a decade of experience in the energy efficiency industry.
What Makes Efforce Unique?
As co-founder Visetti states, Efforce’s core business proposition is to allow participants to make money while developing and contributing to environment-saving energy efficiency initiatives.
A form of marketplace for the industry, Efforce aims to draw together those market participants and use decentralized technology to smooth out issues with the current energy efficiency ecosystem.
Blockchain, for example, will be used to record real energy saving achievements, these then being awarded as credits in megawatt hours for sale or consumption.
Efforce also acts as a consultant, guiding projects through the various stages of development and funding while using the platform.
The WOZX token goes a step further towards introducing the industry to cryptographic technology and decentralized payments.
Growth in demand is all but guaranteed, the company says, as the International Energy Agency's Efficient World Scenario calls for the energy efficiency sector to hit $580 billion in investments by 2025. As of 2020, the tally is at $250 billion.
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How Many EFFORCE (WOZX) Coins Are There in Circulation?
The EFFORCE (WOZX) token is a fixed-cap ERC-20 standard cryptocurrency on Ethereum for use and trade in tandem with the Efforce energy efficiency platform.
100 million WOZX were created at launch, supply to remain fixed at 100% of the original allocation.
Of the 100 million, 45% of the tokens will be allocated via a private placement. 20% went to Efforce itself, another 20% towards mining incentives and the remaining 15% for ecosystem and consulting activities.
Token holders will receive a minimum of 1% of the total energy savings from successful projects, distributed among all investors.
Holders will also be able to use their investments for voting rights as part of system governance, according to the Efforce whitepaper.
How Is the Efforce Network Secured?
Efforce uses an incentive scheme to encourage network participants to secure and support it, in common with many similar corporate blockchain token setups.
Mining occurs once a successful project launches on Efforce, the whitepaper explains, with any token rewards set to be issued on a sliding scale over a ten-year period.
This helps to ensure continued interaction and liquidity as the company expands and the value of the token notionally rises.
Where Can You Buy EFFORCE (WOZX)?
EFFORCE (WOZX) is a brand new cryptocurrency token as of December 2020, and as such is tradable in an increasing but limited number of venues.
The first major exchange to list WOZX was HBTC, and it is likely that more major exchanges will follow. HBTC offers Bitcoin (BTC) and Tether (USDT) trading pairs for WOZX.
Cryptocurrency newbie? Read our easy guide to buying Bitcoin or any other cryptocurrency.
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