Apple co-founder Steve Wozniak’s blockchain startup Efforce has listed its cryptocurrency token “WOZX” on the HBTC exchange.
On Dec. 3, Efforce listed the token under the WOZX sign. According to a group press release, it hit “$950M in the first 13 minutes, 10 times the listing price.”
The business claims investors have raised $80 million in a private sale.
The WOZX Token
As of Sunday afternoon, the WOZX/USDT pair was trading at 1.5250 (approximately 1.48 USD), rising 38.93 percent on the HBTC market over the previous 24 hours.
At the Delta Summit in Malta in July 2019, Wozniak first introduced Efforce, according to The Malta Independent news publication.
The company’s aim is to use blockchain without altering our behaviors to “improve the way we use energy and lower energy consumption,” Wozniak said at the summit.
In order to further finance energy-saving programs using blockchain, Efforce aims to become a widely used energy platform. The ventures would be able to get sponsored, utilizing Efforce’s token WOZX to get crowd donations from developers.
The business is registered in Malta since the co-founder of Apple Inc. said he had wanted to invest in the country for a long time.
“It has been on my mind for decades. Like no other place in the world,” Wozniak stated, regarding Malta.
What is Efforce?
Efforce is a blockchain-based energy saving trading platform. The platform brings together those who want to improve the energy efficiency of their buildings or industrial processes with a pool of contributors interested in being repaid in tokens representing the energy savings achieved.
This method of implementing the energy efficiency market for the first time makes a particularly complex energy-financial system simple and accessible.
Thanks to Efforce any economic entity that wishes to implement solutions on its energy systems, be they industrial processes or buildings, will be able to negotiate part of its energy savings directly with Consumers or Contributors.
Through the tokenization of the energy saved, it will be possible to guarantee liquidity and extend access to capital investment. To optimize the cycle of financing and access to capital, Efforce allows the tokenization of energy savings.
It represents a contractual mechanism between companies that want to improve the efficiency of their processes and energy consumers.
The proposed model is the same as that of Energy Service Companies (E.S.Co) which, through Energy Performance Contracts (EPC), manage to obtain positive economic returns against an initial investment in energy efficiency projects.
This contractual form makes it possible to channel financial investments into projects for the redevelopment and performance improvement of an energy system, be it an industrial plant or a building, owned by a third party (Beneficiary).