ANATOMY OF THE PLATFORM
WPP’s Global Green Energy Blockchain Platform is a multi phased initiative with a staggered roll out (release date to be announced) consisting of the following 5 stages:
A blockchain marketplace to buy and sell green hydrogen and biofuel futures contracts which have been derived from WPP’s W2H2 and/or VORAX Technologies.
Smart contracts are being created to represent an underlying fuel futures contract being offered by the W2H2 and/or VORAX owner, be it WPP or one of WPP’s technology customers. The supply contract will be ready to be agreed to and purchased outright. The contract can also be resold on the platform if the original buyer decides to do so. The underlying fuel itself is a fully exportable/transportable commodity so that the buyer can take physically possession should the y wish to do so. WPP will offer 2 financial settlement options, Fiat currency or WPP Tokens. WPP Tokens will carry an additional incentive over fiat to encourage cryptocurrency adoption in the energy sector.
Expanding on Phase 1 above, Phase 2 sees the green hydrogen and biofuel futures marketplace expand in a continuous multi-year initiative where requests for power purchase agreements can be made by both green power producers and larger consumers (businesses, governments, utilities) to cover any type of renewable energy supply that can be bought and sold via contracts between producers/suppliers and end buyers by using WPP Tokens, that are smart contract enabled to represent an underlying asset, namely an energy supply contract that is ready to be agreed to and purchased outright.
The contract can also be resold on the platform if the original buyer decides to do so. As the transaction facilitator WPP will offer 2 financial settlement options to the end energy supplier: Fiat currency or WPP Tokens, with WPP Tokens carrying additional incentives over fiat to encourage cryptocurrency adoption within the energy sector.
To support the marketplace activity in 1 & 2 above the following 3 elements below are also being introduced
A Trust, Reputation and Feedback system all managed on the blockchain. This will help create the necessary confidence for parties to transact with one another.
A built-in Cryptocurrency Exchange feature that will convert fiat currency and crytpocurrencies into WPP Tokens, an accepted currency on the Global Green Energy Platform.
a) Green Energy Rebate Program. WPP Tokens paid out as a rewards system to promote conducting green energy transactions on the Global Green Energy Platform.
b) WPP ERC20 Wallet and Mobile App. WPP Token rewards earned from the Green Energy Rebate Program will be sent to a users WPP Wallet which can then be loaded into app and spent goods and services on a “rewards marketplace” which will follow with a wide range of products available from various participating companies also willing to reward users for “Going Green”.