Sirwin
Sirwin

C+Charge - a P2P Payment System for EV Charging


Introduction

Much has been made about so-called "green cryptos," many of which I've taken look at and been less than thrilled by. I've seen a lot of promise with these, but very little delivery. So naturally, I come from quite a skeptical angle when I stumble upon something new. For this post, I will be examining C+Charge -- a crypto project that is seeking to become a leading peer-to-peer payment system for EV charging stations built on blockchain technology. Let's take a further look at this one.

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FOMO Phase

As I've clearly said, I'm very much a skeptic when it comes to these new green crypto projects. I honestly don't ever buy into these, but I like to investigate them. As far as I can see, C+Charge is in what I like to call the "FOMO" phase, or what developers always refer to as the "pre-sale" phase. In case you weren't aware, FOMO is Fear OMissing Out. At this point, the C+Charge website boasts this little widget:

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They use this progress bar, like countless other projects, to make it seem like you need to buy before it's gone. Actually, these pre-sales are done in different price tiers. So, in theory, you could buy the first round of a pre-sale and sell immediately once the coin hits an exchange and make a profit. There is some risk to this strategy, however, as prices may quickly tank and never recover above the pre-sale level i.e. the developers do a rugpull. But regardless, you can see the next levels coming for the C+Charge pre-sale:

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It's all clearly outlined in their white paper

What Sets C+Charge Apart?

I have been examining this project closely, as it does have a real-world utility. While it would be easy for me to just say "check out their website to learn more," I will just give the quick and dirty pitch, as the developers have worded it:

Today's electric charging station infrastructure is inadequate to support the current number of electric vehicles (EVs) on the road. With projected numbers of EVs expected to increase exponentially in the coming years, the infrastructure for EV charging and payments is not properly developed to sustain the growth necessary for its widespread adoption.

There is currently no set standard for charging customers and a lack of uniformity in the payment gateways that are utilized across different charging stations. Charging station owners and EV car manufacturers currently earn carbon credits, but EV drivers and owners do not. C+Charge has built a blockchain-backed solution to solve these real-world issues, and provides a dynamic utility token that has real-world utility.

To me, this is actually a really intriguing project. A few things that come to mind, however. For one, I don't believe there are enough electric vehicles on the road for such a token to be able to thrive. Only about 1% of cars on the road in the United States are EVs. While Tesla's market share has been declining over the past few quarters, they still make up nearly two-thirds of all electric vehicles on the road in America. The United States aside, Tesla operates the largest charging station network in the world. Furthermore, Elon Musk has stated that Tesla plans to open up its Supercharger stations to non-Tesla EVs.

Competition be damned though because the carbon credit reward angle is pretty intriguing. It certainly does stand to reason that EV drivers should earn carbon credits. With the C+Charge platform, it would do just that. 

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Conclusion

I must say that all this sounds pretty ambitious for a crypto project. Perhaps a bit "too much, too early" on the EV front but there are some great ideas in the white paper. I get a little lost and more skeptical when NFTs are brought into the mix:

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The question remains: will it thrive, as the world transitions away from the internal combustion engine toward battery-powered electric vehicles? I personally won't be putting any money into this one, but will certainly be keeping a close eye on C+Charge. I would like to see where it goes, if anywhere, in real-world utility as there are some great ideas behind this one. 


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RocketEnthusiast
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dot com boomer - writing mostly on crypto, stocks, entertainment, etc.


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