Klerksdorp, South Africa, Oct. 05, 2022 (GLOBE NEWSWIRE) -- For years, South Africa has been in the midst of a difficult situation. The country has been facing multiple total blackouts and energy shortages, resulting in a shrinking economy and a spike in mental health problems. Several elements contribute to this crisis, but many fingers are pointed squarely at Eskom—the primary energy supplier in the region.
In South Africa, the energy sector is plagued by poor-quality facilities and frequent outages. One of the major contributors to this problem is Eskom's generation units. Many of these poorly built machines break down or cannot sustain their capacity for long periods of time. This would not be such a big deal if other power companies existed in South Africa. However, since the government has eliminated all competition from other energy sources, it leaves Eskom with a monopoly over power generation. This has prompted the Democratic Alliance political party to campaign for reform and resort to activism as a means of bringing about change in the industry.
The country has now endured 96 days of electricity outages within the year. This has damaged the economy, which is unsurprising as the financial sector and other businesses rely heavily on consistent electricity to operate computers and machines. Such outages have also affected people’s mental health and living situations, as so much of our leisure and social activity is equally reliant on consistent electricity. These issues have persisted for years, with 2022 perhaps being the worst year yet for such complications. This has left people questioning what is happening and asking how it can be fixed.
An innovative solution has been created by a group of passionate crypto enthusiasts, Megatech is utilizing blockchain to help its country flourish and thrive. Through the ability to distribute tokens and offer rewards to users who invest, Megatech is able to tap into people’s individual desires to earn more money and use that as a driver for bringing energy to the nation. It is a useful and imaginative way of driving more resources to both Eskom and South Africa as a whole and acts as a perfect example of how blockchain technology can have a direct and positive impact on people’s lives.
About Megatech (MGT)
Megatech helps solve Africa’s and the world’s energy problems, by utilizing blockchain technology, MGT provides token holders with financial rewards on solar fields owned by the company. The first field, called project Beta, is a 60MW solar farm and will include 100MWh of state-of-the-art storage technology to ensure maximum profitability and the opportunity to sell green renewable energy at peak rates to blue-chip listed entities; that have already signed commitments for offtake. Furthermore, 40% of all financial gains realized from this project and future pipeline projects will vest in the MGT (PTY) LTD custodian company which fiduciary directors independently manage on behalf of the token holders who participate in the performance staking program.
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