Would it be possible to create energy backed cryptocurrency?
There are some earlier theories of creating energy backed money. However the instant challenges I see are
Energy (as an electricity) is globally not transferable, storeable, and must be consumed immediately. It would only work if buyer and seller are connected to the same grid.
The value of energy varies highly depending on the location. E.g. 1 kWh in Africa is much more worth than 1 kWh in New York. The problem of unified exchange rate, e.g. like with gold, would make it very hard to the medium for exchange of value.
Thus, energy backed money may not work in a sense that "1 kWh = 1 coin", because energy lacks the properties to become a transfer of value? But are there other aspects one could use cryptocurrency to bind it to the value of energy?