Currently, we receive electricity from electric city providers who are centralised, usually state owned and fossil fuel-based power plants.
With new battery design that allow us to store energy efficiently couple with the blockchain technology and Internet Of things devices, we will be able to let owners of renewable energy to offer their electric to suppliers.
By 2030, global energy demand from electric vehicles (EVs) is expected to be equal to the total annual electricity consumption of Germany or Japan, the world’s 4th- and 3rd-largest economies.
Imagine if you owned an electric car, when park at your house with unused electricity, it can be automatically offered to the electric supplier that you prefer and you receive payments for it.
What makes this possible are:
- IoT devices can be on the electric car that automatically detects the surplus of the electricity.
- Smart contract automatically offers to the supplier
- Blockchain technology records the transaction to issue micro payments to the Identity and wallet address stated on the smart contract.
With the Energy Chain that is the common platform where electric providers worldwide can tokenise the electricity regardless of where they are. This will bring efficiency to suppliers and provides cheaper energy for users.
Not only can it bring cheaper fee, investors may even profit from it. Anyone can join.a community driven shared solar panels where you can invest to get a share of the revenue from the sale of the energy.
Energy Web Orgin is the product that is created to make this possible. The EW Origin suite of SDKs (tools) that supports existing and emerging renewable energy and carbon markets to simplify and enhance the issuance, tracking, and buying/selling of energy attribute certificates (EACs), including renewable energy certificates (RECs), guarantees of origin (GOs), and international I-RECs.
As you can see from the description, the Energy Web Chain also ensure compliance to various regulations in different jurisdiction.
Energy Web Token is a token that will be used similar to Eth as gas on the Energy Web Chain. The Energy Web Chain is a public, enterprise-grade blockchain platform specially build for the energy market.
Energy Web Chain is the flagship product of the Energy Web Foundation (EWF), a global nonprofit and energy blockchain brand. EWF was co-founded in 2017 by Rocky Mountain Institute (RMI), Grid Singularity (GSy) and about a dozen supporting energy companies from around the globe.
EWF also fostered the world’s largest energy blockchain ecosystem. By early-2019, those original 12 EWF Affiliates had grown to more than 100, including the likes of Shell, Engie, E.ON, Duke Energy, Exelon, PTT, SP Group, State Grid EV Service Co., a subsidiary of the State Grid Corporation of China, the world’s largest utility.
Ever since it is launched in Mid 2019, industry’s leading choice as the foundational digital infrastructure on which to build and run blockchain-based decentralized applications (dApps).
There are only 100 million EWT tokens. And judging from the growth of their affiliates, it looks like this will be the default energy token.
They also also have ready products which are tested in various countries. With their first mover advantage with so many reputable energy providers, it looks like this project may conquer the energy market.
Similar blockchain projects that aims to democratise will not be able to catch up as they have signed all the major players. More importantly, making sure that the platform will be compliant to different jurisdiction requires agreement usually by big players who often has affects the regulation.
Abstract for my Book New Assets 3.0 that will be available in Amazon.
I have also create a comic book call Wish I knew, that talks about what life will be like with the Blockchain Technology. Details at www.wishiknewcomics.com