Energy Sector Needs Crypto – A Look At Energy Web Token

There’s a fundamental shift from fossil fuel-driven energy systems to completely carbon neutral methods of energy generation. The United Nations (UN) terms this transition the “world’s most urgent mission” as the high rate of carbon emissions continues to threaten our global environment. According to a UN report, the world is currently on track to achieve 100% green energy by 2050 – the Green New Deal. Another report says that fossil fuel carbon emissions from electricity generation grew by 2 percent in 2018. Should this trend continue for the next thirty years at a compound rate, an environmental and economic crisis could pose disastrous consequences before the Green New Deal is achieved.

The negative impact of carbon emissions is not the only bottleneck plaguing the energy sector. Power distribution, costs, power consumption monitoring systems, grid management systems, and supply are fragmented and centralized, thus leaving room for failure and manipulation.

The Energy web is reshaping the future of the energy sector by leveraging blockchain technology and tokenization. Through its array of services, Energy web aims to accelerate the transition to carbon-neutral energy while restoring energy control to customers in a decentralized manner through blockchain technology.

Energy Web – Building an Eco-friendly and Customer-centric Energy Market

Energy web’s mission is simple – to expedite the achievement of net zero carbon emission while enabling customers to actively partake in the energy market. To achieve this, Energy web is developing the Energy Web Decentralized Operating System (EW-DOS). The EW-DOS is an open-source application that comprises various Software Development Kits (SDKs) and the Energy web chain. The combination of both technologies forms a fully decentralized energy sector architecture designed to facilitate grid flexibility and energy traceability.

Energy Web Chain

Energy web chain is one of the core components of the EW-DOS. It is a public blockchain launched in 2019 to meet the needs of the energy sector. Running on a Proof-of-Authority consensus protocol, the EW Chain will allow the development of decentralized applications (dApps) running on smart contracts. The EW Chain itself is a smart contract executing open source blockchain which hosts decentralized identifiers. It is operated by more than 25 companies in 14 different countries.

EW chain will promote the use of decentralized solutions to solve various problems in the energy sector. Members of the Energy Web ecosystem and other players in the energy sector can harness this shared technology to build infrastructure and drive innovation. Some potential use cases include the distribution of data, decentralized grids, self-sovereign digital identity for customers, distribution and traceability of energy resources etc.

Energy Web Origin and Energy Web Flex

The Energy web origin and Energy web flex are both suites of SDKs. Energy web origin is designed to digitize the process of renewable energy certificate purchase, issuance, and tracking while Energy web flex enables grid operators to seamlessly incorporate distributed energy resources into their new and existing solutions.

Energy Web Token

Energy web token is the native digital asset that fuels the Energy web ecosystem. EWT is based on the Energy Web Chain, although it can be transferred to the Ethereum mainnet to promote interoperability. It is a utility token that is used to pay for services within the ecosystem. Validators on the Energy Web Chain are rewarded in EWT through transaction fees and block rewards. This incentive protects the network from bad actors and ensures that validators continue to act in the best interest of the ecosystem.

Conclusion

Energy web’s mission to introduce decentralized energy resources and speed up green energy solutions will not only ensure all-round growth for the energy market but will also prove pivotal to attacking climate change and improving public health.

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