The Energy Web Token (EWT) project is a decentralized open source blockchain network designed to empower Dapp developers in the energy industry. The platform seeks to accomplish this task by creating a digital infrastructure that connects network operators, customers and physical assets such as electric vehicles, solar panels and thermostats in a new way. As such, there has been a lot of attention surrounding the project.
What problems is EWT trying to solve?
The Energy Web Token (EWT) platform was designed to rethink energy conservation efforts. Currently, most energy upgrades are achieved through major physical infrastructure upgrades. Unfortunately, this strategy is expensive and cumbersome. Also, it completely ignores the fact that interconnectivity would offer more benefits than separate improvements.
The Energy Web Token platform uses sensors and software to improve electrical energy consumption and provide new opportunities in the market. The system allows anyone to offer any energy asset to a global community of users through an open and censorship-resistant market.
Waste of energy
The current independent nature of the world’s energy infrastructure is inefficient in many ways. Excess energy is wasted rather than shared or sold to others. The Energy Web Token platform makes it possible to track, capture and redistribute this energy where it is needed most. This strategy helps users share their energy assets and improve the global carbon footprint.
Lack of transparency
The average user of an energy company does not have access to vital information such as the aggregate energy wasted on the grid. They are unaware of sensitive company data such as hardware specifics or other vital data that can paint a bad image of an energy supplier. This lack of transparency often leads to abuse and pricing as these companies are known to take advantage of customers. The Energy Web Token introduces traceable logs with access to near real-time data to improve user experience and level the playing field.
Benefits of the Energy Web Token (EWT)
The Energy Web Token (EWT) is an open source, customer-centric blockchain. The platform borrows many technical aspects from Ethereum to simplify the onboarding of Dapp developers. As such, the network is secure, reliable and fully EVM compatible.
Users can earn passive rewards by sharing their energy assets with the grid or providing other services. The platform’s incentive strategy disrupts the traditional centralized business model in place today and replaces it with a more democratic and inclusive option. By connecting these islands of energy creation, regular users can now access multi-billion dollar energy service markets.
The Energy Web Token (EWT) is made up of a global community of over 100 energy market participants. These companies range from service providers to renewable energy markets and distributed energy resources. The Energy Web Token continues to find new partners who share their vision of a more sustainable market.
How the Energy Web Token (EWT) works
The EWT project relies on a shared infrastructure, incentive program and a traceable information log to secure the rewards of users offering assets. These are some of the basic features that make the Energy Web Token unique.
Energy web channel
The Energy Web Chain operates as the first open source enterprise blockchain platform suitable for the energy industry. This blockchain incorporates a scalable consensus mechanism to achieve high transaction throughput and vertical scalability. The project improves durability and functionality compared to second and third generation blockchains. In addition, the Energy Web Chain is programmable by smart contract and the community invites Dapp developers to create their own applications to improve the user experience.
The network’s blockchain relies heavily on off-chain sensors called Oracles. These sensors provide real world data to EW applications, bridges and third party Dapps. Oracles have the ability to communicate this information to and from the network. They can also trigger smart contracts. In the Energy Web Token ecosystem, oracles are used to monitor the price of energy assets, asset usage, and waste.
Energy Web decentralized operating system
As part of the founder’s strategy to provide the market with a developer-friendly platform, the network is introducing a stack of technologies known as the Energy Web decentralized operating system. This system simplifies the connection of participants within the energy market to increase grid flexibility. Developers also have access to powerful front-end applications and a variety of software development toolkits to promote and provide clean energy and carbon emissions traceability.
The Energy Web Chain uses the Proof of Authority (PoA) consensus mechanism to validate the state of the network. Notably, this system is a variant of Proof-of-Work, the main difference being that only approved nodes can validate transactions. These nodes are called validators. To become a validator, you must be a legally registered organization and be an active member of the Energy Web Foundation. For their efforts, validators receive rewards paid into the network’s native utility token, EWT.
The EWT Utility token fulfills various roles across the Energy Web Token network. Users can pay for services using the token. Developers can also use the token to build more responsive and streamlined apps. Notably, EWT’s primary goal is to provide a way to universally track the value of energy assets across the global blockchain.
EWT provides a multitude of identification services in the market. The platform allows users to access multiple energy assets using a verifiable blockchain identifier rather than providing their personal information directly. This approach is preferred by most due to the increasing number of data thefts that have taken place over the past 5 years. These thefts have left millions of personal customer information in the hands of malicious individuals. Removing your personal data from the identity verification process is the best way to eliminate these issues.
How to buy an Energy Web Token (EWT)
Energy Web Token (EWT) is available on the following exchanges:
Kraken is the best exchange for US and international residents.
The Energy Web Token (EWT) – A green blockchain project
The Energy Web Token represents the growing sector of the market primarily focused on sustainability. This year, energy-hungry cryptos like Bitcoin have taken to the heat for excessive power consumption. The Energy Web Token provides a sustainable network that allows regular users to make profits and track their usage more diligently. As the price of energy continues to rise, you can expect this project to continue to gain momentum.