Parity Technologies has long been at the forefront of Web3 technology development, most recently developing the core technology that supports the Polkadot and Kusama ecosystems. Substrate-based blockchains provide enterprises with flexible on-chain governance functionality, a key feature for enterprises building Web3 solutions. Many companies in the Energy Web ecosystem have specific customer data privacy and legal requirements for operating enterprise solutions. Blockchains under the new Consortia Relay Chain will enable Energy Web market participants to meet their specific governance requirements and experiment with new crypto-economic solutions. In addition, the Chaîne Relais Consortia will position itself as the first multi-channel network connected to Polkadot.
The Consortia Relay Chain is the next step in a long-term partnership between the two organisations. The current Energy Web chain is based on an Ethereum Virtual Machine and Proof of Authority consensus mechanism originally developed by Parity Technologies. The launch of the Chaîne Relais Consortia with Parité is the culmination of several years of co-development between the two organizations.
“We continue to integrate major energy companies into our open source technology stack to accelerate the energy transition,” said jesse morris, CEO of Energy Web Foundation. “But there is a massive amount of innovation happening in other Web3 ecosystems, such as Polkadot and Kusama, and we want to make sure that innovation makes it to the energy sector. By working with Parity to bring at Consortium Relay Chain, we can give our members access to new innovations such as on-chain governance, native interoperability, robust scalability, and other features enabled by Substrate and Polkadot Innovations like these will help our community move even faster in our work to create real impact on the global energy transition.”
Parity’s Substrate blockchain framework is already at the heart of some of the largest and fastest growing Web3 ecosystems, including Polkadot, Kusama, and over 150 Layer 1 blockchains. a great opportunity to help companies in the energy sector get to grips with some of the most advanced decentralized technologies in production, namely custom runtimes and flexible governance mechanisms for all kinds of blockchains, private, public, hybrid or otherwise,” said Dr. Wood Gavin, founder of Polkadot and Kusama and co-founder of Ethereum
The new chain will initially be governed by existing members of the Energy Web ecosystem, with the aim of further decentralizing governance participants. “Substrate’s on-chain governance feature will make it easier to decentralize consortium chain governance, once it launches. Imagine if companies and individuals are actually contributing to the energy transition, by investing in energy solar, batteries or the use of electric vehicles – could be incentivized to do so and have been given a specific governance role weighted by their relative contribution Substrate plus Energy Web governance will enable us to achieve this said Morris.
The Consortia Relay Chain infrastructure will be developed as an opt-in solution with and for the current Energy Web ecosystem and will require a new token. “The Energy Web Foundation was founded with the vision of creating a more resilient and inclusive backbone for energy markets through decentralized software. The new channel is a logical next step in developing the original vision enabling companies and innovators in the regulated energy market to develop their own sovereign and personalized chains while remaining interoperable.” noted Ewald Hesse, co-founder and board member of EWF.
“When you operate an energy market in Australia, Europe, or in the United States you want local parties to decide governance, not a party from the other part of the world. This new architecture will enable just that while leveraging the benefits of a global open source technology stack,” Morris said.
To accelerate the integration of the Energy Web stack with Substrate, Parity Technologies also intends to join as a validator of the current Energy Web Chain. A testnet version of the Consortia relay chain and an initial set of connected blockchains are expected to launch in Q2 2022.
About Energy Web
Energy Web is a global, member-driven, non-profit organization accelerating the low-carbon, customer-centric energy transition by unlocking the potential of open-source digital technologies. Our Energy Web decentralized operating system (EW-DOS) enables any energy asset, owned by any customer, to participate in any energy market. The Energy Web Chain, the world’s first enterprise-grade public blockchain suitable for the energy industry, anchors the EW-DOS technology stack. The Energy Web ecosystem includes leading utilities, grid operators, renewable energy developers, corporate energy buyers, IoT/telecom leaders, and more.
Parity Technologies is a core blockchain infrastructure company. It creates an open-source creative commons that will empower people to build better institutions through technology. It started with the construction work of Ethereum. Today, Parity focuses on Substrate, a standard blockchain framework. He used it to build Polkadot, a decentralized web blockchain meta-protocol, securing and connecting crypto-economies to the world.
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SOURCE Parity Technologies