Parity Technologies Partners with Energy Web to Leverage Substrate in Energy Sector Management

Vladislav Sopov

Consortium Relay Chain Connects Energy Web Ecosystem to Substrate-Based Polkadot and Kusama Networks

Contents

  • Parity Technologies partners with Energy Web
  • Consortia Relay Channel testnet launches Q1 2022

A new partnership will boost innovation in the energy sector through the disruptive power of Polkadot and Kusama, pioneers in the real-world implementation of the concept of “parachain-as-a-service”.

Parity Technologies partners with Energy Web

According to the official announcement shared by Parity Technologies, one of the leading Web3 development studios, and the creators of Polkadot and Kusama, it has entered into a partnership with Energy Web, a global non-profit organization designed to advance the management energy in a carbon neutral way. .

As part of this new partnership, the two will launch the Energy Web Consortia relay chain on Substrate. This will be the first-ever implementation of the concept of “parachain-as-a-service” intended to solve real-world economic problems.

The new chain of relays will allow participants in open energy markets to manage their own sovereign and decentralized solutions for companies in the energy sector.

As such, Consortia Relay Chain becomes the first-ever multi-blockchain network to go live on the Substrate infrastructure framework.

Jesse Morris, CEO of the Energy Web Foundation, explains why his nonprofit chose Parity as its long-term strategic infrastructure partner:

There’s a tremendous amount of innovation happening in other Web3 ecosystems, such as Polkadot and Kusama, and we want to make sure that innovation happens in the energy sector. By working with Parity to bring the Consortia Relay Chain to life, we can give our members access to new innovations such as on-chain governance, native interoperability, robust scalability, and other enabled features. by Substrate and Polkadot.

Consortia Relay Channel testnet launches Q1 2022

The next consortia relay chain is a critical step on the road to mass adoption of Substrate, as Parity founder Dr. Gavin Wood pointed out:

We view this partnership as a great opportunity to help companies in the energy industry 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. .

The solution will be developed from scratch as an opt-in solution; a brand new token will be launched as the building block of its tokenomics.

Parity Technologies also becomes validator of the current Energy Web Chain. In the coming weeks, Consortia Relay Chain will go live on testnet. The first test version is expected to launch in the first quarter of 2022.