The time is now: energy on the blockchain

In Crypto Spotlight, Announcements

We are excited to list the Energy Web Token, the utility token of Energy Web Chain, the world’s first commercial-grade blockchain platform specifically tailored to the global energy sector.

Energy Web Chain is a public, Proof-of-Authority blockchain powered by a validator network comprising a permissioned cohort of major companies from within the energy sector.

Each design decision for the EW Chain has been carefully made to meet the energy sector’s unique regulatory, operational and market needs. For example, the public, Proof-of-Authority chain paired with permissioned validators enables lean energy consumption for the network, improves overall speed and scalability, and fosters acceptance amongst regulators and policymakers.

In addition, a family of open-source software development toolkits makes it easier and faster for companies to adopt and deploy energy blockchain applications.

Already companies like PJM-EIS (which administers North America’s largest REC market), Iberdrola and Acciona in Europe have begun leveraging the Energy Web Chain and its test networks for blockchain-based renewable energy market solutions.

Who is behind the Energy Web Chain?

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.

In its first two years, EWF launched a test network, Tobalaba, followed by the more-robust Volta testnet, which remains the primary sandbox environment for developing decentralized applications intended to deploy the EW Chain.

In tandem, 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 and SP Group.

What is the Energy Web Token?

EW Chain features a native first-layer utility token, the Energy Web Token (EWT). The token serves two main purposes:

  • Protect the network against misbehavior.
  • Compensate validators via transaction fees and block validation awards.

Users and application developers are not required to use EWT for their own applications beyond paying for transaction costs on the EW Chain. They can use cryptocurrencies or fiat currencies, as well as second-layer tokens native to their particular applications.

The birth of the energy blockchain

The future of electricity lies in customer-centric and low-carbon solutions. That means renewable energy (especially solar and wind) and investment in customer-sited “grid edge” technologies like rooftop solar PV, electric vehicles and smart thermostats.

Against that backdrop, blockchain technology – and especially the Energy Web Chain – presents a solution to multiple concurrent, competing paths to sector disruption. We’ve already seen substantial global interest as evidenced by EWF’s Affiliate network.

Now, as they deploy commercial solutions on the live Energy Web Chain, the future is one step closer to reality.

Trade EWT

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