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What to expect in this article?
- What is Energy Web Token?
- What problem does the Energy Web Token project solve?
- Uber for Energy? Energy as a Service (EaaS) could disrupt the entire industry
- Advantages of EaaS
- Elon Musk, Tesla and Energy Web Token connection
- Energy Web Token Road Map and Future
- Who is behind Energy Web Token?
- Energy Web Token on social media
- Where to buy EWT?
What is Energy Web Token?
Energy Web Token is the native utility token on Energy Web Chain. To understand the role of Energy Web Token, we have to first dive into the Energy Web Chain.
Energy Web (EW) Chain is “a global blockchain infrastructure that we believe to be the only public, Proof-of-Authority blockchain supporting commercial applications with well-known organizations as validator nodes.”
The validators on the EW Chain are globally renowned companies in the energy sector making this one of the most legitimate projects out there.
The Energy Web Token (EWT) is used for two main purposes on the EW Chain: Security & validator compensation:
What problem does the Energy Web Token project solve?
Everyone wants to help with the energy crisis situation by reducing the carbon footprint, using renewable energy and have their energy cost reduced, however, the options to accomplish these platitudes are scarce and ineffective.
We are seeing a lot of local renewable energy grids, including solar powered and wind power solutions, making their way to the market. However, there is a disconnect between these local grids, regulatory bodies and customers.
Energy Web Chain is looking to solve this problem by providing a platform to integrate the regulators, grid operators and individual customers to take part in the renewable energy movement.
EW Decentralized Operating System (EW-DOS) provides public access to the EW Chain and ready to use Software Development Kits (SDKs) making on boarding easier and barrier less.
This solution could help fuel trillions of dollars in commerce, “in the next ten years, electricity end-users will spend a cumulative $830B on distributed energy resources and $7T on electric mobility.”
Here is a quick video to understand Energy Web Token project overview:
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Uber for Energy? Energy as a Service (EaaS) could disrupt the entire industry
Uber disrupted the way we travel.
The solution launched by Energy Web Token could upend the entire energy industry by encouraging people to produce their own energy through solar, windmills, storage, etc., and sell the excess energy to the bidders.
Can you imagine the implications of having millions of microgrids selling few units of electricity much cheaper than the traditional options?
Energy as a Service may be quite difficult to comprehend right now, however, Uber was a concept that was not even conceived until the app made it easier to ‘use’ in daily life.
EW Chain has the potential to make exchanging energy from local grids to local consumers much easier. It also provides an opportunity for the end users to become producers of energy in some places (like South Australia or places where sun and/or wind are plenty).
Advantages of EaaS
Reduce carbon footprint
Successful execution of EaaS vision could reduce our carbon footprint on the planet drastically. We have sun, wind and moving vehicles all over the world, and if we are able to generate and distribute energy from these sources, we will no longer have to rely on fossil fuel or nuclear sources.
Democratize & Decentralize energy
Right now, in many parts of the world, energy is monopolized or is hoarded by the big corporations who can charge any markup as they deem fit based on demand and supply. If people start generating electricity by installing solar panels and windmills on their rooftops, it could make households self-sustainable.
Not only can EaaS help households become self-sustainable but it also has potential to bring revenue to everyday folks by turning them into micro-local grids.
Make energy and everything cheaper
When energy is democratized – it will become affordable. When the energy costs go down – production costs go down and that is a great thing for everyone.
Could avert big national security threat
If you have watched the Live Free or Die Hard movie, you may realize what happens if power is shut down. In theory, the power grids can go offline. India went into darkness for 2 days (the largest power outage in history). Beyond the inconvenience, it could pose a national threat. Most of our food reserves are in storage that need power. Our food in refrigerators that go bad without power and every communication line needs power. A power outage could cripple the entire country and the world. However, when energy production is completely decentralized – no one person or entity can shut it down.
Elon Musk, Tesla and Energy Web Token connection
The Verge ran stories in 2017, 2018 and 2019 about Elon Musk’s project (in collaboration with the Australian government mind you) to solve Australia’s energy crisis through renewable energy.
The 2017 story talked about how Elon Musk’s giant battery is powering South Australia.
The 2018 story alluded to how the WindMill powered battery project was projected to power over 50,000 homes in four years.
The 2019 story takes it one step further where a reporter visited South Australia where Tesla’s batteries and solar panels were helping ordinary folks to generate their own electricity.
The South Australian government was pepped up about the success of the pilot and they were devising plans to rollout the program to more residentials.
What happens when these households produce more energy than they need?
Tesla was ahead of the curve to think through this aspect and it launched Autobidder.
According to their official website “Autobidder provides independent power producers, utilities and capital partners the ability to autonomously monetize battery assets. Autobidder is a real-time trading and control platform that provides value-based asset management and portfolio optimization, enabling owners and operators to configure operational strategies that maximize revenue according to their business objectives and risk preferences.”
This is where things get interesting.
Grid Singularity official channel tweeted about Tesla’s Autobidder and Grid Singularity is directly involved with Energy Web Chain. And, on May 4, 2020, Grid Singularity tweeted this.
Energy resources with trading strategies for a bottom-up, optimal market empowered with https://t.co/5xZ0X2l7Fm! Check out @Tesla’s Autobidder: https://t.co/xnfRTlQMJO
These connections of Elon Musk and Tesla with the renewable energy along with Autobidder which has been promoted by Grid Singularity prompted the notion that Tesla and Energy Web Token may have some underlying connections (and potential synergies).
At the time of this writing, no official statement has been yet released confirming these speculations.
Energy Web Token Road Map and Future
Energy Web Foundation’s vision is to impact the energy sector at scale. Their broad vision for future includes three main aspects:
ONE: EW-DOS makes it possible to build private and/or proprietary solutions on top of open source software and a public, decentralized network
TWO: EW-DOS is market and regulation agnostic
THREE: EW-DOS is not a “use case” or an “application”; it is public infrastructure that supports companies that want to build solutions
EWF is already working in Europe and Thailand. The solution will be available for everyone to build on.
Who is behind Energy Web Token?
Before we look at the profiles of members involved with EW Chain, let’s recap the various pieces of this project:
Energy Web Foundation: “Energy Web Foundation (EWF) is a global, member-driven nonprofit accelerating a low-carbon, customer-centric electricity system by unleashing the potential of blockchain and decentralized technologies. EWF focuses on technology integration and development, co-creating standards and architectures, speeding adoption, and building community.”
Energy Web Chain: The blockchain platform itself
Energy Web Decentralized Operation System: “a secure, open-source, shared operating system for the 21st century grid. It is a stack of software and standards, including the Energy Web Chain, that will enable market participants to digitally orchestrate low-carbon electric systems.”
Decentralized Autonomous Area Agent (D3A): Platform that facilitates for the bidding of energy from producers to end users
EW Origin: “a modular portfolio of toolkits [SDKs] for developing state-of-the-art trading and tracking applications for energy attribute certificate (EAC) markets”
Energy Web Token: Native Utility token on EW Chain
The profile of companies that are involved with the EWT project is one of the most impressive. There are brand names like GE, Shell, Tepco, Duke Energy, Wipro, Swiss Power, etc., that need no introduction.
Here are some recent partnerships that were not in the whitepaper:
Vodafone: Number 465 on Global Forbes 2000 and number 67 on Top 100 Digital Companies list. “Vodafone Group is one of the world’s leading technology communications providers, connecting people and organisations of all sizes to the digital society.” Vodafone is partnering will “combine SIM-centric blockchain technology (SCB) with IoT connectivity from Vodafone Business to create secure IDs for energy assets. This means that renewable and distributed assets like wind turbines, batteries, heat pumps, and solar panels can be integrated with energy grids safely and efficiently.”
Energy Web Token on Reddit | Twitter | YouTube | Telegram
As of this writing, EWT has following presence on the social Media:
Reddit: 176 members | Energy Web Token Reddit link
Twitter: 5302 Followers | Energy Web Token Twitter link
YouTube: 328 Subscribers | Energy Web Token YouTube link
Telegram: 1511 members | Energy Web Token Telegram link
Where to buy Energy Web Token?
For those interested in purchasing the Energy Web Token, here are the exchanges that have listed the EWT as of this writing:
The Energy Web project is quite ambitious. We can see the potential of companies like Tesla getting onboard in future.
Beyond the partnerships, members and ‘price to the moon’ predictions, we see a project that is laying the foundation for a major disruption in the energy industry.
If EaaS comes to fruition as visioned, it can help the world as a whole to reduce our carbon footprint while democratizing energy in the hands of the common public.
This is an exciting project in our point of view.
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