Energy Web Token: Powering the Zero-Carbon Economy
“There is an Energy Crisis happening globally and you aren’t looking into EWT? Crazy.”
Organizations like Energy Web are developing programs to bring greater transparency to sustainable energy usage, including renewable energy usage for Bitcoin mining.
The huge growth of the Crypto Industry has given birth to many blockchain companies that offer bespoke services to crypto users around the world. However, each blockchain has native tokens that are transactable by investors. One such blockchain company is Energy Web Foundation’s blockchain, Energy Web Chain. Its native Energy Web Token (EWT) has also gained tremendous popularity since the start of trading.
In this video-article, we’d like to review all the important things about the Energy Web Token project to determine its future potential.
Energy Web Foundation: A Brief History
Energy Web Foundation started operations in 2017 with Rocky Mountain Institute (RMI) and Grid Singularity as founders. Specializes in technology integration, standards and architecture co-creation, rapid deployment, and community development. RMI is a non-profit organization that leverages global energy to create a clean and safe zero-carbon future. This energy company has changed the fate of countries around the world that rely on fossil fuels to the use of clean energy. On the other hand, Grid Singularity is a leading blockchain technology company specializing in the energy sector.
The Grid Singularity team is also known for its team of Ethereum Blockchain developers, energy experts and leading technology professionals. Therefore, the initial EWF testnet was largely dependent on Ethereum’s Kovan Network. However, at the end of 2017, Energy web launched a dedicated testnet – Tobalaba. Tobalaba is an Energy Web Foundation’s native test network named after a subway station in Chile. It was built with the latest technology so that developers can create tokens and build D’Apps effortlessly.
What Is EWC (Energy Web Chain)?
The Energy Web Chain (Blockchain) is an open-source platform created to improve the energy sector globally. EWC also provides users with traceable, democratized and decarbonized energy solutions. In the past, the use of power was managed by grid operators, who provided first-class support infrastructure. However, with the advent of EWC, the present situation is about to change. The digital infrastructure provided by EWC guarantees that it is almost independent of carbon energy. EWC does this by connecting technology products such as grid operators, engineers and customers with solar panels. One of the core assets of the EWC is the Energy Web Distributed Operating System (EW-DOS). EW-DOS is a collection of technologies designed to connect energy market participants (engineers and customers).
The mission of Energy Web
The mission of the Energy Web is to accelerate the decarbonization of the global economy. To this end, the Energy web foundation is developing a digital operating system for energy grids with a global community of more than 100 energy market participants. These systems enable clean energy assets to be simple, safe and efficient to support the future grid.
How does the Energy Web Chain work?
The energy web chain is built by applying features common to many cryptocurrencies, such as shared infrastructure, incentive schemes, and traceable logs of information.
In fact, Energy Web Chain is a derivative of its own blockchain from Ethereum’s blockchain code, focusing on functionality that affects the energy sector rather than rebuilding the entire infrastructure.
Since the energy web chain is highly dependent on real-world data, it is noteworthy that it integrates middleware technologies in its architecture, such as Oracle, which provides real-world data to EW applications, bridges that enable EWT coins to be used in other blockchains, and digital identity systems, which enable users to continuously identify between energy web applications.
Proof of Authority
To keep the network synchronized, Energy Web uses Proof of Authority (PoA), a variation of the Proof of Work consensus mechanism, to keep the distributed network synchronized in the Energy Web chain.
The Proof of Authority mechanism is not structurally different from the Proof of Work, but transactions can be validated, and blocks created only on a certain number of nodes, called validator nodes, that meet certain qualification criteria, such as being a legally registered organization or being an official member of Energy Web Foundation.
To encourage the Validator to act in good faith, they will be rewarded with Energy Web Tokens (EWT) when their block is included in the Energy Web Chain.
EWT Crypto: What Is It? Why Is It Unique?
EWT is Energy Web Chain’s native cryptocurrency that currently powers the entire infrastructure of the network. It appeared in the sector in 2019 and continues to be actively used by many crypto exchanges around the world. Maintaining and operating the EWC and interacting with its applications is essential. Token holders can also participate in a set of products and services built on the energy web chain. Apart from being a governance token for the energy web chain, Validators earn $EWT as a reward on the blockchain. EWC uses systematic algorithms that reward Validators from gas rates generated outside the blockchain.
According to CoinMarketCap, this token is ranked among the top 200 tokens in the crypto market. Today, October 2022 the current number of tokens in circulation is around 30,000,000 coins, and the maximum supply is 100,000,000 coins. The token is available on exchanges such as KuCoin, Gate.io, and Kraken.
EWT attempts to fix what types of problems?
The Energy Web Token (EWT) platform was built with the aim of rethinking energy conservation efforts. Currently, most energy improvements are achieved through major upgrades of physical infrastructure. Unfortunately, this strategy is expensive and cumbersome. It also completely ignores the fact that interconnecting provides more benefits than individual improvements.
The Energy Web Token platform leverages sensors and software to enhance power usage and provide new opportunities to the market. The system enables anyone to provide any power asset to the global user community through an open, censorless market.
The independence of the current global energy infrastructure is inefficient in many ways. Excess energy is wasted, not shared or sold to others. The Energy Web Token platform allows this energy to be tracked, captured, and redistributed to where it is needed most. This strategy allows users to share energy assets and improve global carbon dioxide emissions.
Lack of transparency
The average energy company’s users do not have access to critical information, such as the entire energy wasted on the network. They also have no access to confidential company information, such as hardware specifications or important data that could demonize energy suppliers. This lack of transparency often leads to abuse and price manipulation, and these companies are notorious for using their customers. Energy Web Token introduces traceable logs that provide access to near real-time data to improve the user experience and level the playing field.
EWT (Energy Web Token) Benefits
Energy Web Token (EWT) is a customer-centric, open-source blockchain. The platform has borrowed many technical aspects from Ethereum to simplify onboarding for Dapp developers. Therefore, the network is secure, reliable and fully compatible with EVM.
Users can secure passive rewards by sharing network energy assets or providing other services. Such incentive strategies will overturn traditional centralized business models and replace more democratic and inclusive options. By connecting the energy-generating islands, ordinary users can enter the energy service market on a scale of 1 trillion yen.
The Energy Web Token (EWT) consists of a global community of more than 100 energy market participants. These companies are active in a variety of areas, from service providers to the renewable energy market to distributed energy resources. The Energy Web Token continues to look for new partners who share a vision of a more sustainable market.
The Energy Web Token (EWT) is a decentralized platform. The network is powered by a global community of users who work together to improve the system. There is no central authority that controls the network. This decentralization ensures that the network is secure, reliable and always available.
The Energy Web Token (EWT) is a scalable platform. The network can handle a large number of transactions per second. This scalability ensures that the network can meet the demands of a growing user base and a more globalized energy market.
The Energy Web Token (EWT) is an open-source platform. The code is available to anyone who wants to contribute to the development of the network. This openness ensures that the network is secure, reliable and always available.
Energy Web Partnerships
The Energy Web project has partnered with some of the world’s leading companies in the renewable energy, electric vehicle, and smart grid industries. These partnerships allow the Energy Web Token to provide a comprehensive solution to the energy market. EWT partners with more than 100 different organizations. It also partners with three non-profit media partners. Some of its notable partnerships include:
Volkswagen is one of the world’s leading automobile manufacturers. The company has partnered with the Energy Web Token to develop a blockchain-based system for electric vehicles. This system will allow Volkswagen to provide a more efficient and transparent electric vehicle charging infrastructure.
Electric Blue is a leading provider of renewable energy solutions. The company has partnered with the Energy Web Token to develop a blockchain-based platform for managing renewable energy credits. This platform will allow Electric Blue to provide a more efficient and transparent way for companies to trade renewable energy credits.
EON is a leading provider of smart grid solutions. The company has partnered with the Energy Web Token to develop a blockchain-based platform for managing distributed energy resources. This platform will allow EON to provide a more efficient and transparent way for utilities to manage the grid.
Foton is a leading provider of electric vehicles. The company has partnered with the Energy Web Token to develop a blockchain-based system for electric vehicles. This system will allow Foton to provide a more efficient and transparent electric vehicle charging infrastructure.
SB Energy is a leading provider of renewable energy solutions. The company has partnered with the Energy Web Token to develop a blockchain-based platform for managing renewable energy credits. This platform will allow SB Energy to provide a more efficient and transparent way for companies to trade renewable energy credits.
Shell is a leading provider of oil and gas services. The company has partnered with the Energy Web Token to develop a blockchain-based platform for managing the oil and gas supply chain. This platform will allow Shell to provide a more efficient and transparent way for companies to trade oil and gas.
So, these are some of the notable partnerships of EWT. These partnerships help EWT to provide a comprehensive solution to the energy market. If you want to know more about EWT and its partners, then visit the official website of EWT.
Use Cases of EWT
The Energy Web Token has a number of potential use cases. Below are some examples of how the Energy Web Token could be used:
- Zero Carbon Economy: The Energy Web Token could be used to create a zero carbon economy. The platform could be used to trade carbon credits and develop new renewable energy projects.
- Electric Vehicle Infrastructure: The Energy Web Token could be used to create a more efficient and transparent electric vehicle charging infrastructure. The platform could be used to manage the distribution of electric vehicles and to trade electric vehicle credits.
- Smart Grid: The Energy Web Token could be used to create a more efficient and transparent smart grid. The platform could be used to manage the distribution of energy resources and to trade energy credits.
- Renewable Energy: The Energy Web Token could be used to create a more efficient and transparent renewable energy market. The platform could be used to trade renewable energy credits and develop new renewable energy projects.
- Energy crisis solution: The Energy Web Token could be used to provide a comprehensive solution to the energy crisis. The platform could be used to trade energy credits, develop new renewable energy projects, and manage the distribution of energy resources.
- Green Bitcoin mining: The Energy Web Token could be used in “green” bitcoin mining. The platform could be used to trade energy credits and manage the distribution of energy resources.
These are numerous examples of how the Energy Web Token could be used. If you have other ideas about how the Energy Web Token could be used, please feel free to share them in the comments section below.
EWT as A Green Blockchain Project
The energy web token symbolizes the growth sector of the market, which is primarily focused on sustainability. This year, we’ve seen highly power-hungry crypto like Bitcoin heat up with excessive energy consumption.
The Energy Web Token provides a sustainable network that enables ordinary users to gain profits and track usage more intensively. As energy prices continue to rise, this project is expected to gain more momentum in the future.
The Future of the Energy Web Token
The Energy Web Token is still in its early stages of development. The team is currently working on a number of pilot projects and is actively engaged in partnerships with leading organizations in the energy sector.
The project’s long-term goal is to create a decentralized energy ecosystem that enables individuals, businesses, and governments to trade energy resources and credits on a global scale.
In conclusion, Energy Web Token is a blockchain-based platform that is designed to manage the global energy market. So, if the project goes as planned, EWT will revolutionize the way we trade energy resources and credits on a global scale.
EWT Energy Web Token
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.