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In this article about Green Cryptocurrencies I talk about Energy Web Token (EWT), that builds operating systems for energy grid. Energy Web Token aims to accelerate decarbonization of the global economy deploying digital operating systems for energy grids with a global community of more than 100 energy market participants.
These systems make it simple, secure, and efficient for clean energy assets to support the grid of the future. One of the main selling points of EWT is that it offers enterprises the opportunity to create completely customized dApps. While blockchains like Ethereum also provide this diversity, Energy Web Chain was purposefully designed for the energy sector. The Energy Web virtual machine operates under a Proof-of-Authority (PoA) consensus. This means that the blockchain relies on trusted validators for the creation of new blocks. The PoA consensus is an alternative validation method, and it allows faster processing times than the Proof-of-Work (PoW) consensus. Proof-of-Authority keeps EW Chain’s distributed network in sync.
While not structurally different from PoW, the PoA mechanism only allows for a certain number of nodes to validate transactions and create blocks, called validator nodes, who must meet certain eligibility criteria, such as being a legally registered organization and being an official member of the Energy Web Foundation. It has been also released a stacked tech solution called Energy Web Decentralized Operating System (EW-DOS). It allows users to control and manage their electrical systems online and has three layers that work together to enable development and deployment of decentralized applications for the energy sector. The main industries that EWT covers are the following: Grid Operators, Aggregators & OEMs, Energy Suppliers, E-Mobility and Crypto Climate Accord. Energy Web Token has a max supply of 100,000,000 tokens. You can read the WhitePaper . Energy Web has grown to over 100 partnerships, including industry giants Tepco, Siemens, Shell, and Exelon.
Energy Web is incorporated in Zug, Switzerland and was cofounded by Rocky Mountain Institute (RMI) and Grid Singularity (GSy). Rocky Mountain Institute (RMI) is an independent nonprofit founded in 1982 that transforms global energy use to create a clean, prosperous, and secure low-carbon future. Instead Grid Singularity is a world-leading blockchain technology developer in the energy sector.
Leave a comment below and tell me what you think about Energy Web Token, the role of Cryptocurrencies in the environment protection, the aspects that can be improved and if you know other notable green Cryptocurrencies. Consider this space a place to talk without censorship.
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