One of the essential and justified criticisms that have always been directed at Bitcoin and other cryptocurrencies with Proof-of-Work or PoW is their incompatibility with the environment due to the need for high energy consumption for mining and blockchain security. This is cryptocurrencies, However, blockchain technology has shown that it is not only possible to solve the environmental problem of digital currencies by using other consensus algorithms such as Proof-of-Stake or PoS, but even this technology can be used in projects such as currency Digital Energy Web Token (Energy Web Token) is also used to help reduce environmental problems.
Energy Web Token is the native cryptocurrency of the Energy Web Chain, an open-source platform designed to support the development of energy sector applications by creating a more traceable, democratized,0, and decarbonized energy system. Historically, grid operators have provided the physical infrastructure to increase electricity consumption and reduce reliance on carbon energy consumption.
The Energy Web Chain (EW Chain) aims to provide a digital infrastructure that connects grid operators, customers, and physical assets (such as solar panels, thermostats, and electric vehicles). Central to the implementation of the EW chain is the Energy Web Decentralized Operating System (EW-DOS), a set of technologies designed to connect energy market participants to increase grid resilience. The key to network operations is the Energy Web Token (EWT), which compensates key network operators and allows those who hold it to pay for decentralized application services built on the platform.
In the rest of this article, Asia Signal experts will describe the Energy web tokens and Energy web tokens’ last news.
What is Energy Web Token?
For years, electric grid operators have provided the necessary physical infrastructure to produce electric energy without the need for carbon fuels. The Energy Web aims to provide a digital infrastructure that directly communicates between grid operators, customers, and systems (such as solar panels, thermostats, electric vehicles, etc.).
Energy Web Chain (EWC) is an open-source network designed to support the development of energy applications. Creating a traceable, more democratic, and decarbonized energy system is one of the main goals of this blockchain platform. The Energy web chain Executive Center is called the Energy Web Decentralized Operating System (EW-DOS). It is a collection of various tools and technologies that connect the various components of the energy industry. EW-DOS is a multi-layer digital infrastructure built on the Energy web blockchain network. This operating system targets two main challenges in the current energy and renewable energy market:
- Broad access of different parts of the energy industry to the network through decentralized energy sources.
- Creating an accessible and expandable market for renewable energy supply transparently and optimally.
The rest of the article will take a deeper look at the Energy web token infrastructure.
Energy web Token History
The Energy Web Foundation launched the EWC project and the Energy Web Token cryptocurrency in 2017. This non-profit foundation focuses on bringing blockchain technologies to the energy sector worldwide and wants to use this technology to reduce carbon emissions into the atmosphere.
Energy Web Decentralized Operating System (Energy Web Decentralized Operating System), called EW-DOS for short, enables the participation of any energy assets belonging to any organization or person in the energy market.
The Energy Web Foundation was founded in 2017 by the Rocky Mountain Institute (RMI for short), one of the world's largest research institutions in the field of energy in the world, in cooperation with the blockchain developer Grid Singularity or GST. With an investment of 100, Another organization developed.
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How does Energy Web work?
Energy web decentralized operating system consists of 3 layers trust, utility, and application. Together, these three layers provide an ecosystem for developing and deploying decentralized applications on the Energy web blockchain platform. In the figure below, you can take a look at the different layers of EW-DOS:
These components are separated based on their function and purpose in the infrastructure. Therefore, developers can implement only the parts they need in the application. Some features are standalone applications; others are modules, libraries, or SDKs that support applications or tools that users can use in their application infrastructure technology.
Trust layer
The Energy web chain is the foundation of the trust layer in the infrastructure. EWC is derived from the Ethereum network code and is a public blockchain that enables the development of decentralized applications through smart contracts that run on the Ethereum Virtual Machine, or EVM. Why is it called the trust layer? Because of the immutability of the data in each block, the automatic execution of commands by smart contracts, and the requirement to encrypt transactions are the reasons that make blockchain technology reliable.
Infrastructure layer
Application layer packages are used in developing decentralized applications for clean energy assets (assets are devices and systems used in the energy industry), customers, and markets. They provide common and standard protocols for identification, communication, and information exchange through the following paths:
- Manage access to markets and applications based on role and identity.
- Decentralized messaging between users and assets that operate at different network levels and have no communication protocol.
- Cache capabilities (a possibility similar to browser cache) and namespace to improve user experience and optimal search in applications.
SDK layer
The application layer provides Software Developer Kits (SDK) and programs that serve the following two purposes:
- Broad access to the network.
- Facilitating the provision of clean energy.
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What is the consensus mechanism of the Energy web network?
The Energy web network uses a Proof of Authority (PoA) mechanism called the Authority Roundtable (AuRa). In this consensus mechanism, only a certain number of nodes can confirm transactions and create new blocks. They are called validator nodes. These nodes must meet specific criteria, such as being a legally registered organization or an official member of the Energy Web Foundation. Therefore, the validators of this network should not be anonymous; Rather, they must go through the authentication or KYC process. The validating nodes of the Energy Web Chain are well-known members of the energy industry community.
Because the Energy web blockchain is made of Ethereum network codes, the nodes of this network use the Open Ethereum Client software. Anyone can be a perfect node in the Energy web network, but only the addresses included in the Validator-Set smart contract can validate transactions and create new blocks. This smart contract allows adding or removing validators.
Energy web Network's consensus mechanism can process hundreds to thousands of transactions per second, reducing energy wastage. The developers of this network claim that Energy web Consensus Proof consumes 54,000 times less energy than Proof of Work (PoW) and reduces network costs by 350 times.
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What is the purpose of the Web Token digital currency project?
This project wants to solve the problem of releasing too much carbon into the atmosphere, which is one of the main causes of global warming. In general, it can be said that Energy web Foundation has two main goals:
More customers invest in renewable energy sources such as solar panels.
Energy supply and distribution companies should create decentralized infrastructures for buying and selling energy by customers in a free market. The most important advantages of the Energy Web Token project are as follows:
- Reducing carbon emissions into the atmosphere: Governments and energy supply companies can increase the share of renewable energies in their processes using the Energy web chain.
- Public ownership and revenue sharing of the energy industry: Investors can buy and sell energy directly and in a free market using the Energy web chain and earn income in this way.
- Transparency: One of the essential capabilities of blockchains is their transparency and reliability. The energy web blockchain can track energy buying and selling transactions and how energy is produced and consumed. In other words, users in this network can see how their energy consumption is provided.
- Decentralized infrastructure: reducing the frequency of power outages due to the decentralized structure and not having a single failure point.
- Free market economy: By using an Energy web chain to distribute and supply electricity, a free market will be created, and the price of electricity in this market will not be determined in a mandated and exclusive manner but based on the supply and demand model.
- Renewable energy certificates: Governments and companies that produce and distribute electricity must reduce their carbon footprint by using renewable energy sources such as solar and wind energy to receive renewable energy certificates.
- Help solve the problem of energy poverty: still, many areas in the world do not have electricity. Chen's Energy web can create a profitable model for providing electricity to these areas so that electricity supply and distribution companies will be motivated to provide electricity to these areas.
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What are energy web network services?
Energy Web Bridge: Using the Energy Web Bridge, you can transfer EWT tokens from the Energy Web network to Ethereum.
Blockchain Browser: Using Energy Web Block Explorer, you can get important information about blocks, transactions, addresses, and EWT tokens. There is also an experimental blockchain browser version monitoring information on the Volta experimental network.
Staking pool: Energy web community members can deposit their tokens (or staking) to support the network on nodes in the Staking Pool. If the node provides safe, fast, and stable service, both the node and the depositor are rewarded.
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Which exchanges sell EWT coins?
You can buy energy web tokens from centralized exchanges such as Kraken, Kocoin, Bitmart, Hotbit, and Liquid. EWT coin is also listed on UniSwap decentralized exchange (versions 2 and 3).
How to buy and sell energy web tokens?
To buy this currency, it is enough to go through the following process because Energy web is also available in all kinds of exchanges like other tokens.
- Comparing exchanges and choosing the best exchange
- Opening a user account
- Placing a deposit in the account
- Buying Energy web currency
If you intend to sell your Energy web, you must:
- Log into the account where you hold your Web Energy Token
- Register your sales order
- Finalize the sale transaction
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Review of Energy Web project collaborations
On December 20, 2021, Energy Web announced its cooperation with Parity Technologies. Preeti is a Web3 software development company. This cooperation has been done in line with the expansion of the Energy web activity platform and connection to Polkadot and Kusama ecosystems. A new chain is going to be launched that will enable organizations to operate independently using the Substrate framework and launch their custom blockchain alone or in collaboration with other energy market participants. Preeti is a blockchain infrastructure provider. The company encourages developers to build innovative technologies by providing open-source tools. Preeti started her career in Ethereum development and currently focuses on the Substrate framework project. This framework has been used in the construction of the Polkadot network.
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Conclusion
We can boldly say that the biggest problem in the world today is not the political differences between the East and West blocs, nor the Russian war in Ukraine, nor the Middle East crisis, but rather a global warming and other environmental damage, which is considered the common enemy of all the inhabitants of the planet.
One of the leading causes of global warming is increased carbon emissions into the atmosphere after the industrial revolution. Although many efforts have been made to reduce carbon emissions into the atmosphere, international agreements have been signed for this purpose. However, most of the world's electricity is still supplied using fossil fuels, which play the most crucial role in carbon emission into our planet's atmosphere.
In such a situation, blockchains such as Bitcoin and Dogecoin, which operate based on the proof-of-work consensus algorithm, are effective in emitting carbon into the atmosphere with high electricity consumption by their miners. However, the blockchain industry can help mitigate this problem instead of emitting more carbon into the atmosphere. The Energy Web Token project has been launched for this purpose.
An Energy web chain is a blockchain network that creates a free market for buying and selling energy and tracking transactions to identify the source used to produce that energy. This blockchain uses the consensus algorithm to verify the blocks; only large electricity generation and distribution companies can operate as nodes in this network.
Energy Web Token or EWT is the project's native token, which is used to pay fees for this blockchain, reward validating nodes, and staking.
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