What is Energy Web Token?
Energy Web Token (EWT) is the operational token of the Energy Web Chain, a blockchain-based virtual machine that aims to support and further application development for the energy sector. Launched in June 2019 by the Energy Web Foundation, a non-profit enterprise, EWT strives to diversify the energy sector by enabling developers to create decentralized applications (DApps). The virtual machine aims to benefit various actors in the energy sector, including grid operators, software developers, and vendors. EWT is a joint project between Rocky Mountain Institute (RMI) and Grid Singularity (GSy), combining RMI's involvement in energy sector research and development with GSy's blockchain development skills.
How does Energy Web Token work?
Energy Web Token operates on a proof-of-authority (PoA) consensus, which relies on trusted validators for the creation of new blocks. This consensus method aims to allow for faster processing times compared to the proof-of-work (PoW) consensus. EWT aims to offer enterprises the opportunity to create completely customized decentralized apps. While other blockchains like Ethereum also provide this diversity, Energy Web Chain is specifically designed for the energy sector. The Energy Web Chain aims to support scalability and data privacy, and it has released a tech solution called Energy Web Decentralized Operating System (EW-DOS), which aims to allow users to control and manage their electrical systems online.
What are the potential use cases for Energy Web Token?
Energy Web Token seeks to bring a wide range of applications to the energy sector. One of its main use cases is to offer enterprises the opportunity to create completely customized decentralized apps. These apps aim to manage and control electrical systems online, providing a versatile solution for a wide range of applications in the energy sector. Another potential use case for EWT is enhancing traceability in the energy sector, giving market participants the ability to purchase a variety of digitalized, attribute-based green commodities. It also aims to unlock deep demand-side flexibility, enabling grid operators to tap into the vast technical potential of customer-owned distributed energy resources in a trustworthy, low-cost, scalable way.
What is the history of Energy Web Token?
Energy Web Token was launched in June 2019 by the Energy Web Foundation, a non-profit enterprise. The project is a joint venture between Rocky Mountain Institute (RMI) and Grid Singularity (GSy). RMI, a participant in research and development in the energy sector, has been involved in many projects in the energy sector and has sought to employ blockchain technology’s decentralized power to allow actors from the energy sector to develop new decentralized solutions. GSy, a blockchain developer, brought blockchain expertise to the project and was the powerhouse behind the creation of the Energy Web Chain. The Energy Web Foundation plans to release a maximum supply of 100,000,000 EWT tokens over ten years after the initial release date.
