What Is Energy Web Token (EWT)?
The Energy Web Token (EWT) is a cryptocurrency belonging to the Energy Web Foundation (EWF). The Energy Web Foundation is an organization dedicated to building open-source operating systems for energy grids that can help in powering a zero-carbon economy. A zero-carbon economy represents an economic structure where the energy-producing sources release low greenhouse gases. As per its whitepaper, the mission of the foundation is to accelerate the process of decarbonization for the global economy. To achieve this structure, the currency develops digital operating systems for the energy grid of more than 100 market participants, thereby helping develop efficient, simple, and secure clean energy assets that can support the future grids.
Further, the Energy Web Foundation website states that to expedite this energy transition process for decarbonization, EWF focuses on leveraging blockchain and other digital technology. This process has allowed the organization to develop the Energy Web Decentralized Operating System (EW-DOS), open-source software that includes its Energy Web Chain. The energy web chain of EW-DOS functions on proof-of-authority blockchain and executes smart contracts, hosts decentralized identifiers, and provides proofs for verification of events and data. To use and access this Energy Web Chain’s applications and smart contracts to produce a low-carbon electricity system, users will need an Energy Web Token (EWT).
The Energy Web Token (EWT) is the native utility token of the Energy Web Chain and functions on the blockchain of EW-DOS. The digital coin is used for paying the gas fee of EW-DOS and has only two primary functions on the Energy Web Chain:
Compensating validators for efficiently and honestly processing transactions on Energy Web Chain.
Paying decentralized services that function on the Energy Web Chain’s utility layer. Utility layers are packages used to develop and integrate clean energy assets, marketplaces, and customers with other assets and actors on the Energy Web Chain.
Further, to use Energy Web Tokens, users have to acquire the token from different exchanges available on the website of the Energy Web Foundation, or they can be bridged from ERC20 token to Energy Web Chain.
History of the Energy Web Token (EWT)
The Energy Web Foundation was founded by Rocky Mountain Institute and Grid Singularity in 2017. The Energy Web Chain of the organization, whose native utility token is EWT, was launched in June 2019.
