As technology advances, few industries have grown in importance as much as the Energy sector. Now, Energy Web Token is aiming to revolutionize it.
To learn about this project’s ties to two magnates you are sure to identify as well as all the important partnerships they have achieved, make sure to watch the latest YouTube video.
The Energy Industry is Changing
In a world where all technological inventions require or relate to energy production and concerns on environmental alternatives are on the grow, there are few projects as promising as Energy Web Token (EWT) when it comes to disrupting the Energy Industry.
Millionaires around the world have achieved their fortunes due to this industry such as in the case of Warren Buffet, while others have capitalized on the interest for cleaner solutions like in the case of Tesla’s founder Elon Musk.
These two titans of their industries have now been tied by many parties to the blockchain world as the companies they many are showing strong ties to a blockchain project focused on improving the energy industry and boosting carbon-free options.
Despite the controversy around climate change and similar subjects, the world is moving toward eco-friendly and renewables sources like solar and Eolic energy, with governments and companies looking for a share.
Energy Web Chain Wants to Fuel the Energy Industry
The Energy Web Chain is a public, enterprise-grade blockchain platform aimed specially to satisfy the energy sector’s specific needs, which come in the form of multiple regulatory, operational, and marketing challenges that are on the rise.
The project was launched by the Energy web foundation, founded in 2017 with the specific objective of launching an energy-specific blockchain by Q2 2019, an objective they were able to fulfill successfully.
The blockchain was launched on schedule in mid-2019 and has seen Incredible growth in popularity ever since, allowing it to become one of the industry’s leading choices as the foundation for digital infrastructure when it comes to building and running Decentralized apps.
The EWC network is open for all utilities, users, and devices to use it and take advantage of the benefits it has to offer with a virtual machine identical to Ethereum’s to allow developers to write smart contracts and dApps effortlessly and quickly with a non-existent learning curve.
Energy Web chain characterizes itself as having high scalability potential, low transaction costs, and lean energy consumption, which in turn makes it eco-friendly, due to its permissioned Proof-of-Authority (POA) consensus.
Proof-of-Authority Might be a Better Alternative to Other Consensus
There are many other consensus algorithms such as Proof-of-work and Proof-of-stake, with the number increasing regularly as more projects find new ways to reach consensus.
POA bases its consensus on the reputation of the nodes instead of their staking or mining, allowing the network to be 30 times more efficient while keeping energy consumption lower by 2 to 3 orders of magnitude when compared to Ethereum.
As the purpose behind Energy Web Chain is boosting the Energy Transition to a low-carbon and customer-centric electricity system, these decrease in energy consumption as well as the better performance and scalability, are a great way to boost this objective.
EWC aims to achieve this by focusing on 3 pillars:
- Decarbonization through solar energy
- Re-architecting the electric grid so it is no longer a one-way energy transfer system,
- And digitalization to enable the tracking of renewable energy
With the foundation’s success on already running two different test networks by the name of Tobalaba and Volta, both of which will support EWC by operating as its test and production environments, they are positive of EWC’s ability to achieve the objective.
An Alternative that Solves Ethereum’s Biggest Issues
EWC was designed with Ethereum as a starting point as a result of its popularity, public nature, robusticity, flexibility, and for being open-sourced, with the team focusing on fixing what they considered to be “four major pain points.”
The first major pain point is Ethereum’s low network capacity, which can be seen in the recent congestion caused by Decentralized Finance. EWC fixes this by using Proof of authority over Proof of work, which is still expected to perform better than Ethereum 2.0’s Proof of Stake.
Expensive IoT integration is another problem that Ethereum has, making it difficult or impossible for small devices to take advantage of the network due to the computational power required. By creating different light clients are a great option for different devices, EWP opens the door for new IoT devices to join its network.
Ethereum is also unable to differentiate between nodes as are all the same, which limits specialization and flexibility. By using permissioning, EWC will be able to differentiate between nodes and use this differentiation for the governance of the network and scalability.
The last of these major challenges is Ethereum’s low privacy due to it only providing pseudo-anonymity that would not work for most enterprises who require privacy. EWC includes the option for private transactions for cases that require it, with the blockchain still being able to validate them in-chain.
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