Energy Web Token is a more traceable, democratized and decarbonized cryptocurrency. It is designed to support the development of energy sector applications by creating an energy system. It is the native cryptocurrency of Energy Web Chain, an open source platform.
Historically, grid operators increase the use of electric power. And it has provided the physical infrastructure to reduce reliance on carbon energy consumption. The Energy Web Chain (EW Chain) aims to provide the digital infrastructure that connects grid operators, customers and physical assets (such as solar panels, thermostats and electric vehicles).
At the heart of operating the EW Chain is a stack of technologies designed to connect energy market participants to increase grid flexibility. Includes Energy Web Decentralized Operating System (EW-DOS).
The Energy Web Token (EWT) allows the network token and owners to pay for decentralized application services built into the platform, which is used to compensate mainnet operators.
How does the Energy Web Chain work?
Energy Web Chain is a shared infrastructure, an incentive scheme, and traceable. It was created by implementing features common to many cryptocurrencies, such as an information log.
In fact, EW Chain instead of rebuilding an entire infrastructure. It derived its own blockchain code from Ethereum’s to focus on functions affecting the energy sector.
It is worth noting that due to the Energy Web Chain, which relies heavily on real-world data, the platform integrates middleware technology into its architecture, such as oracles, which transmit real-world data to EW applications, bridges and allow EWT coins to be used on other devices. Blockchains and a digital identity system for users to have permanent identity in Energy Web applications.
Proof of Authority
To keep its network in sync, Energy Web uses a variation of EW Chain’s Proof of Work consensus mechanism called Proof of Authority (PoA) to keep its distributed network in sync.
While not structurally different from PoW, the mechanism of PoA is simply being a legally registered entity. And for a certain number of nodes to verify transactions, which must meet certain eligibility criteria, such as being an official member. And it allows it to create blocks called validator nodes. Energy Network Foundation.
To encourage validators to work honestly, they are compensated with Energy Web Tokens (EWT) after their blocks are included in the Energy Web Chain.
Who created the Energy Web Token (EWT)?
The Energy Web Foundation (EWF), a nonprofit organization that created and developed the Energy Web. It was founded in 2017 by the Rocky Mountain Institute, Grid Singularity, and ten other affiliates.
The Energy Web Foundation raised nearly $20 million over two years with several rounds of funding. Sold 21 million Energy Web Tokens, EWT coins. EWF officially launched the Energy Web Chain in 2019.
Over time, Energy Web has grown to more than 100 partnerships, including industry giants Tepco, Siemens, Shell and Exelon.
Why Does EWT Coin Have Value?
Energy Web Token EWT cryptocurrency plays an important role in maintaining and operating the Energy Web network. And it can be used to hold, send or interact with apps.
By owning an EWT, users gain the ability to participate in the suite of products and services created in the Energy Web ecosystem and send an EWT to any other participant in the network.
Additionally, Energy Web rewards validators with Energy Web Tokens based on programmatic rewards and fees attached to every transaction included in a block.
Why use Energy Web Token EWT?
Users may find Energy Web attractive based on the energy industry-specific suite of products and services created on its platform.
Energy Web Chain could also be of interest to businesses in the industry looking to launch custom applications on their own blockchain.
There are several projects already built on the platform. Some examples are finding renewable energy. And it includes Zero, a marketplace community to source, and Switchboard, an identity and access management tool.
Investors may also try to purchase EWT and add it to their portfolios if they believe Energy Web’s ability to disrupt the energy sector market.
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