Web 3.0 Meets Energy

Intro to Web 3.0

Although nomenclature for the web continues to be opaque, its development over the years can be generally categorized into three distinct phases — each building on the one before it.

Web 1.0, or the “read” phase, was about connecting information and getting on the internet. Web 2.0, or the “write” phase, is about connecting people into a web of social participation and allowing them to publish content. The next stage, Web 3.0, or the “execute” phase is just beginning. It is about dissolving the frameworks of websites, web apps and owned data and replacing it with shared data that can be accessed by services and smart contracts that can present and process that data in meaningful ways to the user. Web 3.0 will be a “read-write-execute” web.

Energy — The Next Generation

The next generation of energy will increasingly move away from fossil fuels and be anchored in renewables: solar, wind, hydro and geothermal. It will also move away from its current centralized energy grid in favor of a decentralized and ultimately distributed one that is cleaner, more efficient, more resilient, and lower cost.

The disaggregation of the current investor owned utility (IOU) monopolies is inevitable. One only needs to look to the breakup of the telecom industry as proof of the benefits gained when entrepreneurial creativity is granted access to a monopolized industry. Competitive business models, product sets and services emerge that drive down costs and expand capabilities. Think landlines to wireless.

Web 3.0 Meets Next Generation Energy

The powerful combination of technology and renewables will be explosive — in a positive way! By combining the network technology ingredients of blockchain and smart contracts with smart phones and wireless communications, individuals and small businesses can crowdfund their purchases of renewables and sell excess capacity directly to their neighbors, their communities or to their utility company.

Startup company, MyBit.io, is developing an opensource, decentralized application platform that connects individuals to investors worldwide for the purpose of purchasing revenue generating assets such as solar panels. No Banks, no attorneys, no middlemen required.

The platform uses Ethereum based smart contracts to manage the collection and distribution of funds between all parties: investors, asset owners, solar panel manufactures, installers and utility companies. MyBit eliminates financial barriers by providing worldwide access to previously untapped capital from the masses and establishes trust between parties, enabling anyone in the world to participate in the distributed energy revolution.

For more information on MyBit.io, visit their website at https://mybit.io/.

Conclusion

As Web 3.0 connects with a decentralized energy industry, expect massive amounts of creativity from the fringe. Entrepreneurism will flourish yielding new forms of products and services that result in a cleaner, better, cheaper, and more resilient energy grid. The technology is here, and now, and with a cooperative effort, a new electrical energy structure is possible that will not only benefit developed countries but expedite the electrification of 1.2 billion people worldwide who have none. This will be life-changing — changing their lives for the good and providing countless new opportunities where there are few. “The Peoples’ Grid” — energy for the masses by the masses will become a dominant socioeconomic, environmental and political manifesto in the near future. And when it does, everybody wins.

Written by Thomas Pollan (COO, MyBit.io)