EtainPower was thrilled to participate in the 2018 Silicon Valley Innovation & Entrepreneurship Forum (SVIEF) conference this weekend. This year’s event brought together more than 10,000 attendees on September 29–30 at the Santa Clara Convention Center. Themed “Converge and Exchange,” the conference was an ideal opportunity for us to develop business partnership connections with both US and Asia-Pacific companies.
The conference featured ten tracks including the Global Blockchain Summit, which focused on applications of blockchain technology to solve real world problems beyond the cryptocurrency space. EtainPower’s founder and CEO Steven Dong was invited to join a panel discussion on IoT, AI and Blockchain along with fellow founders, Allan Zhang of DxChain and QuarkChain’s Qi Zhou.
We are always eager to exchange ideas with other industry leaders. This panel was an in-depth discussion on how IoT, AI and blockchain, each disruptive technologies on their own, create a powerful combination. Steven compares them to the organic systems of the human body. If AI is like the reasoning and decisioning part of the human brain, IoT is the nervous system, sensing and connecting devices in a unified network. Blockchain, he argues, plays the essential role of memory — it creates a secure and indelible record of transactions.
EtainPower is making use of all three technologies in our peer-to-peer renewable energy trading platform. First, an IoT enabled power grid will monitor energy production from renewable energy systems and usage by end consumers. Smart grid technology uses AI to balance the load on the distribution system, smoothing out power surges and dips that are common with renewable energy sources like wind or hydro power. Finally, all energy transactions are recorded on the blockchain for a consistent and accurate ledger of purchases.
P2P trading enabled by blockchain has the power to accelerate the global development and adoption of renewable energy. Our platform allows investors all over the world to contribute to renewable energy projects, which often have a hard time securing funding for their upfront costs. The trading platform is tokenized, allowing anyone to contribute and earn credits toward their own power purchasing needs. By bringing transparency to energy generation and distribution, we will create accountability within the industry and build consumer trust.
These practical solutions to real-world pain points are key for projects launching in this investment climate. According to blockchain researcher Diar, the number of successful ICOs is nearing a one-year low. Many consumer facing blockchain projects have struggled, but in the B2B space, applications of the technology are still garnering attention.
“In the bear market, it’s a good opportunity for projects like EtainPower, which has real applications and revenue supporting its ecosystem,” says Steven. “Only projects who can connect blockchain technology with the real society will survive from the crypto winter.”
While EtainPower’s ecosystem is built for P2P funding options, it has raised primarily from institutional investors, including Gobi VC, Gorun Energy, Blue Rising Capital, Shuyin Capital, Sell Capital, ARCHina Capital Partners and DeepBrain Chain Foundation. Industry-wide, traditional VCs have filled the gap left by declining ICO success this year. PitchBook reports that in just three quarters of 2018, VC investment on blockchain projects is already 280% ahead of the whole of 2017. Conferences like SVIEF give us the chance to talk to industry experts and prominent investors like Tim Draper.
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