Time flies if your doing things you love!
It’s been four years now since Ethereum launched its Frontier release and it was roughly around the same time as we started first experiments on how to use blockchain technology apart from sending Bitcoins around.
It is a great journey and fortunately today it looks more than ever that blockchain technology will stay.
It’s been too long since our last post, but finally it is here and we want to share what we have been doing since then.
Our latest project has brought us back to our home country Germany. We helped enyway to build the foundation of a blockchain ecosystem and we want to give you a quick summary of the building blocks of the ecosystem. You can read it in more details in the whitepaper out of which we are citing here.
Multi token model
The ecosystem is based on a multi token model:
Five tokens represent different values and allow clear and efficient documentation of the value transfer and thus of the entire value chain within the ecosystem. These five tokens can be divided into two categories: Security tokens and utility tokens. Security tokens include the ‘Ownership’, ‘Use’ and ‘Invest’ tokens and are the digital image of an existing asset in the real world. Utility tokens, on the other hand, serve as resources that can be used to map the processes of the platform. In particular, these are Currency and Power Utility tokens that represent flows of currency and energy quantities.
Asset Sharing
With the usage token enyway enables everybody to produce green energy.
Product CHANGE let customers buy a solar package and allocates them an individual share on a solar panel. To make this process transparent an asset backed token is distributed to every customer. The token makes its owner eligible to receive the profit generated by this share. The token standard ERC-721 is used for it and extended with additional functionality such as reallocation of shares after contract expiry.
Proof of origin
Enyway is also solving a big issue of the energy market: green washing. Nowadays it is not clear for the consumer how his power was produced. Companies who take up the cause to produce green energy can pledge this simply by buying it on the energy exchange. There is no need to improve local infrastructure and all of it works just by making sure that enough energy was bought from somewhere (even some other country) so that it matches the consumption in the balance sheet.
Enyway is building a “proof of origin” for energy. The whole process from power production to its consumption can be traced back to the individual plant and users will be able to see almost in real time how their power consumption is and which sources are used for their consumption. Every actor in this process gets a digital identity on the blockchain and is involved in the generation, transfer and destruction of the Power Utility Token.
This whitepaper represents only the first chapter of a series describing applications within the enyway ecosystem which are backed by DLT. Its outlook surely will make you as much excited as we are:
Distributed ledger technology plays a key role in opening up the energy market. Participation and transparency ensure that the consumer’s position is generally strengthened. For example, by being able to choose where and from whom to purchase electricity, the consumer can directly influence and promote specific regions or energy carriers. Increasing market transparency means that the relabelling of integrated grey electricity increasingly requires real renewable electricity.
Blockchain as a clear data basis, in which production and consumption as well as delivery conditions and payment flows are combined, serves as a starting point for many further processes connected to this data. In this context, smart contract based process automation can provide additional transparency as well as resource savings and further cost reductions. By granting extensive reading rights to competent authorities, such as network operators or authorities, communication interfaces can also be significantly streamlined, and error rates of manual data transmission can be circumvented.
The blockchain based P2P electricity trade is a door opener for the energy supply of the future, based on which many other innovative applications can be integrated, e.g., individual levies and charges, smart home functions, smart grid interfaces, electromobility and much more.
