Once upon an Electrify

A brief analogy for an electricity marketplace (Part 1)

Imagine a land not so far away, where potatoes were a staple necessity. And people, for decades, had to buy their daily ration from the king. One day, the king allowed a handful of merchants across the kingdom to sell these very same potatoes. You would imagine the people would be better served. But alas, there wasn’t a great deal of competition between the merchants because the community didn’t have any way to know if they were getting a good deal or not. These merchants did not disclose their prices and the population merely bought and paid what they were told to. This went on for years and more merchants started selling these same potatoes and still, the people meekly paid as they were told to.

And one day, two tinkers opened a market.

The merchants set up shop in the tinkers’ market, and suddenly people could see for themselves how much potatoes were going for. They could choose for themselves which merchant had better service, which provided better terms of barter and even which merchant would do bulk deals.

The tinkers even built a platform for the people who wanted to buy a lot of potatoes at once! Merchants would put in their quotes, and the tinkers would teach the people how to tell which was the best offer and how many potatoes they should be consuming.

But best of all, the market attracted other kinds of merchants from near and far. These merchants didn’t just have regular potatoes. They had sustainably farmed potatoes that were friendly to the environment. Some had potatoes that were healthier. And some even had tools to make the most of the potatoes and make them last longer.

The tinkers even thought of a way for people to bring the potatoes they had grown in their gardens to sell at the market. There were many small bags of potatoes that people peered and peered into before buying.

Even the merchants who were selling regular potatoes at first, started seeing that these other potatoes were good and started offering them too. And this made the people in the kingdom much happier. Even the merchants.
But this wasn’t the end. The two tinkers wanted to make even more ingenious ways to help the people buy their potatoes. They wanted to make clever records that were carved into chains of magic blocks. And everyone at the market would have a set of these block-chains. That way, records would always be available and confirmed. And best of all they couldn’t be changed, so no one would ever get cheated.

As the sun set on another busy day, the tinkers packed their bags. The market was in the good hands of their apprentices, and the tinkers had heard of other lands near the kingdom. They had sought consensus from their fellows and were now headed to share their magic block-chains and market with everyone.

ELECTRIFY is Southeast Asia’s first retail electricity marketplace, offering dynamic price discovery. We will be the first in Asia to develop smart contracts for electricity purchases and a new peer-to-peer energy trading platform based on CfDs. The technology will be built on a distributed ledger architecture with all transactions written to the blockchain. ELECTRIFY will launch its ICO on 1 Jan 2018. No potatoes were harmed.

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