Power Update #4 — August 2018
Backdating to the month of August, Electrify had some very exciting news and progress updates for our Tribe.
PRODUCT & TECHNICAL
The development for Synergy Alpha and Marketplace was very much on track, with no critical bottlenecks identified by the tech team thus far. During the month, we also planned an Airdrop to our community, that was executed in September and to be completed by the end of the year.
Synergy Alpha
Business Goals:
- Onboard Prosumers and Consumers onto the Synergy platform
- Demonstrate P2P energy trading capabilities between Prosumers and Consumers
- Allow Prosumers and Consumers to access customisable dashboards to view their energy production and consumption plans
August’s Development:
- Successfully onboarded our first Prosumer with the deployment of PowerPod at their premise
- PowerPod was capturing the Prosumer’s solar production and energy consumption readings in real-time, which could be visualised graphically
- Enabled consumer contracting with a Producer and a Retailer
- Enhanced the Consumer and Prosumer Dashboards based on feedback that the team received in the previous Proof-of-Concept (POC)
Marketplace
Business Goals:
- Enable consumers to create their Electrify accounts, search for retailer plans, and enter into a contract with a selected retailer
- Enable retailers to create and manage power plans
August’s Development:
- Initiated Final User Acceptance Testing
- Fixed bugs as well as further optimised the User Interface
- Enhanced Search Engine Optimisation capabilities
- Finalised Technical Deployment procedures in preparation for the Go-Live of Marketplace during Singapore’s Open Electricity Market (OEM)
Airdrop
Business Goal:
- Execute an Airdrop to qualified wallet addresses
August’s Development:
- Deployed a full Ethereum node and developed the scripts to grab the qualified wallet addresses that will receive the Airdrop
- Wrote the smart contracts necessary for the fair and accurate distribution of ELEC tokens on the actual Airdrop date
AIRDROP
We are distributing 3% of the total supply of ELEC to our community members in appreciation of their belief in our project. To quote Oprah, “You get ELEC! You get ELEC! You get ELEC! YOU GET ELEC!” This exercise will also allow us to reach out to new supporters and introduce them to the cause of peer-to-peer energy trading. The snapshot was taken at height 6200004, the last occurring block at 23:59 UTC +8, 23rd August 2018. You can read more about the Airdrop announcement here!
TOKENOMICS
This month we pushed out our first tokenomics article, fleshing out the token architecture that was first presented in our whitepaper. To emphasize, ELEC is a utility token that grants producers and prosumers access to our peer-to-peer electricity trading platform, allowing them to pay transaction fees as well as place deposits. The article also clarifies the economic rationale of our deposit mechanism and shows how making deposits in ELEC can reduce short-term circulating supply of tokens and increase token price.
⚡CURRENT AFFAIRS — EPISODES 4 & 5
Episode 4 of our Vlog series provides a recap of all that went down in Seoul during the inaugural Korea Blockchain Week. Martin reflects on the many exciting events that took place during his trip and discusses the various opportunities in the Korean energy and blockchain markets. In Episode 5, Martin returns to explain our token usage and value to viewers, building on what had been published in our tokenomics article.
SINGAPORE CRYPTO NIGHT: AN EVENING FULL OF DECENTRALISED BLISS
Martin was invited to speak on a panel at Singapore Crypto Night, an event hosted by the Innovation Department. Our COO discussed the blockchain ecosystem in Singapore, his vision of a decentralised future, current market conditions, and scaling solutions.
COMMUNITY CHAMPS
Our three champions for August were Ben Lastname, Andromeda Explorer, and TheRealAloha99. They had represented us well by voluntarily educating the community about what we do — actively answering questions and dispelling misconceptions on our various social media channels. As a sign of our thanks, we have sent each of them a limited edition, pure copper Electrify cold storage coin!
TEAM
We welcomed two new hires in August:
Regina Cheong — Finance Manager
Denise Chua — Marketing & Communications Executive
ELECTRIFY IN THE PRESS
Singapore-based Blockchain Company Sparks Interest from TEPCO
Blockchain Accelerates Disruption in Energy Sector
Innovative blockchain startups in Southeast Asia
Our CEO Julius Tan was featured in The Vanguards: 2018 PRESTIGE 40 UNDER 40 — Changemakers
