Power Update #8 — December 2018

Happy holidays! From all of us at Electrify, we wish you much joy, peace, and satisfaction with your electricity plans. As the year draws to a close — and what a year it has been — we want to take this chance to look back at some of our most memorable moments and achievements. Here is Electrify’s 2018 in review:

TOKEN SALE

In February, we successfully launched our ELEC crowdsale, reaching our hard cap within hours. The sale was held in a controlled distribution format with no bonuses offered. We remain extremely grateful to everyone who contributed to our vision!

TEPCO

One of the most noteworthy events of the year was our partnership with TEPCO to test and explore blockchain-based solutions in the energy space. In November, we secured funding from the Japanese electric utility to develop Synergy, our P2P energy trading platform. This validation from the world’s fourth largest electric utility cannot be overstated.

POWERPOD

In the first half of the year, we completed the Minimum Viable Product for PowerPod, our Internet-of-Things (IoT) gateway for collecting energy production and consumption data. Since then, PowerPod has gone through further iterations, including enhancements to its visualization dashboard.

AIRDROP

Christmas came early this year. As promised in our whitepaper, we launched the ELEC airdrop in September, to show appreciation for our token holders as well as raise awareness for our project in the blockchain community. A total of 22,500,000 ELEC was distributed to all qualified addresses.

ALPHA

2018 saw another significant milestone — the launch and completion of Synergy Alpha. We successfully simulated an end-to-end use case for P2P energy trading through Singapore’s main electricity grid and market. The Alpha brought onboard 12 consumers and 3 producers and enabled them to access customizable dashboards to view their production, consumption, and energy supply plans. The learnings from Synergy Alpha will go a long way in helping us prepare for the Beta phase.

OEM

The Open Electricity Marketplace (OEM) is an initiative to open up Singapore’s retail electricity market to all consumers in Singapore. This liberalization process officially began in November and will roll out in phases across geographical zones. In line with this initiative, we have launched our online Marketplace, allowing residential users to search for energy plans and contract with our retailer partners.

CONFERENCES, LOTS AND LOTS OF CONFERENCES

We really threw ourselves into the speaking circuit this year, be it in the energy space, blockchain space, or energy blockchain space. For us it was more than just a matter of getting our name out there; we wanted to educate and integrate, to bring different communities together and help them understand the technicalities as well as game-changing implications of P2P energy trading. We also featured in myriad online articles and YouTube interviews.

Before we sign off, here are this month’s product updates for Synergy and Marketplace:

Synergy
Business Goals:

• Onboard producers and consumers onto the Synergy platform
• Demonstrate P2P energy trading capabilities between producers and consumers
• Allow producers and consumers to access customizable dashboards to view their energy production and consumption plans

Current Development:

• Increased stability and data reliability of the PowerPod to reduce network disconnections
• Included solar generation and net import/export information in the producer’s energy chart
• Added latest period reading to the producer’s chart
• Updated earnings page and power plan details
• Implemented revenue API for use on the producer’s revenue page
• Improved the welcome screen interface
• Enhanced payment functionalities including the ability to check status of existing and previous payment cycles

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

Current Development:

• Completed the development and internal user acceptance testing for the Marketplace’s microsite. This will enable electronics retailers to sell our Marketplace energy plans to their customers.

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And that wraps up the last month of 2018 and our year in review. We want to emphasize how much we appreciate you sticking around and showing your support. Here’s to an electrifying 2019, cheers!