Energy Web: decentralized energy
Hermetic Science: Breaking Down Crypto Projects.
The aim of this study series is to demystify cryptocurrency from what appears to be magic internet money into more simply a type of currency that uses distributed ledgers. What those ledgers enable users to do with cryptography (the science of hiding information) is the real magic.
*Disclaimer** This information should not be construed as financial advice, nor should you treat it as a substitute for the services of a certified financial advisor.
I. Crypto Summary
The Energy Web Token(EWT) is the native crypto-currency of the Energy Web Chain, an open source platform built to support the development of decentralized energy applications by building a more trackable, democratized and decarbonized energy system.
Its decentralized Energy Web System (EW-DOS) is a technology stack designed to connect energy market players to increase grid flexibility, is pivotal to the operation of the EW chain. The key to the operation of the grid is the Energy Web Token (EWT), which has the functionality to pay major grid operators and allows those who access it to pay for decentralized application services built on top of the platform.
II. Commercial Application
By owning EWT, users have the ability to take part in products and services developed in the Energy Web ecosystem including:
- Grid management: Energy Web can be used to manage the distribution of energy on the grid, improving the efficiency and reliability of the grid and reducing the need for central control or intermediary.
- Peer-to-peer (P2P) energy trading: Energy Web enables P2P energy trading by creating a safe and transparent platform for transacting electricity between producers and consumers.
- Renewable Energy Certificate (REC) tracking: Energy Web can be used to track the generation and trade of RECs, ensuring their authenticity and improving the transparency of the market.
- Carbon offsetting: Energy Web can be used to manage carbon offset programs, providing a safe and transparent way to track and verify the retirement of carbon credits.
- Electric vehicle (EV) charging: Energy Web can be used to control and settle payments for EV charging, providing a safe and transparent platform for transacting energy between EV owners and charging station operators (think Tesla Superchargers) .
III. Team
The current head and CEO of Energy Web is Jesse Morris. Before heading EWT, Jesse was chief in the Electricity Practice of Rocky Mountain Institute (RMI). He is responsible for co-authoring many of RMI’s findings on the economics of battery storage, advanced demand response technologies, and solar-plus-storage systems.
Another key member of Energy Web is their Chief Technology Officer (CTO) Mani Hagh Sefat. With over 20 years of experience of working in design and development of various enterprise, Mani is a vetted full stack engineer.
There’s also Raffaella Piraino in charge of finance as Chief Financial Officer (CFO). She’s held the post of CFO at several companies based in Switzerland that have international ventures.
IV. Potential
The potential of Energy Web is significant, as it aims to address some of the key challenges facing the energy sector, such as decarbonization, decentralization, and the efficiency of energy.
Energy Web can improve on the issue of energy efficiency by reducing the need for intermediaries and streamlining the transaction process. As it stands the problem with large energy providers is that the the electricity produced is badly used/distributed because it is treated as a non-storable commodity. Energy providers will generate as much electricity as they can to be used straight away for homes or factory consumption. This usually results in part of the electricity produced being wasted.
With a decentralized solution like Energy Web, users could sell their electricity to the highest bidder, and the route that this energy would take would be more efficiently managed with the help of blockchain technology and the marketplace.
V. Risks
Like any new technology, Energy Web has some risks and challenges that need to be addressed before it reaches mass adoption. One of the biggest risks facing Energy Web is that it’s a relatively new technology and as such broad support by the energy sector may take time. The lack of adoption could limit the potential reach and benefits of Energy Web.
There’s also the recurring issue of regulation as it pertains to blockchain technology. Energy Web operates in a highly regulated industry, and there is a risk that regulations may be enacted that could limit its adoption or impact its functioning.
Competition risk: Energy Web operates in a competitive industry, and there is a risk that other technologies or platforms such as Helium for example, may emerge that offer similar services and prove to be more attractive solutions to energy market participants.
VI. Conclusion
Overall, Energy Web has the potential to significantly transform the energy sector by providing a secure, transparent, and efficient platform for managing energy transactions. However the technical and regulatory risks need to be carefully considered and managed in order to ensure the success and adoption of Energy Web in the energy sector.
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