Welcome to another edition of Coin Review. Our altcoin champions for this week are WazirX and WINK, both managing to gain an incredible 500% for their holders. Though not without mention BitTorrent did manage to pull into 3rd with a 200% jump as well. This week we’ll be looking into the energy sector at a long-awaited decentralized energy incubator called Energy Web.
Introduction
Energy Web Chain is the world’s first enterprise-grade, open-source blockchain platform tailored to the energy sector’s regulatory, operational, and market needs. Launched by a global, member-driven nonprofit organization called the Energy Web Foundation. The Foundation’s purpose is to ease the creation of a low-carbon, customer-centric electricity system by combining the potential of blockchain and decentralized technologies. With a focus on technology integration, development, co-creating standards, architectures, adoption, and community. Energy Web Foundation’s aim is to speed up the global transition to a decentralized, democratized, decarbonized, and digitized energy system. Since its launch EWF has fostered the world’s largest energy blockchain ecosystem, comprising utilities, grid operators, renewable energy developers, corporate energy buyers, and others.
Since its founding in January 2017, EWF’s main objective was to launch an energy-specific blockchain by Q2 2019. With the launch of the production EW Chain in June 2019, they have created a global blockchain infrastructure that currently is the only public, Proof-of-Authority blockchain that supports commercial applications with well-known organizations as validator nodes. To streamline the development of applications ranging from energy attribute certificates markets, electric vehicle charging solutions, and grid flexibility management platforms. Energy Web has developed toolkits (SDKs) focused on the most common needs in the energy sector. To bring blockchain technology from “boutique” to “industry” in the sector. Energy Web is developing business models that provide clear societal, environmental, and economic benefits to all participants.
Being an open-source, publicly accessible blockchain derived from the Ethereum technology stack. Energy Web is designed specifically for energy-sector applications, using a Proof-of-Authority (PoA) consensus mechanism that increases transaction capacity and decreases energy consumption compared to Ethereum and other public blockchains. By using a PoA consensus mechanism, the combination of limiting validator status to a defined number of nodes who have passed a vetting process and establishing economic and reputational incentives (validators have something at stake) introduces an inherent level of trust between the participants. Since there is no competition among validators to race each other to create blocks, transaction throughput can be increased while energy consumption and computational complexity are reduced compared to a PoW model. From an architectural perspective, there is no significant difference between Proof-of-Work and Proof of Authority. Both allow an unlimited number of nodes to store a copy of the full ledger.
The EW Chain supports novel privacy preservation features that make it possible to control data access in competitive and/or regulated energy market applications. Besides providing technical solutions for…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
