Energy Web Token (EWT) is the operational token for the Energy Web Chain platform, a blockchain-based virtual machine designed by the Energy Web Foundation to support application development for the energy sector. The token is designed as an important component on the Energy Web Chain as it is used to reward or compensate the networkers’ operators for their interaction with the platform and also to allow the token holders to pay for various decentralization applications, products, and services built on the platform.
The Energy Web Foundation (EWF) is an organization responsible for the development of the Energy Web Chain platform, its technologies, and the Energy Web Token. It is a global, nonprofit organization aimed at allowing for the speedy use of low-carbon, customer-centric electricity systems, and technologies through the potential of blockchain and decentralized technologies.
The organization focuses on technology integration and development, co-creating standards and architectures, speeding adoption, and building community and was founded in 2017 by Rocky Mountain Institute, Grid Singularity, along with ten other individuals and organizations.
The EWF also fostered the world’s largest energy blockchain ecosystem, comprising utilities, grid operators, renewable energy developers, corporate energy buyers, and others—The Energy Web Chain.
Built in June 2019 on the Ethereum ecosystem, Energy Web Chain is a decentralized based platform aimed at providing digital infrastructure to the already developed physical infrastructure of the energy sector. It helps in connecting network grid operators, users, customers, and other energy-related physical components like solar panels, electronics, gridlines, and more.
The Energy Web Chain uses a Proof of Authority consensus system and is operated by over 25 companies from 14 countries spanning 17 time zones. It hosts decentralized identifiers, executes smart contracts, and provides proofs for verifying the state of data and events. The platform allows for the effective use of the Energy web Token and contains a stack of useable templates that allows participants to create any kind of traceable digital asset with ease.
The platform allows for use cases like chain abstraction where application program interfaces provide a communication interface between on-chain components and off-chain system data.
Built and allowed for public use after three years of research, development, prototyping, and experimentation with various decentralized technologies, the EW-DOS arrives as the main facilitator of the Energy Web Chain platform. It consists of a stack of open-source software technologies and standards and utilizes self-sovereign decentralized identifiers and registries. It also uses various information technology systems to allow for the transaction of billions of assets amongst participants.
The Energy Web Chain is running solely on the Energy Web Decentralized Operating system (EW-DOS), which is a combination of decentralized and centralized technologies that work simultaneously to allow users to communicate within the energy market, allowing for immense ease. The Energy Web Chain platform is designed mainly for two use cases—improving the energy sector and opening grid flexibility from customer-owned resources.
Who Are the Founders of Energy Web Token (EWT)?
The cooperation of two institutes: Rocky Mountain Institutes (RMI) and Grid Singularity (GST) led to the creation of the Energy Web Token (EWT).
Rocky Mountain Institute (RMI) is a popular name in research and development in the energy sector as they have participated in many ground-breaking projects in the energy sector. RMI wants to utilize blockchain technology’s decentralized power to allow actors from the energy sector to develop new decentralized solutions, hence the Energy Web Chain was created.
Grid Singularity (GSy) was responsible for the blockchain feature of the project. As a blockchain developing institute, GSy was the main brain behind the creation of the Energy Web Chain. Their renowned experts, blockchain professionals, and core Ethereum blockchain developers worked hand-in-hand to ensure the EWT development was successful.
What is the Energy Web Token (EWT) used for?
The Energy Web Token (EWT) plays various on the Energy Web Chain and the decentralized world at large, here are some of its uses:
Maintaining the Energy Web Network
The token allows for transactions and communication amongst participants, hence, keeping the network stable and alive.
Interacting with participants
The token allows participants to interact with each other on the network. Users can send or receive tokens based on the agreed clause each participant adheres to.
Interacting with applications
With the token, users can participate and interact with a host of products and services on the decentralized platform.
The tokens are used in rewarding validators on the Web Chain based on the smart contracts clause. This allows users to earn a particular number of tokens on each transaction on the block.
Users can stake the tokens and earn high returns; they can also convert the tokens to fiat currencies and spend off the blockchain network.
What is the unique point of the Energy Web Token (EWT)?
Originally, grid operators provides the physical infrastructure to enhance electrical power usage and relieve reliance on carbon energy consumption. However, bigger databases or faster computers alone will not overcome the challenges facing grid operators as the limiting barrier is the grid architecture. Centralized grid architectures place the burden on a single body to perform numerous roles like maintaining infrastructure, updating data based on events over time, and the like. Such architectures allow for duplication across its systems, which increases the risk of inconsistencies, low trust, and high cost.
During the development of the Energy Web Chain platform, the two involved institutes aimed at launching a blockchain solution for a wide range of applications in the energy sector with a unique point of offering enterprises the opportunity to create completely customized decentralized apps. Although blockchains like Ethereum already possess this, Energy Web Chain was purposefully designed for the energy sector. It allows these enterprises to control and manage their electrical systems online through its state-of-the-art scalability and data privacy.
How Many Energy Web Token (EWT) is in Circulation?
The Energy Web Token has a maximum supply of 100,000,000 EWT tokens and there are currently 48,638,535 EWT tokens available on the market for trading.
Is Energy Web Token (EWT) Network Secured?
To keep the network in check, Energy Web uses an entirely new consensus mechanism called the Proof of Authority (PoA).
Although it has a similar structural mechanism as the Proof of Work (PoW), its difference is it only allows for a certain number of nodes to validate transactions and create blocks. This feature allows the validator nodes, participants, and workers on the network must meet certain eligibility criteria as ascribed on the smart contract such as being a legally registered organization and being an official member of the Energy Web Foundation before they proceed.
This has kept the security and safety of the network in check for years.
How do I buy Energy Web Token (EWT)?
Energy Web Token (EWT) Network is a new DeFi platform that aims at providing decentralized resources to energy companies to reduce the dependency on coal-based energy. EWT can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy EWT through your trading account.
Which Cryptocurrency Wallet Supports Energy Web Token (EWT)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Energy Web Token (EWT). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their EWT wallet because it offers a simple EWT interactive interface making it easy for people to navigate its system.