Energy Web – EWT

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Energy Web – EWT

4 minutes

EWT has been discussed pretty frequently over the past few weeks. Today we explain Energy Web to you in a 5-minute read. First, Energy Web is a global nonprofit organization. They describe themselves as accelerating a low-carbon, customer-centric electricity system by unleashing the potential of blockchain and decentralized technologies. So let’s dive into it and find out what that means.

What is Energy Web – EWT?

EW launched the Energy Web Chain in 2019. The EWC is a public blockchain platform designed for the energy sector. It’s the first of its kind and has been used by large partners ever since its launch. EW aims to include a decentralized operating system (DOS) in the platform, which is pretty interesting.

The DOS is open-source and offers decentralized software and standards, allowing partners to share technology that is running on a decentralized network, maintained by some pretty large well-known companies (more about that later).

The DOS has two prominent use cases. Clean energy and carbon emissions traceability and distributed energy resources increase grid flexibility. With the DOS, their goal is to enable their partners to share technology and build low-carbon electricity systems.

Solutions

EW states to offer three solutions for renewable energy markets demand flexibility and electric vehicles.

As their website does a great job of briefly describing these use cases, I’d recommend you to check the following pages out:

1) Renewable energy markets

2) Demand flexibility

3) Electric vehicles

Partners

Possibly one of the biggest reasons EWT has been on so many people’s radar is because of its massive list of incredible partners.

A complete list of their partners can be found here: Our Ecosystem – Energy Web.

It includes companies such as Shell, AES, Tenaska, and many more of the world’s most influential energy companies. In one of their most recent Medium posts, EW announced a partnership with Vodafone to bring IoT and blockchain technology to renewable and distributed energy assets (Vodafone Business and Energy Web Collaborate to Bring IoT and Blockchain Technologies to Renewable…).

This review of Energy Web – EWT was created for informational purposes. This article is not intended for promotion.

General info about Energy Web – EWT

The native energy Web Token (EWT) is used to pay for services offered by EW, for example, to pay for transactions within the ecosystem and other EW-DOS services. The EW Chain also supports all ERC standards, including ERC20 tokens, ERC721, ERC1888 certificates, and many more.

Since the launch in 2019 (June), the EW Chain has executed close to 24.7 million transactions (https://explorer.energyweb.org/) in over 10.5 million blocks, with an approx. The upper boundary of transaction fees of 0.00015 EWT. Meaning it doesn’t cost more than a few cents to fill a block with transactions.

Use case of Energy Web – EWT

Users can interact with the EW Chain without needing to hold EWT directly, while a delegated proxy node automatically pays for transaction fees in EWT once transactions occur.

EW offers a bridge to swap EWT tokens between the EW Chain and main Ethereum network, and the bridge can be found at: https://bridge.energyweb.org/

As for token distribution, 100,000,000 EWT will be ever in existence and is distributed as follows:

Unclear to me (at first sight) is when these lockup periods started and when these tokens will be unlocked. Therefore, it is unclear to me how many Energy Web Tokens are currently in circulation and being traded on secondary markets. However, a bot in their Telegram channel states that today (June 17, 2020), about 47 million EWT are in circulation. However, 24 million EWT are held by large energy companies, 23 million EWT were in private funding to affiliates, and the initial token distribution comes from validators and first-round members.

This means that the actual circulating supply on exchanges is much lower, and hence it seems to be a scarce token that has increased in price so much for this particular reason.

Where to buy and sell Energy Web – EWT?

What do we think about Energy Web – EWT?

It’s clear we’re talking about a promising project here, as many others have discovered recently (EWT has seen a price increase of 320% in the past 30 days). It’s also clear that the energy companies holding EWT won’t be selling anything any time soon, as they will need the tokens to use the EW solutions.

Regardless of Energy Web being a promising project, I will hold off on purchasing any EWT at the moment until either the price is down or until more tokens are being traded on secondary markets.

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