The Energy Web Chain platform, a blockchain-based virtual machine created by the Energy Web Foundation to promote application development for the energy industry, uses the Energy Web Token (EWT) as its operating token. Token holders can use the token to pay for a variety of decentralised applications, goods, and services established on the Energy Web Chain, as well as to reward or recompense network operators for their involvement with the platform. The token is intended to be a key component of the Energy Web Chain.
The organisation in charge of creating the Energy Web Chain platform, its technologies, and the Energy Web Token is known as the Energy Web Foundation (EWF). It is a nonprofit organisation operating on a worldwide scale with the goal of utilising blockchain and other decentralised technologies to quickly deploy low-carbon, customer-focused electrical infrastructure and technology.
The group, which was created in 2017 by the Rocky Mountain Institute, Grid Singularity, and 10 other people and organisations, focuses on technology integration and development, co-creating standards and designs, accelerating adoption, and developing community.
The Energy Web Chain, which is made up of utilities, grid operators, producers of renewable energy, commercial energy buyers, and others, is another achievement of the EWF.
Energy Web Chain, a decentralised network created in June 2019 on the Ethereum ecosystem, aims to supplement the energy sector’s existing physical infrastructure with digital infrastructure. It aids in establishing connections between network grid operators, users, and clients, as well as with other actual physical energy-related elements including solar panels, electronics, gridlines, and more.
Over 25 businesses from 14 nations operating across 17 time zones run the Proof of Authority-based Energy Web Chain. It facilitates the execution of smart contracts, hosts decentralised identities, and offers proofs for confirming the status of events and data. The platform enables the efficient usage of the Energy web token and includes a library of readily available templates that make it simple for users to construct any type of traceable digital asset.
The platform supports use cases like chain abstraction, where application programme interfaces operate as a communication channel between off-chain system data and on-chain component interactions.
The EW-DOS enters as the primary facilitator of the Energy Web Chain platform after three years of development, prototyping, testing, and experimentation with numerous decentralised technologies. It makes use of self-sovereign decentralised IDs and registries and a stack of open-source software standards. To enable the exchange of billions of dollars in assets among participants, it also makes use of numerous information technology platforms.
The Energy Web Chain runs exclusively on the Energy Web Decentralized Operating System (EW-DOS), a system that combines centralised and decentralised technology to enable users to communicate with great ease inside the energy market. The major goals of the Energy Web Chain platform are to enhance the energy industry and open up grid flexibility using customer-owned resources.
Who Are the Founders of Energy Web Token (EWT)?
The Energy Web Token was developed with the collaboration of two institutions, Rocky Mountain Institutes (RMI) and Grid Singularity (GST) (EWT).
Rocky Mountain Institute (RMI), which has taken part in numerous groundbreaking energy-related projects, is a well-known name in research and development. The Energy Web Chain was developed by RMI in order to take advantage of blockchain technology’s decentralised capability and enable actors in the energy sector to establish new decentralised solutions.
The project’s blockchain component was created by Grid Singularity (GSy). The Energy Web Chain was developed by GSy, a blockchain research and development organisation. To ensure the EWT development, their renowned specialists, blockchain experts, and core Ethereum blockchain developers collaborated closely.
What is the Energy Web Token (EWT) used for?
Here are some of the roles that the Energy Web Token (EWT) plays on the Energy Web Chain and in the decentralised world at large:
Keeping the Energy Web Network operational
The token enables participant transactions and communication, maintaining the viability and stability of the network.
Participant interaction
The token enables communication between users on the network. Depending on the agreed clause that each participant abides by, users can send or receive tokens.
Utilizing apps
Users can interact and participate in a variety of services and products on the decentralised platform using the token.
Reward
In accordance with the smart contracts agreement, the tokens are utilised to compensate validators on the Web Chain. With each transaction in the block, users can earn a certain number of tokens thanks to this.
Staking
The tokens can be staked by users, who can also convert them to fiat money and use it to make purchases on the blockchain network.
What is the unique point of the Energy Web Token (EWT)?
Grid operators initially supply the physical framework to improve electrical power usage and reduce reliance on carbon-based energy consumption. The grid architecture is the limiting factor, thus bigger databases or faster computers alone won’t be able to solve the problems grid operators are encountering. In centralised grid systems, a single entity is responsible for a variety of tasks, including updating data based on changing circumstances and maintaining infrastructure. Duplication across systems is made possible by such architectures, which raises the danger of inconsistencies, low trust, and expensive costs.
The two institutions participating in the development of the Energy Web Chain platform wanted to introduce a blockchain solution for a variety of energy-related applications with the special feature of giving businesses the chance to build entirely unique decentralised apps. Energy Web Chain was specifically created for the energy sector, even if other blockchains like Ethereum also have this. Due to its cutting-edge scalability and data privacy, it enables these businesses to control and manage their electrical systems online.
How Many Energy Web Token (EWT) is in Circulation?
There are presently 48,638,535 Energy Web Tokens on the market for trading out of a total quantity of 100,000,000 EWT tokens.
Is Energy Web Token (EWT) Network Secured?
Energy Web uses a brand-new consensus technique called the Proof of Authority to maintain network stability (PoA).
Although it uses a structure similar to the Proof of Work (PoW), it differs in that it limits the number of nodes that can validate transactions and build blocks. This feature enables the network’s validator nodes, participants, and employees to be required to first satisfy a set of eligibility requirements outlined in the smart contract, such as being a duly registered business and a full member of the Energy Web Foundation, before proceeding.
This has long maintained the network’s safety and security.
How do I buy Energy Web Token (EWT)?
The Energy Web Token (EWT) Network is a brand-new DeFi platform designed to assist electricity companies in reducing their reliance on coal-based energy. To easily purchase EWT, follow the procedures listed below.Open a trading account on the market for cryptocurrencies.Place the specified amount of fiat money in your account.
Be sure to wait for your deposit to be confirmed before using your trading account to buy EWT.
Which Cryptocurrency Wallet Supports Energy Web Token (EWT)?
Energy Web Token is one of the numerous cryptocurrencies supported by the PTPWallet platform (EWT). Due to its wide range of applications, it has developed into one of the most popular platforms, acting as both an exchange and a search engine for other cryptocurrencies. Additionally, PTPWallet features a straightforward EWT interactive interface that makes it simple for users to manage its system, making it simple for customers to utilise PTPWallet as their EWT wallet.
FAQ
Is it possible to purchase EWT with cash?
No. Cash payments are not accepted for the purchase of EWT. However, you can use platforms like LocalBitcoins to purchase BTC first, then finish the process by transferring your BTC to the right AltCoin exchanges.
What Security Measures Does EWT Take?
The consensus known as proof-of-authority serves as the foundation for the Energy Web virtual machine (PoA). This implies that the blockchain depends on reliable validators for the creation of new blocks. Instead than using proof-of-work (PoW), the PoA consensus uses a different validation method that allows for faster processing.
On what factors the price of the EWT Network [EWT] Depends?
The price and market capitalization of EWT are influenced by a number of factors, including exchange inflows and outflows, technical and fundamental changes, the news cycle, and the general economic environment.
