We are setting up an incentivized energy trading economy on an EVM-compatible L1 blockchain. This will allow the suppliers, distributors, and consumers to earn rewards by executing their part of the use cases.
The two primary goals are to:
Reduce the carbon footprint caused by the energy sector around the World
Facilitate and incentivize retail consumers to become prosumers and run their energy business
To make this happen, we will create an ecosystem that will address the basic issues acting as technical and logistical limiters.
Reduce barriers to entry for retail users
We want to shift the approach of the industry and make it “prosumer-driven”. It implies that if masses among retail users are provided the feasibility to become a part of the green energy economy by installing solar panels and windmills on their facilities (e.g buildings), this will cause a major trend shift in the industry.
Our goal is to help them set up an energy business by installing the equipment, generating the electricity, and selling it back to the grid.
Create an incentivized and reward-based economy
Currently, the primary beneficiaries of the energy ecosystem are the utility companies - this is mainly because they do the maximum investment and are the sole producers of electricity in most of the regions.
However, since we are shifting the trend of the industry and enabling retail users to set up energy-producing equipment as well, they will also have a better incentivization plan, allowing them to earn rewards on every KWh that they generate or consume.
Reduce operational costs and provide better efficiency
With the implementation of smart contracts, the system will be self-governing and we will be able to establish a paperless ecosystem.
This will reduce data inconsistencies and dependency on human inputs while diminishing the operational costs as well.
Provide more fundraising opportunities
The cryptocurrency market is Global, therefore, the utilities, suppliers, and grid operators will be able to launch their tokens on our blockchain and raise funding from around the World.
Increase visibility for everyone while enhancing privacy and security
Our blockchain will have a hybrid architecture with access control. The data will be classified as private, shared under access control, or fully public. Upon the generation of a dataset, this segregation will be done automatically and none of the users will be able to manipulate this behavior or any of the associated flows.
If the data is deemed private, it cannot be viewed by any other party, but the entity who generated the data. If it’s classified to be shared under access control, a “virtual container” will be formed where the data will be kept and only the entities that are allowed to view that data will be added to the container - this may include data like contracts, regulatory reports, etc.
Any data that is classified as public will be broadcasted to our public blockchain, viewable to everyone without any access control. Thus, bringing the utmost level of visibility over the system, while allowing the sensitive data to be stored under access control.