Energy Web is a global, member-driven nonprofit accelerating a low-carbon, customer-centric electricity system by unleashing the potential of blockchain and decentralized technologies.
But what is Energy Web being used for specifically?
The first wave of dApps falls into three groups. Firstly, certification so electricity consumers can confirm their electricity source is from renewable energy. We’ve previously written about several EWF projects in this area, including separate projects from Spain’s Iberdrola and Acciona.
Secondly, there are dApps around electric vehicle charging and making the process simpler. The third and more complicated area is demand response. To smooth supply and demand during off-peak periods, renewable energy can be stored in batteries, and customer assets can transact with other machines or the grid operator.
The blockchain
Given EWF is all about green energy, it couldn’t run an energy wasteful Proof of Work blockchain like the public Ethereum and Bitcoin chains. Instead, it’s using Proof of Authority (PoA), which means initially ten approved companies run validator nodes. The companies are a mix of utilities, grid operators, and blockchain developers. By using PoA, EWF can enable low-cost transactions and greater scalability.
The foundation has too many big-name members to mention. Global brands such as Total, Shell, GE, and Siemens are on board. But most are regional electricity generators or grids. From the U.S. there’s Duke Energy and PG&E, but they also have major brands from Asia and many of Europe’s biggest providers. Numerous startups are also participating.
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