Energy Web Token (EWT) is a utility token issued by Energy Web platform, an energy blockchain community that works over the energy sector traceability. The entity behind the platform is Energy Web Foundation (EWF) founded at the beginning of 2017.
The company has developed and launched Energy Web Chain (EW Chain) which is operated by 25 companies scattered throughout the world. At the time of writing, the operators from 14 countries span 17 time zones as they perform their duties delivering hosting to decentralized identifiers, executing smart contracts, and providing the verification of data and events. The company based in Zug, Switzerland, is actively involved in the research work, collaborating with over 100 participants in the energy sector.
The project aims to turn the blockchains of the world into the buyers of renewable energy developing clean energy markets globally. Taking into account that blockchains are powered by power-hungry facilities, the problem is rather acute. The importance of chain greenification was admitted by numerous companies that are changing the situation with the transition to alternative consensus algorithms such as PoS which also helps to increase the throughput of networks and make them more energy-efficient.
The platform relies on the experts’ calculations, saying that the portion of renewable energy will reach 50-80% soon and thus replace thermal generation assets. With the arrival of alternating current, a considerable shift in the energy sector is expected. Therefore, the demand for the internet-connected DERs (distributed energy resources) appears, which are needed for the integration with electric grids. With the growth of the energy sector, more opportunities for tokenization appear. EWF considers that introduction of blockchain technology will make the energy sector more efficient.
Energy Web technology and products
EW Chain was launched in June 2019. The blockchain of enterprise-level is required to create the basic digital infrastructure for the development of energy-related apps and their further work on its basis. The blockchain, developed by the in-house team, employs proof-of-authority consensus. Also, EWF has introduced special software development toolkits (SDKs) on an open-source basis to alleviate work for its customers to help them move gradually towards low-carbon energy systems.
Also, the company has developed a decentralized system known as EW-DOS which is intended to connect all energy systems globally. It contains three layers that serve to accept all data on the chain, help to develop and manage apps using a utility and toolkit layer. The protocol developed with the ambitious goal can become a non-official world's standard for digital energy infrastructure. With its full deployment, any person or legal entity gets the opportunity to create an app and deploy it at the enterprise level without possessing the infrastructure.
EW Switchboard unveiled at the end of 2020 its goals to improve EW DOS. This is an innovative IAM (identity and access management) tool created within the concept of self-sovereign identity (SSI). According to this concept, individuals or assets should own their identities. Although it was created primarily for the energy sector and EW chain, any sector of the economy can employ it either within the blockchain or not. SSI is used to avoid duplication and to control the assets without involving third parties thanks to master identities.
The platform has also established Energy Web Zero (EW Zero), an application that enables buyers of renewable energy including large corporations and enterprises of any size to find and source digitally procurement options from numerous marketplaces across the world. The platform dubbed as a digital gateway to zero-carbon renewable energy is backed by Rocky Mountain Institute. The project was unveiled in September 2020 in the form of a joint announcement with the XRP Ledger Foundation. In a couple of months, the project received a grant for bringing the app to market from the Good Energies Foundation.
Energy Web token
The main task of EWT is the protection against foul play and compensation of validators through block validation rewards and transaction fees. The companies should meet very strict requirements to become validators of the network.
No ICO has ever been conducted. Instead, contributions were obtained for the work of its blockchain, for the development of dApps, and the development of the community, while the contributors received tokens as rewards. The max supply is 100 million EWT. The linear release of the tokens is planned to perform within the next 10 years via rewards to validators with 10 million tokens being allocated for this purpose. Additionally, the network has allocates 37.9 million tokens for the development of the ecosystem. The rest is spent to support EMF operations and to incentivize affiliates.
EW Chain supports all ERC standards, enabling the creation of assets in the energy sector. Also, the Energy Web Foundation is a part of the growing Polkadot ecosystem and is going to connect its chain to the relay network as a parachain in order to ensure the interoperability of the network's assets and smart contracts with other blockchains.
The tokens are used to validate transactions within the EW Chain and to pay for services developed in the Utility Layer (for instance, data storage, oracle services). The token was enlisted on Liquid and Kukoin. In May 2020, the token was listed on BitMart and in this way became available for US stakeholders. EWT can be stored on any ERC20-compatible wallet including Trezor One, Ledger Nano S, Metamask, and TrustWalet.
Energy Web Team and partners
Walter Kok, the CEO, was previously COO in Energy Web and COO in ING Bank. He also took senior board positions at Vodafone Global Enterprise, NEC Corporation, BT, and startups.
Micha Roon, Chief Technology Officer, is a graduate of MIT (Massachusetts Institute of Technology) and has previously worked as CTO in Share&Charge, an independent nonprofit organization that works over a better electric vehicle charging experience, and a Senior blockchain developer in Sweetbridge, a blockchain-based economic framework for better logistics.
In May 2020, EW started cooperation with Vodafone Business, a famous technology communications company taking the top position in the IoT sector with over a hundred million global connections. The goal of joint work is to improve the integration of renewable energy assets within the power grid employing blockchain and secure IoT connectivity.