HOW DOES THE ENERGY WEB CONNECT DIGITALIZATION WITH DECENTRALIZATION AND DECARBONIZATION?
Crypto projects are poised to revolutionize digitalization. As blockchain technology spreads, new projects are sprouting to contribute to it. Why Energy Web differs from these projects, and how does the EWT fuel the energy web multichain ecosystem?
Energy web
The Energy Web Chain is an open-source, public-enterprise blockchain platform tailored for companies in the energy sector. The multichain ecosystem is developed to decarbonize the digital economy. Decarbonization is achieved by distributing digital operating systems for energy grids to energy market participants. Energy Web claims that these operating systems are simple, secure, and efficient for clean energy assets to support the grid.
Energy web stacks decentralized operating system (EW-DOS) constitute three layers for developing and deploying decentralized applications in the energy sector. It includes various software development tools for creating unique commercial applications in the industry. As the name implies, it is a digitalized web that connects users to energy and focuses on decarbonizing energy grids with decentralized technologies.
Energy web was launched in 2019 by the Energy web foundation. From the start, the foundation has focused on contributing low-carbon, customer-centric electric systems that use blockchain and decentralization. Currently, the company has around 50 working projects in 21 countries across the globe.
Energy Web’s global decarbonization mission is to digitize renewable energy markets, Analysing the impacts of energy devices on the environment by enabling life cycle asset tracking. Moreover, they are advancing the ‘Crypto Climate Accord’ and expanding the community to decarbonize the crypto and blockchain industry.
Energy Web token
EWT is the native cryptocurrency of the energy web platform. The token is co-created by Rockey Mountain Institute (RMI), a pioneer in the energy sector with Grid Singularity (GSy), a team of blockchain development experts. Primary use cases of EWT utility tokens include transaction fee Payments in the ecosystem block rewards, and it also protects the network against misbehaviour.
The present market capitalization of EWT is $235,751,826. A total of 90 million tokens have been created, and Energy Web is planned to create another 10 million over the next ten years. EWT is not an ERC-20 token, but the team has developed an EWT Bridged token, an ERC-20 token used to transfer EWT from the Energy Web chain to Ethereum Mainnet.
Future of Energy Web Token
The existing situation demands companies to reduce carbon emissions and adapt to renewable energy resources. All industries across the world are working towards a net-zero carbon emission. When blockchain technologies are also an integral part of the mission, other crypto ecosystems and communities will access the services of companies already working on decarbonization and clean energy transition.
So, projects such as Energy Web, working on the same will take advantage of the situation. Notably, the energy web stack services can be accessed only via EWT. When the usefulness of the token goes high, it will reflect on its value. Past price history EWT reveals the same. The token was traded for around $.500 in April 2020. Within a year, on April 2021, it made a high of $22. In expert opinion, the future is promising for Energy web services and Energy web tokens.
