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Energy web

Energy Web (EWT)

Energy Web, established in June 2019, is the native token of the Energy Web Chain. This open-source, public, Proof-of-Authority blockchain is designed to support enterprise-grade applications in the energy sector, leveraging the Ethereum Virtual Machine.

Energy Web Foundation

Founded in 2017, the Energy Web Foundation is a global, nonprofit organization focused on accelerating the energy transition using an open-source, decentralized blockchain platform. The foundation launched the Energy Web Chain in mid-2019 with the goal of fostering value creation in the energy sector through an open, decentralized software infrastructure built around blockchain technology. It aims to:

Ticker EWT
Category Energy
Website https://www.energyweb.org/
Twitter @energywebx
Telegram energyweb
Reddit https://www.reddit.com/r/EnergyWeb/
  • Develop an ecosystem of users, application developers, and infrastructure providers.
  • Collaborate to identify and assess blockchain use cases in energy.
  • Build an open-source IT infrastructure for implementing these use cases.
  • Educate regulators and stakeholders and provide input to standardization bodies.

Overview of Energy Web Token

Energy Web Token (EWT) was launched on June 16, 2019, and is recognized as a key token for renewable energy markets. EWT serves as the utility token of the Energy Web Chain, which is part of the Energy Web Decentralized Operating System (EW-DOS). This token enhances network security, compensates validators through transaction fees and block rewards, and is used to pay for services that streamline and enhance decentralized applications (dApps).

EWT is the first commercial-grade blockchain platform tailored specifically for the energy sector, designed to meet its unique regulatory, operational, and market needs. The public, Proof-of-Authority chain with allowed validators ensures efficient energy consumption and improves speed and scalability, gaining acceptance among regulators and policymakers.

Energy Web Chain

The Energy Web Chain is a public blockchain network accessible to all utilities, users, and devices. It features a virtual machine similar to Ethereum, allowing developers to create smart contracts and decentralized applications (DApps) with minimal learning curve. The enterprise-grade Energy Web Chain offers high scalability, low transaction costs, and efficient energy consumption.

How EWT works

The Energy Web Chain uses the Energy Web Token (EWT) as its native first-layer utility token, serving purposes like security and validator compensation. A total of 90 million EWT have been created to operate the chain. Utility tokens like EWT derive value from the economic benefits they offer to network users. By attaching economic value in the form of EWT to transactions, the network is protected from various attack vectors.

Security

EWT protects the network by charging transaction costs based on computational effort, similar to Ethereum's "gas" system. This mechanism prevents undesirable behavior such as spamming or infinite loops.

Validator compensation

EWT generated from transaction fees and block validation rewards compensates validators for node operation costs. Although EWT is used for transaction costs, users and developers can use other cryptocurrencies or fiat currencies for their applications. The Energy Web Chain supports all Ethereum smart contracts and second-layer application tokens.

Trading with Energy Web Token

To trade Energy Web Token, users typically purchase it by first acquiring Bitcoin or Ethereum on major exchanges and then transferring it to an exchange like BitMart that offers EWT trading.

Buying Energy Web Token

To buy Energy Web Token, users should follow these steps:

  1. Buying coins with fiat money: Use a platform like Coinbase to buy major cryptocurrencies (BTC or ETH) using fiat currency. This involves registration, completing the KYC process, adding a payment method, and purchasing cryptocurrency.

  2. Transferring cryptocurrency to an altchain: Transfer BTC or ETH to an exchange like BitMart that supports EWT trading.

  3. Deposit cryptocurrency to exchange: Deposit BTC or ETH on the chosen exchange and receive confirmation.

  4. Trading EWT: On the exchange, select a trading pair (BTC/EWT or ETH/EWT), choose the amount to deposit, and confirm the purchase.

  5. Store EWT securely: Use wallets like MyCrypto, Metamask, MEW (MyEtherWallet), or hardware wallets such as Ledger and Trezor to store EWT securely.

Supported trading exchanges

Energy Web Token can be traded on several exchanges, including:

  • KuCoin
  • BitMart
  • Liquid

Partnership

Energy Web has partnerships with various organizations, including Zytech Group, Tokyo Electric Power Company Holdings, Centrica plc, Elia, Engie, Royal Dutch Shell plc, Sempra Energy, SP Group, Statoil ASA, Stedin, and Technical Works Ludwigshafen AG. These partnerships support the commercial deployment of blockchain technology in the energy sector, providing initial funding of $2.5 million.