Energy Web is a non-profit organization that aims to accelerate the adoption of renewable energy and decarbonization through blockchain technology moreEnergy Web is a non-profit organization that aims to accelerate the adoption of renewable energy and decarbonization through blockchain technology. The Energy Web Chain is a public, open-source blockchain platform designed specifically for the energy sector, allowing energy market participants to transact in a more efficient, transparent, and secure manner.
The possible benefits of Energy Web include improved energy efficiency, cost savings, and increased grid reliability. By leveraging blockchain technology, Energy Web can enable peer-to-peer energy trading, where households and businesses can sell their excess energy to others in the same community, thereby promoting the use of renewable energy and reducing carbon emissions. This feature can also help reduce energy costs for consumers and enhance grid stability by providing a decentralized source of energy.
The EWT token is the native cryptocurrency of the Energy Web Chain and plays a crucial role in enabling transactions on the platform. It serves as a means of payment for platform usage and enables users to access services such as identity verification, data storage, and energy trading. Furthermore, the Energy Web Foundation manages the EWT and uses it to incentivize developers to build decentralized applications on the platform.
Sources:
- Energy Web Foundation. “The Energy Web Chain.” https://www.energyweb.org/technology/the-energy-web-chain/
- Blockchain for Energy. “Peer-to-Peer Energy Trading with the Energy Web Chain.” https://blockchainforenergy.org/peer-to-peer-energy-trading-with-the-energy-web-chain/
- CryptoSlate. “What is Energy Web Token (EWT)?” https://cryptoslate.com/coins/energy-web-token/ (AI generated summary)
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