It is clear that we must do something about the changing climate, as it is not getting better. More and more people are switching to green energy through solar panels and wind energy. However, it is still quite difficult to achieve this. The Energy Web Token (EWT) project aims to make this a lot easier. This project makes it easier to use and distribute green energy.
In this article we explain what the Energy Web Token is, how this project works and what the team behind this project would like to achieve. At the end of this article, we will tell you how you could buy the EWT token yourself on the crypto exchange . First watch this interesting video where they explain what Energy Web token actually is.
- 1 What is Energy Web Token (EWT)?
- 2 Energy Web Token Competition
- 3 Who founded the Energy Web Foundation?
- 4 The team of Energy Web Token
- 5 How does Energy Web Token work?
- 6 The EWT Token
- 7 How can I buy Energy Web Token (EWT)?
- 8 How can I save EWT?
- 9 Is it smart to invest in Energy Web Token (EWT)?
- 10 Energy Web Token Price
- 11 Benefits of Energy Web Token
- 12 Disadvantages of Energy Web Token
What is Energy Web Token (EWT)?
It is important to know that the Energy Web Foundation already has several projects in the field of energy and brings various solutions and concepts indirectly related to the blockchain . We will only talk about Energy Web Token in this article, which is the Energy Web blockchain project.
Energy Web Token is a project that opens up the electricity market to everyone. It makes it possible to connect and connect devices that generate electricity (solar panels, wind turbines, heat pumps, batteries, etc..) to the Energy Web Token blockchain.
Users can connect their devices (solar panels, wind turbines) and easily sell their electricity through the blockchain. The blockchain will be able to manage the flow of electricity and direct it to the nearest place where it is needed, to the highest bidder.
Companies will have a view of the entire grid (on solar panels, for example) with a marketplace to buy and sell. Companies will be able to buy and trace the origin of energy and better manage the flow of electricity… Because electricity is a non-rechargeable good.
Energy Web Token Competition
Energy Web Token has no serious competitor so far, so it has a competitive advantage. As a result, you could say that the price of the crypto currency still has a lot of potential and can increase in price.
Who founded the Energy Web Foundation?
The Energy Web Foundation is a foundation that grew out of a partnership between the Rocky Mountain Institute and Grid Singularity. They are both household names in the energy field.
Rocky Mountain is an association. It is an American independent research center in the field of energy. At the head is a Nobel laureate and founder of the negawatt concept
Grid Singularity is a blockchain project development company specialized in the energy sector. Gavin Wood is also a co-founder of Grid Singularity. This does not necessarily mean that Gavin Wood is behind Energy Web Token.
The team of Energy Web Token
It is important to note that the members of the team are employees of the foundation who are elected by the board of the foundation. The CEO is not the founder. He is an employee chosen by the foundation.
Walter Kok is the CEO of the EWT team. Walter Kok, a boss of a traditional brick and mortar business. He has worked for the ING bank and the mobile operator Vodafone.
About thirty people work at the Energy Web Foundation. The profiles of the members who sit on the board of the foundation are particularly interesting. These are the people who determine the strategy. A list of all employees of this project can be found on the Energy Web token website.
Here are some key people who are part of Energy Web Token:
- Ewald Hesse . He is the CEO and co-founder of Grid Singularity, as is Ana Trbovich.
- Jon Creyts . He is executive director at the Rocky Mountain Institute.
- Christopher Frei . He works at Emerald and leads the development of the Global Energy Transformation Alliance (GETalliance).
- Etienne Gehain . He heads the digital innovation department at Engie (formerly GDF).
It is important to note that these people make the decisions for the Energy Web Foundation. They are appointed and represent the companies that are the origin of the association.
How does Energy Web Token work?
Energy Web Token is a project encoded on a public blockchain on Ethereum Virtual Machine . It is basically a fork of Ethereum enhanced and built by Gavin Wood and running their network in Proof of Authority (PoA) on it. Gavin Wood helped the project launch their blockchain and is involved because he is the founder of Grid Singularity. This gives the project a certain amount of credibility and reliability.
Gavin Wood built the network, but that doesn’t mean it’s necessarily a Polkadot project. According to their 2018 white paper, they were going to subscribe to a parachain and eventually the team confirmed that they won’t be doing that for a while. The team warns that if they need to move the number of trades, they can discuss a move to a parachain.
Since the blockchain uses PoA, this means that the validators are chosen by the foundation and hand-picked. It is a semi-decentralized blockchain. In our view, you could even say that this is a centralized project.
The token was specifically designed to support energy utility applications. The main function of the EWT token is to serve as a gas to pay transaction fees on its blockchain to exchange information.
The energy web blockchain is managed and controlled by more than 50 company-managed nodes. In addition to its own token, the EW chain supports all ERC standards.
The EWT Token
This project has its own utility token, the Energy Web Token (EWT). This token protects the network from bad behavior, compensates validators with transaction fees and block rewards, and can be used to pay for services that streamline and enhance dApps.
Whoever sells his electricity to his neighbor can get EWT tokens or money back. When someone chooses to get money, it reduces the usefulness of the token. For the success of the project, they need to find a way that the platform can work in full cryptocurrencies.
There are two main uses for the EWT token:
- Transaction payments , mainly for network charges on the EW channel, but also for services such as Bridges and Oracles which are provided on a pay-per-use basis.
- Bundled Payments for Services , companies prepay users for access to utilities for a predetermined period of time.
Delivery and distribution:
- Total maximum tokens : 100 million EWT
- Outstanding tokens : 48,638,535 AWT
- 70% of the tokens are yet to be released.
How can I buy Energy Web Token (EWT)?
There are several ways to get Energy Web Token (EWT). It is best to buy EWT from a centralized crypto exchange, such as Binance , Coinbase , Coinmerce or Bitvavo . You probably also know that there are many crypto exchanges. However, it is not wise to just choose a broker. This is partly due to safety and the costs involved. Some exchanges are not safe enough, and others charge sky-high transaction costs.
We recommend that you buy EWT from Binance or Bitvavo, because you can buy this cryptocurrency here for the best price and security. These exchanges are among the largest, so they can always offer high liquidity. This ensures that you as a buyer and seller get the best price for your crypto coins.
It is of course also possible to buy EWT from a decentralized exchange (DEX) such as Uniswap or Sushiswap . However, that is not recommended if you are still a novice crypto trader. This is because you have to go through quite a few steps before you have actually purchased your coins. The chance that things will go wrong is therefore many times greater than with Binance or Bitvavo.
How can I save EWT?
If you want to store EWT in a wallet, make sure you choose a wallet that supports EWT. Fortunately, it is an ERC-20 token, which means that it is supported by almost all wallets. These tokens run a hard fork of Ethereum. Ethereum is therefore the most widely used blockchain for crypto projects.
You can then store EWT in both a hot wallet and a hardware wallet . A hot wallet is often linked to the crypto exchange where you buy EWT, although this is not the most secure option. A hot wallet is always linked to the internet, which means that hackers could gain access to it at any time.
It is the wisest choice to go for a hardware wallet. This is because this is the most secure method to store your crypto coins. This wallet is in fact a USB stick that you can connect to your computer. You can therefore completely disconnect this wallet from the internet. The moment you have not linked the wallet to a computer, it is impossible for hackers to get into the wallet.
Of course you should not lose the wallet, and it is best to keep it in a safe place such as a safe. There are many providers of hardware wallets. The best known are Trezor and Ledger, both of which we would recommend.
Is it smart to invest in Energy Web Token (EWT)?
Energy Web Token is a perfect example of a crypto project that aims to become a serious long-term project rather than just a speculative coin. For this reason, in addition to the impressive team of experts at EWT, I think Energy Web Token has a lot of potential as a long-term blockchain project.
As for the price itself, it’s hard to say. For now, the sky is the limit, but I wouldn’t be surprised if Energy Web Token manages to eclipse other cryptos like Tether, Cardano , and Dogecoin in terms of size in the long run.
Currently (JUNE 2021) ICP tokens are trading at $5.59 per coin. It is not surprising to think that the price will continue to rise in the future, as it has also reached a value of $20 in the past.
However, it is wise to do your own research for these kinds of questions. You can do this with a technical analysis or a fundamental analysis. In this way you determine when the right time to enter has arrived, and when it is best to sell the tokens again.
Energy Web Token Price
Benefits of Energy Web Token
Let’s take a look at the many benefits of Energy Web Token. It may already be clear to you what most of the benefits are. Still, let’s run through them all:
- The current and future partnerships are exceptional, not common in other projects.
- The companies supporting the project are multinationals, which makes it a solid and solid project.
- The concept of the project is groundbreaking. We need this kind of usage to boost the adoption of cryptocurrencies among the general public,
- Thousands of devices can be connected to each other, which can generate many transactions.
- Energy Web Token is working on improving the climate, which ensures that it is working towards a sustainable future. This is something that is very important nowadays.
Disadvantages of Energy Web Token
Of course, the project also has some drawbacks. There is always something that could be done better. Here are the main drawbacks of the Energy Web Token:
- The blockchain uses Proof of Authority (PoA). So, it is the companies that control the blockchain, which can raise doubts about the decentralization of this project.
- Genuine individual users connecting their devices are rare. For example, it is not at all clear how many devices are currently connected to the network.
- The hardware to be connected must be compatible, for example electric car terminals must be connected to the network, the printed circuit boards must be equipped, this represents billions of investment for the manufacturers
- The pumping potential of the project will be based on its ability to get the tools up and running with the general public, as the partnerships are already there, so not much is missing.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com