Energy Web Token (EWT) Crypto Profile And Details

Energy Web Token (EWT)

Energy Web Token (EWT)

What Is Energy Web Token (EWT)?

Energy Web Token (EWT) is the operational token behind the Energy Web Chain, a blockchain-based virtual machine designed to support and further application development for the energy sector.

Energy Web Chain was launched in June 2019. The Energy Web Foundation is the non-profit enterprise behind the project. EWT aims to bring diversity to the energy sector by allowing developers to create decentralized applications (DApps). The virtual machine has the potential to benefit actors from all areas of energetics, including grid operators, software developers, and vendors.

Who Are the Founders of Energy Web Token?

Energy Web Token is a joint project between Rocky Mountain Institute (RMI) and Grid Singularity (GSy).

Rocky Mountain Institute (RMI) is a leading name in research and development in the energy sector. As a prominent think tank, RMI has participated in many revolutionary projects in the energy sector. By creating the Energy Web Chain, RMI wanted to employ blockchain technology’s decentralized power to allow actors from the energy sector to develop new decentralized solutions.

Grid Singularity (GSy) brought blockchain expertise to the project. As a blockchain developer, GSy was the powerhouse behind the creation of the Energy Web Chain. With renowned experts, core Ethereum blockchain developers, experienced energy executives, and energy regulators, GSy was an integral part for EWT to launch.

What Makes Energy Web Token Unique?

When creating the Energy Web Chain, founders RMI and GSy were looking to launch a versatile blockchain solution for a wide range of applications in the energy sector. One of the main selling points of EWT is that it offers enterprises the opportunity to create completely customized decentralized apps. While blockchains like Ethereum also provide this diversity, Energy Web Chain was purposefully designed for the energy sector.

Considering the fact that the Energy Web Chain is created with enterprise use in mind, it supports state-of-the-art scalability and data privacy. The foundation also recently released a stacked tech solution called Energy Web Decentralized Operating System (EW-DOS). It allows users to control and manage their electrical systems online.

The Energy Web Token is currently placed at one hundred and second place according to the CoinMarketCap token ranking as of February 2021.

How Is the Energy Web Token Network Secured?

The Energy Web virtual machine operates under a proof-of-authority (PoA) consensus. This means that the blockchain relies on trusted validators for the creation of new blocks. The PoA consensus is an alternative validation method, and it allows faster processing times than the proof-of-work (PoW) consensus.

While the EWT coin is not an ERC-20 token, the Energy Web team has created the alternative EWT Bridged (EWTB) token, allowing EWT coins to be transferred to the Ehtereum mainnet. This makes the EWT coin extraordinarily versatile and allows for interoperability across different blockchains.

How does Energy Web Chain work?

The Energy Web Chain is built by applying features common to many cryptocurrencies, such as a shared infrastructure, an incentive scheme and a traceable log of information.

In fact, the EW Chain derived its own blockchain code off of Ethereum’s one in an effort to focus on functionalities affecting the energy sector rather than recreating an entire infrastructure. 

Due to the Energy Web Chain relying heavily on real-world data, it’s worth noting that the platform integrates middleware technology into its architecture such as oracles, who deliver real-world data to EW applications, bridges, allowing EWT coins to be used on other blockchains, and a digital identity system, for users to have persistent identification across Energy Web applications. 

Proof of Authority

  • To keep its network in sync, Energy Web uses a variation of Proof of Work consensus mechanism, called Proof of Authority (PoA), to keep EW Chain’s distributed network in sync.

  • While not structurally different from PoW, the PoA mechanism only allows for a certain number of nodes to validate transactions and create blocks, called validator nodes, who must meet certain eligibility criteria, such as being a legally registered organization and being an official member of the Energy Web Foundation. 

  • To incentivize validators to perform honestly, they are compensated with Energy Web Tokens (EWT) upon their block being included in the Energy Web Chain.

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