Overview By  Yuliia Rokytska
Normal 443 3 Jun 2023

Energy Web (EWT): Blockchain-Powered Transition to Clean Energy

By  Yuliia Rokytska 443 3 Jun 2023
Photo - Energy Web (EWT): Blockchain-Powered Transition to Clean Energy

Energy Web, or more precisely, the Energy Web Foundation, is a Web3 enterprise offering blockchain-based corporate software solutions for the green energy sector.

The innovative solutions from Energy Web are designed to aid businesses engaged with renewable energy sources, mitigating the cost and complexity of their operations. This approach has culminated in a vibrant community surrounding EWF, encompassing utility companies, telecom network operators, and energy project developers. 

EWF's primary mission is to minimize carbon emissions and accelerate the transition towards environmentally sustainable energy.

The backbone of Energy Web is a decentralized operating system, EW-DOS, that is open-source. This system includes a comprehensive suite of programs, protocols, platforms, contracts, and most crucially, the Energy Web Chain blockchain.

This distributed ledger employs the Proof-of-Authority consensus mechanism, and it operates using the Ethereum Virtual Machine. It has been customized to meet the regulatory, operational, and market needs of the energy sector. 

In 2023, the company unveiled a test version of a new blockchain called Energy Web X, built on the Substrate SDK framework. EWX is intended to operate concurrently with the Energy Web Chain. 

As the technological suite of Energy Web is openly accessible, developers can explore the project's codebase on Github, laying the groundwork for the development of their dApps.

Infographic of the decentralized operating system from Energy Web. Source: Gitbook Energy Web Foundation

Infographic of the decentralized operating system from Energy Web. Source: Gitbook Energy Web Foundation

The genesis of Energy Web

Established in 2017 and domiciled in Zug, Switzerland, the company was initiated by two other entities, RMI and Grid Singularity. The former is dedicated to exploring pathways leading the energy sector towards carbon neutrality, while the latter focuses on blockchain development.

Energy Web boasts an additional ten official founding companies, which include industry giants like Shell, Tokyo Electric, Singapore Power, Engie, among others. Serving as EWF's Commercial Director is Ioannis Vlahos. 

EWT token

The Energy Web Token (EWT) is the primary utility token of the Energy Web Chain blockchain. This key instrument ensures the network's transaction security and reliability. EWT is utilized for payment of transaction fees, staking, and launching applications and smart contracts within the Energy Web Chain network.

EWT debuted on exchanges in 2019 and, as of the time this article was written, its market capitalization stands at $70.9 million. The circulation encompasses 30 million EWT tokens, with a maximum supply of 100 million tokens. 

Energy Web software suite

The company delivers its services and accomplishes its decarbonization objectives through the following blockchain-based software package.

Green Proofs 
This program confirms public commitments to carbon footprint reduction and assists in identifying carbon-neutral products within supply chains. With Green Proofs, users can validate a manufacturer's certificate for clean energy use.

An example of this software in use is by the Volkswagen Group, which assures their customers that they offer round-the-clock charging stations for electric cars from clean energy sources. 

Under this solution, Energy Web has also released a toolkit for developing apps that track the production and consumption of green electricity. 

Data Exchange
This is software designed for power companies that streamlines data exchange and coordination of electricity transmission/distribution processes, enhancing logistics efficiency and reducing costs. Based on this program, the AEMO EDGE project conveys information about demand and production to energy aggregators. 

Asset Management
This solution offers ongoing monitoring, authentication, and authorization for resource management and administration. The program can be used to generate audit logs protected against unauthorized access, control and verification of production status, remote equipment configuration, and management of employee and partner data.

For instance, by integrating Asset Management, companies KORE and Kigen have developed a SIM card for IoT device communication.

In turn, the ReBeam solution, created by Elia Group based on Energy Web's software, allows the owner of an electric vehicle to choose an energy provider for their charging station at their discretion.