Energy Web Token (EWT) is the native token of the Energy Web Chain, which is a blockchain platform designed specifically to meet the needs of the energy sector. It aims to facilitate transactions and enable a marketplace for renewable energy assets, ensuring reliability and security through the validation of transactions.
Energy Web operates on the Energy Web Chain, a public, open-source blockchain compatible with Ethereum smart contracts. It utilizes the Proof of Authority (PoA) consensus mechanism, specifically the Authority Roundtable (AuRa) algorithm, wherein designated validators create new blocks in a round-robin fashion. The platform supports the development of decentralized applications for the energy industry and emphasizes security and data transparency.
Energy Web has several potential use cases including:
These use cases span multiple industries such as electric vehicle charging, aviation, and even Bitcoin mining, where renewable energy usage can be verified.
Energy Web was co-founded in 2017 by the Rocky Mountain Institute and Grid Singularity, along with 10 initial energy companies, to revolutionise and decarbonize the energy sector using blockchain technology. Key developments include the launch of Energy Web X, which offers new solutions based on Polkadot's multichain technology and aims to enhance enterprise capabilities through decentralized node networks. Energy Web has grown to become the largest blockchain ecosystem in the energy industry, with a strong network of partners and stakeholders.