Prezzo Energy Web (EWT)

Energy web Token launched in June 2019, a blockchain-based virtual machine created to help advance energy application development known as Energy Web Chain.

The non-profit organization behind the task is the Energy Web Foundation.

Energy Web Token known as EWT, EWT aims to diversify the energy industry by enabling developers to build decentralized applications (DApps). The virtual server has the ability to benefit actors in the energy sector across the board, including power companies, software engineers, and vendors.

Energy Web Token Features and Updates

The Energy Web Foundation intends to issue a maximum of 100,000,000 EWT tokens over a ten-year period following the initial release date. There are currently 48,638,535 EWT tokens for sale on the market.

As an endowment, 14,093,276 tokens have been distributed from the total supply to the Energy Web Team.

Over 25 Consensus mechanism nodes from 15 countries, which include utilities, grid operators, and startups, operate and govern the Energy Web Chain.

The Energy Web virtual device runs on a consensus-based on proof-of-authority (PoA). This implies that the blockchain is reliant on trusted validators to generate new blocks.

The proof-of-authority (PoA) consensus is an alternative validation method that allows for fast load times than the proof-of-work (PoW) consensus.

Meet the Energy Web Token Team

Rocky Mountain Institute (RMI) and Grid Singularity collaborated on the Energy Web Token project (GSy).

Rocky Mountain Institute (RMI) is a well-known name in energy research and development. RMI, as a notable think tank, has been involved in numerous innovative projects in the power sector.

RMI wanted to use blockchain technology's decentralized power to allow actors in the energy sector to develop new decentralized solutions by creating the Energy Web Chain.

Grid Singularity (GSy) contributed blockchain knowledge to the project. GSy was the driving behind the development of the Energy Web Chain as a blockchain developer. GSy was an essential part of EWT's launch, with experienced professionals, the core Ethereum blockchain developers, accomplished energy executives, and energy regulators.