A recent Bloomberg Analysis claims that electric vehicles will make up over 50% of the vehicle market by 2040. Efficient and affordable energy solutions will be sought after like never before. As the energy sector grows, so too do the opportunities for blockchain and tokenization. Energy Web Foundation (EWF) is looking to aid the energy sector in a transition to blockchain and tokenization.
Founded in January 2017, Energy Web Foundation set an ambitious goal of accelerating the energy sector transition to blockchain.
In this overview we will cover:
About Energy Web Foundation
EWF is a swiss non-profit who believe that the use of blockchain technologies in the energy sector will make significant contributions to efficiencies and help reduce costs. In June 2019, EWF launched its blockchain called “EW Chain”. EW Chain is an enterprise-grade blockchain looking to be the foundational digital infrastructure upon which energy-related dApps will be built and run. EWF claims in their whitepaper that their blockchain has 2-3 orders of magnitude lower energy consumption than Ethereum.
Unlike most public blockchains, EW Chain has validator nodes that are run by known and trusted corporations. Many of these corporations are large and well-respected energy providers. In addition, building on EW Chain will be facilitated by numerous Software Development Kits (SDKs) that have been released by EWF. EWF’s SDKs help developers streamline the development of their energy applications and help reduce costs.
Energy Web Token, EWT is an ERC-20 utility token that was developed by Energy Web Foundation. EWT is the native first-layer utility token running on EWF’s Energy Web Chain.
EWT Utility & Use Case
So, what is the utility of EWT for utilities? The EWT token serves two main purposes:
The first is to protect the network against foul play, and the second is to compensate validators via block validation rewards and transaction fees. At the moment, only energy companies that meet EWF’s high standards can become validators on the network. EWF leaders have admitted that this is a rather standard utility for utility tokens, but they plan to increase the EWT utility in the future.
The utility of the token can also be expanded by developers who build on the EW Chain. Developers are free to use fiat or other cryptocurrencies for their projects but are required to pay transaction fees on the EW Chain. EW Chain calculates its transaction fees based on the computational effort used to execute transactions and users must pay transaction fees using EWT. The transaction fees on EW Chain will follow those on the Ethereum mainnet.
Energy Web Token Price
At press time, EWT is sitting at $12.10 with a 24-hour trading volume of $1,703,624. The EWT price reached an all-time high of $13.55 on August 3, 2020. Energy Web Token’s price is up by 108.5% in the past 30 days.
The total supply is 100,000,000 EWT. According to their whitepaper, EWF plans to linearly release 10 million EWT tokens over the next 10 years as block validation rewards. Furthermore, 37.9 million EWT tokens will assist in the development of new technologies for the EWF ecosystem. EWF plans to use the remaining tokens for supporting EWF operations and for serving as incentives for affiliates.
EWT is listed on Kucoin and Liquid. The marketcap is slightly over $75 million USD which ranks EWT in the top 250 coins by marketcap.
EWF has over 100 energy and blockchain affiliates. These include utility companies, grid operators, renewable energy and cleantech companies, blockchain developers, and more. Some of these companies are validators on the EW Chain. Below is a graphic showing EWF’s affiliations.
What to expect in the next 6 months?
In the recent July 2020 AMA, EWF COO Jesse Morris hinted that a staking mechanism is in the works. This could help get the average investor more involved in the EWT ecosystem. In the meantime, EWF will continue to prepare its blockchain and SDKs for scaling.
Check out EWF’s medium page for more information on EWF.