Offers Unprecedented Insight into Open-source Blockchain Designed for the Energy Sector
Zug, Switzerland, October 9, 2018 – Today Energy Web Foundation (EWF) announced the release of a new white paper, The Energy Web Chain: Accelerating the Energy Transition with an Open-source, Decentralized Blockchain Platform. The paper offers unprecedented insight into the first open-source blockchain designed specifically for the energy sector. It is available for free download at https://energyweb.org/papers/the-energy-web-chain/.
The Energy Web Chain includes a detailed look at: a) EWF’s vision for blockchain in the energy sector, b) design principles behind the core technology, c) frameworks under development, d) on- and off-chain governance, e) core technology highlights, including the consensus mechanism, f) the chain’s token-secured operating model, and g) EWF’s roadmap for ongoing and future technology development.
In addition to being the first comprehensive overview of EWF’s blockchain, several topics in the new white paper are of particular note:
–PoA Consensus Mechanism: EWF’s Energy Web Chain uses a particular version of Proof-of-Authority consensus that offers speed, lean energy consumption, and a degree of validator node oversight that should be appealing to energy-sector regulators.
–Governance by Gas: Compared to blockchains such as Bitcoin, which put governance “power” into the hands of anonymous block miners, EWF’s blockchain empowers application developers through “governance by gas,” in which developers’ voting power is weighted by the gas throughput of their applications on the Energy Web Chain.
–Private Transactions: In order to allow confidential electricity market information on the Energy Web Chain, EWF and its technology partners have developed a novel approach for “private transactions” that shield sensitive information from public eyes while retaining the auditability and verifiability of blockchain-based transactions.
–Parachains: To meet scalability and throughput needs for energy-sector applications of blockchain technology, EWF will be exploring parachains (i.e., parallel blockchains) in concert with relay chains and bridge chains as a way to both foster blockchain interoperability and achieve theoretically infinite scaling.
Although EWF has been developing the Energy Web Chain tailored specifically to the energy sector, many of the blockchain’s pioneering features should have promising applicability for blockchains across many other sectors. EWF is planning the Energy Web Chain’s genesis block around the Q2–Q3 2019 timeframe. Subsequent planned white papers between now and then will go into greater detail on various aspects of the technology.
Energy Web Foundation (EWF) is a global nonprofit unleashing blockchain’s potential to accelerate the transition to a decentralized, democratized, decarbonized, and resilient energy system. EWF is building the shared, digital infrastructure—an open-source, scalable blockchain platform—specifically designed for the energy sector’s regulatory, operational, and market needs. Co-founded by Rocky Mountain Institute and Grid Singularity, and with a worldwide network of more than 70 affiliates and growing, EWF is the largest energy blockchain consortium and the industry’s leading choice as the foundational blockchain base layer, providing the digital DNA building blocks powering the world’s energy future.
For more, visit http://www.energyweb.org.
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