ConsenSys’ Grid+ Blockchain Project Uses Ethereum To Supply Texas With Electricity
ConsenSys’ Startup Offers Renewable Energy through Ethereum Blockchain
A recent tweet made by ConsenSys startup, Grid+ revealed the news of new milestone attained. In particular, the startup – known for leveraging Ethereum blockchain in a way that offers consumers access to energy – publicized that it has since provided electricity to its “first four customers” in Texas.
Milestone Reached: Grid+ Texas has begun flowing power to its first four customers!
— GridPlus (@gridplus) September 21, 2018
Co-Founder of Ethereum as well as the Operator of ConsenSys, Joseph Dublin expressed joy in what has been achieved, as the blockchain leader noted that the team’s efforts has resulted in a “Ground-breaking milestone.”
CCN, who also reported on the matters seems to have dived right into the how-to’s of things, emphasizing that the use of a “hardware gateway system and a blockchain solution” was what fueled such results. More specifically, the said tools combined are known to serve as payment processor for electricity in real time, which permits consumers to buy and sell electricity through a feature dubbed, “Smart Agents”.
To ensure that the size of a business does not negatively impact the amount of energy consumed, the team involved supposedly speeds up payment processes that way the buying and selling of energy is done instantly, which in return, reduces the possibility of acquiring way too much in supply.
How Grid+ Came About…
ConsenSys felt it was necessary to form Grid+ due to the increased demand in the deregulated market of renewable electricity. The team involved started the project with the aim of proving the point that blockchain-backed energy solutions are possible, scalable and useful within the real world.
Today, the team has taken the first step towards proving their point, which is by offering energy to four clients. What makes Grid+ a feasible payment processor, is its use of Raiden Network, which allegedly improves scalability.
Many strongly believe that the Raiden Network could be the answer to Ethereum’s current long wait times for validating transactions. According to the team behind Raiden Network, the network is comparable to Bitcoin’s Lightning Network, calling it “Ethereum’s Lightning”. Its uses not only secure transfers, but also unlimited and bidirectional transfers between parties in an instant manner.