Blockchain technology is pushing for a revolution within the energy sector by slowly eliminating the era of centralized large-scale energy source. In place, blockchain promises to bring the demand for energy into individual level auctions from where potential energy traders can auction their wares.
Such is the case in the Eloncity project, as the venture aims to unleash a blockchain-based energy microgrid that works with localized power sources. With their energy market and distributions system, Eloncity hopes their technological innovation could overwrite the existing sector.
What Is Eloncity?
Eloncity is a decentralized renewable energy ecosystem that comprises of high-performance blockchain technology to enable tracking and distribution of electricity generation sources. The blockchain platform proposes on establishing a community where individuals seeking energy can enhance their collaboration and sharing of energy resources. The concept is in line with Eloncity's idea of mitigating the barriers that hinder the adoption of decentralized renewable energy sources within the energy sector.
The Eloncity Decentralized Energy Architecture
The Eloncity Decentralized Energy Architecture is made of the following building blocks
- Blockchain-based AI trade system: By combining AI algorithm and blockchain, Eloncity hopes to establish a transparent and fair energy market with real-time prices as reference
- Smart Energy Storage Systems: The Energy storage system will work with the IoT technologies to help balance the demand and supply of the produced renewable energy
- Switching DC Power Bus: With the energy production and distribution, there is need to control the energy peaks, and the Switching DC Power helps remove typical peak load permanently.
- Direct Current appliances: Eloncity will accommodate the use of DC-driven devices to eliminate the use of repetitive power conversion and enhance the competitiveness of the produced renewable energy.
- Proof of Stored Power (PoSp): Eloncity will incorporate a Proof of Stored Power protocol, which is a new mining scheme to make ESS investment grade financial entities.
Potential advantages of Eloncity's energy service
- Open-source and secure: The Eloncity blockchain protocol works on an open and secures distributed ledger for the efficient recording and tracking of transactions for the energy services.
- Reliability: There is greater reliability that comes with using Eloncity since the decentralized energy structure bears an inherent design to allow the platform to anticipate, adapt, absorb or recover from potentially disruptive scenarios
- Low costs: The Eloncity energy model helps lower the energy expenditure of its individuals by combining local DC grid networks, appliances, and retrofits to decrease energy consumption or losses.
- An efficient energy marketplace: By using the Eloncity Token for its open market, the platform enables users to access a unified network for global renewable energy solutions
- Emissions reduction: Eloncity also reduces GHG emission by replacing or limiting the use of fossil fuel-based electricity generation and lowering energy consumption.
Can Eloncity Reach the Energy Mass Market?
There is a lot of buzz surrounding the capabilities of blockchain as a distributed ledger for use in the energy sector, and Eloncity is just an example in the sea of new energy-based ICOs. Despite the apparent benefits, Eloncity still has a lot to overcome with the rigid mentality within the energy sector becoming the first of its challenges.
Eloncity Token Sale
- ICO Sale- TBA
- Ticker- ECT
- Platform- Ethereum
- Token type- ERC20
- Accepts- ETH
- Token supply- 1,000,000
- Amount for sale- 32%
- Conversion rate- 1 ECT= $0.12
- Hard cap- $33,000,000