In the future, the power industry is going to move from a centralized large scale generation system to a more decentralized small scale production. The advent of technologies such as solar power generation, blockchain, IOT, AI, micro grids, electric vehicles and energy storage has made this possible. This paradigm shift is more commonly known as Decentralized Autonomous Energy(DAE).
The social impact is massive as decentralized energy exchange mechanism focuses on local production of energy using emission-free resources, empowering consumers to choose where their energy comes from. It effectively turns consumers into “prosumers” who can make money from solar energy generated through their PV panel with the energy that they are not able to utilize.
Energolabs is a Shanghai based startup that is bringing this revolution to Asia. They are dedicated to promoting green technology and creating a sustainable energy for a cleaner planet.
About Energo Labs
Energo implements blockchain technology for peer to peer energy trading. The utilization of blockchain coupled with smart meters connects energy producers with consumers inside the micro grid, thus accomplishing P2P energy transactions and auto execution of this entire process. A micro-grid is a regionally limited energy system of distributed energy resources, storage and consumers. It optimizes power quality, reliability, sustainability, economic benefits and can run in both off-grid or on-grid mode. Millions of homes can act as virtual power plants.
Energo is a tailor made blockchain for distributed energy with premium functions, consensus algorithm and smart contracts.
- Function: Energo possess a million-level transaction throughput, with better performance and larger capacity to load tremendous energy data and transactions.
- Consensus Algorithm: They own a premium consensus algorithm, with high-speed finality and lower network latency.
- Smart Contract: It is adapted for clean energy related facility suppliers, hardware suppliers, and operators, with a lower cost to gain a higher profit and considerable users.
Energo Labs ICO (TSL)
Energolab’s ICO, which ran for a total of 7 days sold a total of 510,000,000 and met the deadline earlier than expected. In total, over 500 BTC and 1 million Qtum tokens were raised. TSL represents its owner’s access to power in a distributed energy storage equipment In the future, prosumers and electricity users need to own TSL in order to store electricity in energy storage equipment.
Energo Labs Decentralized Autonomous Energy Meter & App Products
EME 1.0 is Energo’s smart meter which is essential for energy producers and consumers. This hardware supports a two-way measurement of electricity generation and consumption and is based on a SIM card to process data communication among nodes in blockchain.
This binds all the hardware in the system, including the smart meter mentioned above, electric vehicle and solar system to give your electricity utilization sources such as your home, office or even a car an identity on the blockchain. Transaction rules will be based on the system’s demands, and the app will automatically carry out energy transactions to provide data analysis for energy use.
Energo Labs Conclusion:
Energo has already established a DAE community in Philippines which has scaled up massively in the past 6 months. They have also strategically partnered with Clean Energy Access Network(CLEAN) who are India’s largest decentralized energy organization to jointly promote the application of clean energy in off-grid areas in India. They have plans of reaching a 300MW community in State of Victoria and New South Wales in Australia and even want to add up to 200MW community in 4 countries in Southeast Asia by the end of 2018.
This not only provides rural electrification but also a possible source of income that can increase education level, health care and the general standard of living for several areas in Asia.
You can learn more about Energo on their website: energolabs.com/