Who Is Hive Power?
Typically, whenever one has alternative sources of energy, they end up producing more than they need. The best, and probably only option is to sell the excess power to the local utility company. However, there is a way you could sell the energy to your immediate neighbor?
A blockchain platform called Hive Power is developing a system that will allow energy consumers to create energy communities from where they can share energy with each other on the Ethereum blockchain. The platform further acts as a decentralized autonomous organization from where it will create the possibility for energy sharing communities with all participants guaranteed to benefit from participating in the energy blockchain platform.
Hive Power Features
- Open platform- Hive Power will allow for the incorporation of third-party software and hardware manufacturers to use their platform.
- Marketplace design- such a structure allow for the trading of any extra energy between users, enhancing co-operation within the Hives.
- Grid-friendly structure- The Hive Power energy ecosystem works in compliance with the everyday grid essentials of power quality, peak shaving, and current limitation.
- Micro-grids- Hive Power will have the integration of micro-grids to enable safe and optimal operation of the energy trading. Furthermore, it will also facilitate the most reliable technique for the energy asset management.
- Hive Power Algorithm- the platform's algorithm (HONEY) enables users to exploit the flexibility of matching energy production and consumption, in maximizing the community's welfare.
How Hive Power Energy Communities Work
The Hive Power energy ecosystem comprises of a distributed energy market with an exchange for the energy production and consumption. The most basic of the platform's components is the Worker. That's is the Ethereum-based electrical meter which comes with a hardware oracle. Each hive or energy grid get its own Ethereum meter which links to the consumer of the energy. The Worker measures and assures that the energy production and consumption correspond, allowing it to join the Hive energy market.
On the other hand, the Hive token manages the use of smart contracts plus the creation of the energy Hives and meters. The open structure that comes with using Hive Power platform will allow for several applications of the token including
- Control and management of the Hives operations
- Technical governance of the Hive power platform
- As a payment mode for transactions within the Hives
How Hive Power Could Prove Beneficial
- Decentralization– allows for users to regain control of how they spend their energy, and from whom they decide to source it. That is mainly due to the nature of blockchain technology.
- Reliability- rather than depend on the current monopolistic energy market, consumers get to choose from several vendors
- Increased profitability for energy producers thanks to the fewer transaction fees
- Sustainable energy consumption as one can identify how much they spend on energy
- Guaranteed benefits for both producers and consumers alike with a streamlined energy market.
Hive Power ICO (HVT Cryptocurrency Token) Details:
The HivePower.Tech ICO will start on June 11, 2018 and can get started by registering on the Eidoo ICO engine platform. The crowdsale will fun from the 11th to the 30th and has a token distribution of Sale (54%), Founders (10%), Airdrops (3%) and Company (33%). The token allocation will be Research & Development (65%), Expansion (15%) and Pilot Projects (20%). The soft cap will be 1M USD and the hard cap will be 11M USD.
On the website it says they accept ETH (Ethereum) payments and rate 1 HVT = 0.25 USD. The Hive Tokens (HVT Coin) will be an ERC20 smart contract token which gives access to the Hive Power Platform and management.
Does Hive Power Stand A Chance In The Energy Market?
Hive Power exhibits potential to solve the monopolistic nature of our energy sector through the creation of blockchain energy communities. The paradigm shift within our energy sector makes the venture a consideration, and it could not have come at a better time. The time seems ripe to move to a decentralized structure for our energy environment.