At a time when fuel and energy prices are soaring, perhaps this presents itself as a perfect opportunity for one to review their means of energy supply. The option of renewable sources of energy is a promising one and can contribute to the successful sustainment of the environment. That is probably why renewable electricity and energy market is fast becoming a booming business, and more companies are taking advantage of this development. However, some ventures are set to go a further step and incorporate the use of blockchain technology to seek opportunities in the energy sector.
Who is IRENE ENERGY?
Irene Energy is a blockchain venture that intends to act as a renewable electricity supplier through the Stellar Blockchain. The use of a Stellar platform will allow the electricity supplier to have secure and transparent micro-payments for their electricity supply chain to both their consumers and producers. The primary focus of the innovation is to build a global, open network for electricity supply that will allow consumers to control their electricity spending and in return contribute to reducing global warming.
With knowledge of how you spend your electricity expenses, you can measure the level of impact you have on global warming. In essence, Irene Energy will nurture a different energy landscape through the use of blockchain technology platforms.
How IRENE ENERGY works
Once a user registers, the platform allows for the consumer to hand-pick the electricity producers he or she feels meets their needs or they like them. The requirement is for one to pay the suppliers directly through the platform's trustless and clear crypto, Tellus. The nature of the Stellar blockchain is designed to allow for micro-payments for the renewable energy production.
What is Tellus?
Tellus is Irene's primary form of exchange tokens and the first eco-friendly and green tokens. For any user to participate in Irene Energy's platform, Tellus is necessary. You can use the crypto to settle your Irene electricity bills or pay for new producers.
The platform's token works on the KYC/AML crypto protocols. Any transactions within the platform will undergo screening through these protocols to safeguard against fraud or any crypto-related criminal activity. If your Irene account has malicious activities, the relevant authorities have the power to freeze your account or address before any more damage occurs. That is by the existing regulations for financial assets
Benefits of joining Irene Energy
- Users get absolute control on their energy spending
- Cheaper fares regarding energy rates
- Flexible with transactions taking less than 15 minutes
- The forecasts on consumption and production help identify the level of impact on the environment
- The platform is transparent regarding operations since each spending is identifiable and verifiable
- Acts as a channel to link energy producers to their consumers
Should you use Irene Energy?
With the energy supply industry's characteristic of being opaque, the consumer has little say on the power that governs their daily lives. However, Irene Energy wants to overwrite this trend and give the users the ability to choose. Their business model will decentralize the energy sector form the current monopolies we are witnessing around the world. Overall, Irene Energy sets to mimic revolutionary technology that has disrupted other consumer industries. The renewable energy supplier could have a significant impact on the future of our electricity with their global ambitions.