In a world where our energy technologies are developing by the day, more efficient storage methods of energy have into existence. It is evident that more people are becoming a way of the need for power without having to rely on the government-sourced energy system. And with the rise of the sharing economy, these energy sources can help address our energy needs by enabling people to buy and sell the energy directly to each other. A peer-to-peer trading system that will have customers taking advantage of the suppliers who produce power and want to sell it at a profit. Here is one such blockchain venture that is planning to disrupt the energy industry and ultimately all sectors of the economy.
What Is TORUS?
Torus project is a blockchain initiative that aims to provide a decentralized peer-to-peer platform where electric vehicle or bus owners can connect to energy suppliers through the private or public charging stations. The Torus Net will be the official distributed energy source working through the Ethereum Network which is essential in developing the projects car sharing service working through smart contracts. The concept is for Torus to act as a virtual power plant which will enable a more comfortable supply of energy compared to our current system which is facing challenges.
How TORUS Decentralized Smart Token Energy Platform Works
The Torus Platform will act as a smart outlet device that will connect to the blockchain and allow for the payment of services the customer makes using Toruscoin. The electrical outlet will further work to confirm the smart contracts made with the energy supplies and the ID information regarding the amounts.
Their utilization of Toruscoin will allow for potential customers charge their electric cars while they are on the move. The household is not left out as they too can enjoy the benefits by utilizing the transaction management also to connect the wireless transmission station to cater for your frequent black-outs we experience with our existing energy suppliers.
The energy supply by the Torus Net is cheaper due to fewer charges rates and the high competition between the suppliers
Choosing Your Source-
Torus Net users get to choose their supplier from the marketplace. The main categories include renewables sources such as wind, solar or local energy farms.
Another gain is with the amount of energy a user might want. Typically, the centralized distribution system limits each user to a specific consumption rate, but with Torus you can source for as much energy as you can from the supply.
The Torus platform use of smart contracts give the user power to set their terms regarding their energy purchase. That will have the user making an efficient electricity trading with guarantee.
TORUS Coin ICO Details
The TORUS Coin ICO is live now through March 31, 2018. You can purchase TORUS Coin using ETH.
What Are The Risks With TORUS?
Whereas the need for energy and growth of sharing economy does make Torus project somewhat appealing, it is evident that there are possible challenges it could still face in its attempt to have a worldwide reach. First off, the high possibility of regulation is a point of concern, and I would not see any escape for Torus from authorities. That is because their project involves a tangible item to utilize blockchain technology and this is subject to regulation. Additionally, the volatility of cryptocurrency is still a challenge in every blockchain project, and Toruscoin is no different. As such it would not be a wise idea to get on board since there isn't much investor hype on Torus even though it is a viable project. You can always wait and see if it outlives the initial stages.