Due to high electricity bills in the United Kingdom, most people opt to buy their own renewable energy-generating units in order to cut on costs. The energy generating units in some cases produce a lot more energy than what the individuals require. VLUX, which is a subsidiary of its mother company Green Running, operates using the trading name Verv and it aims at solving this problem. VLUX seeks to provide a platform known as the Verv energy-trading platform, which will enable users to sell any excess renewable energy that they would have generated to other users at affordable prices.
What Is Vlux Token?
The peer-to-peer platform combines Artificial Intelligence with blockchain technology with the aim of improving the access to low cost energy, which has minimum carbon emissions. The AI technology integrated into Verv is the basis of its p2p framework as it allows the user to have access to information regarding electricity consumption of a particular home.
Trading and interacting on the blockchain platform will be through the ERC20 utility token known as The VLUX token (VLX). The VLX token holders will have the opportunity to be hosts on the Verv trading platform and therefore forming a community where individuals can trade electricity with each other. The tokens can be purchased using Ethereum during the token sale. The VLUX token can also be given to the platform’s users as reward after they develop Verv’s Energy Trading Platform capabilities. The tokens are redeemable for actual goods and services on the platform.
Reasons To Invest In The Vlux Energy Trading Platform
Reduced Energy Costs
Due to the increased electricity cost, the trading platform will allow token holders to purchase energy at lower costs from people who have excess power that is generated from their renewable energy sources. This will be possible due to the forecasts on optimal times for energy trading done by AI technology.
Through the blockchain technology adopted by the platform, all the activities happening on the p2p trading platform will be open for monitoring and scrutiny by all the users.
The Artificial intelligence used in the smart improves the trading process as it allows the platform to be able to predict the how much energy a particular home demands and how much it could supply. This will result in reduced costs and improve energy consumption as trading will be done at optimal times.
Access To Low Carbon Energy
The platform provides an opportunity to purchase and consume green energy at affordable prices to individuals who can’t afford to buy and install the technology to generate renewable energy.
The platform will allow those who generate excess energy to become prosumers by generating, selling and storing the energy. This will in turn results in decentralization of the energy industry.
Secure And Efficient Trading Network
The platform combines the Internet of Things (IoT) and blockchain homes, and cities could be connected to one another and energy consumers and producers could be on the same network. This will create a trading network that is secure and efficient.