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Years before the launch of Ethereum, a faction of its leading founders, coupled with experienced policy professionals, energy executives and doctorate holders, to explore cases of significant use of the blockchain. Energy, they concluded, was a sector that sought the nascent technology.
Dr. Ana Trbovich, co-founder and COO of this long-standing alliance, Grid Singularity, explained to CryptoSlate how her decentralized energy project was planning to bring the global intelligent, green energy ecosystem to fruition and distributed, ideally optimized.
"Not a Typical Startup"
For Grid Singularity, based in Switzerland, decentralization is the next step for energy.
In a market where renewable and distributed production systems, micro-grids and peer-to-peer business are ready to supplant industrial-level centralized power generation, Trbovich explained that his team quickly realized that the blockchain was the answer:
"Decentralization is very important because data on electricity is also private data, and by supporting them, and building apps on one another as the blockchain does, is the only way to go forward".
Just like the vortex of the early years of 2016 Däpp Projects began to take hold, however, Grid Singularity decided that no blockchain was still equipped to provide their expected energy data exchange ecosystem, and that they could be left waiting for years for "appropriate basic technology" to move forward. Also in 2018, Trbovich claims that most blockchain projects remain blocked in the proof-of-concept phase as a result.
Yet it was this technological bottleneck, he explained, that gave rise to the existential mission of Grid Singularity: to build the same technology that believed that companies would need to "get to market first" and use the blockchain to revolutionize the energy sector.
After partnering in 2016 with the Rocky Mountain Institute, a non-profit US organization promoting renewable energy and sustainability, Grid Singularity co-founded the Energy Web Foundation (EWF) in Switzerland and started working on the energy web chain: an open source blockchain specifically designed for the regulatory, operational and market needs of the energy sector ".
And with the members of the nucleus composed of Ethereum co-founder Gavin Wood, co-founder of Parity Technologies Jutta Steiner, and a team of talented blockchain developers alike, Grid Singularity seems to have pioneered his mission to build "the one" Däpp platform for energy.
Europe: the new Silicon Valley of the world?
Two years later, Grid Singularity would seem decidedly close to joining the fray.
With a Proof-of-Authority based test network based on the Parity Client, Trbovich claims that the mainnet of the "open and decentralized energy data exchange platform" project will enrich the market with a series of commercial applications when it is launched in mid-2019 .
Both start-ups and "very innovative" companies, such as Singapore Power, seem intent on using the Energy Web Chain, with a number of parties in France and Germany that build "quite a range" of dApp including certification and energy trading. Renewables, shared charging for electric vehicles, demand for flexibility, home management applications and billing, said Trbovich.
But whatever the impact Trbovich – who is also a professor at the European Institute of Innovation and Technology – thinks the project will have on the market, it seems that it will take some time before the regulators give the green light to the case of "more exciting" use of the peer-to-peer energy business project. He has declared:
"It is understandable that regulatory bodies want to make sure that energy is exchanged safely, everyone must be very careful about this, and it will take some time to put together legal and technical for the 39; more constructive application of blockchain ".
A number of governments are delighting with regulatory sandboxes that would facilitate the "radical" transition to peer-to-peer energy markets, said Trbovich. However, she has her money for Europe as a future leader of innovation, not just as a continent with a "culture of supporting clean and green technology", but as the beaten ground of the heart Ethereum developers.
Disclaimer: The opinions of our writers are exclusively their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate approve any projects that may be mentioned or linked in this article. Buying and exchanging cryptocurrencies should be considered a high-risk activity. Please do your due diligence before taking any action related to the contents of this article. Finally, CryptoSlate assumes no responsibility in case of loss of money in the trade of cryptocurrencies.
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