Energy Web’s ultimate mission is to accelerate decarbonization of the global economy.
What Is Energy Web Token (EWT)?
Energy Web Token (EWT) is a token that belongs to the Energy Web Foundation, a project that is creating a decentralized network for energy producers and consumers. The goal is to use blockchain technology to create a more efficient, sustainable, and affordable energy system.
Previously, the grid operators would oversee the whole energy infrastructure while limiting the reliance on carbon energy. However, with the Energy Web Chain the aim is to supply the digital infrastructure where it connects all parties such as the customers, grid operators and also physical assets (like electric vehicles, thermostats, solar panels).
Energy Web Token has developed and deployed EW-DOS, which is a stack of open-source decentralized technologies to apply rules, establish identity, provide utilities, and simplify the transactions between customers, service providers, assets and grid operators.
How Does Energy Web Chain Work?
The Energy Web Chain is derived from Ethereum, and it operates under the proof-of-authority (PoA) consensus protocol. All this means is the blockchain depends on trusted Validators in order to create new blocks. This operation allows for high network speed, where blocks are created every 5 seconds and also cost effective (compared to Ethereum).
To become a Validator there is an eligibility criteria in place, such as legally registering an organization and then becoming an official member of the Energy Web Foundation. In order to keep the network operating securely, Validators are compensated with Energy Web Tokens (EWT) based on their performance.
Also using the Ethereum infrastructure it allows more developers to build decentralized applications (dApps). This keeps the Energy Web Chain growing and attracting more users.
The History Of Energy Web Token
Energy Web Foundation (EWF) is behind the development of Energy Web. It was founded in 2017 by organizations Rocky Mountain Institute and Grid Singularity.
Prior to launching, the company managed to raise approximately over $20 million and they successfully launched the Energy Web Chain in 2019. Since the launch of the mainnet it has seen participation from industry giants such as Tepco, Siemens, Shell, and Exelon.
Is Energy Web Token (EWT) A Good Investment?
The project is still in its early stages, but if successful, it could have a major impact on the way we produce and consume energy.
As for the price of the EWT token, the highest that it has ever reached is $20.59 back in April 2021, and then a few months later it dropped and is now sitting below $5, which makes you wonder if EWT will see another all time high in the future.
To stay up to date with the current EWT price data, click here.
Should You Buy Energy Web Token (EWT)?
By owning EWT, users are able to participate in the suite of products and services built within the Energy Web Chain, as well as send EWT to any other participant on the network.
If you have done research on the team, vision, whitepaper and you are satisfied with what Energy Web Foundation has accomplished so far, then potentially it could be a great investment for the long term. Perhaps invest small, and wait for market direction before buying more.
Cryptocurrencies can be risky, so invest wisely and be careful with your hard earned money. As a rule of thumb, never invest money you can’t afford to lose.
How Many Energy Web Token (EWT) Coins Are There in Circulation?
Energy Web Token has a max supply of 100 million EWT coins.
Where Can You Buy Energy Web Token (EWT) Coins?
If you would like to purchase some EWT coins, below are a handful of cryptocurrency exchanges which list them.