Blockchain’s Energy Web Foundation Issues Report On Its Growth and Objectives

Announcements, Blockchain, Innovation, News | October 9, 2018 By:

The Energy Web Foundation (EWF) has released a report detailing, in cooperation with its 70+ affiliates, the state of its plans to bring about the “decentralization, decarbonization and democratization” of the energy system with their blockchain solution. The foundation is building an open-source, blockchain-based, digital infrastructure for the energy sector.

The report details:

1. Community. EWF has assembled over 70 energy and blockchain affiliates in the energy blockchain space. The organization hopes to reach 200 participants by summer 2019. It is global in scope and includes utilities, grid operators, renewable energy and cleantech companies, blockchain developers, startups, and others.

2. Technology. EWF provides a blockchain-based software infrastructure: the Energy Web Chain. The EW Chain, in its current instantiation, is a publicly-accessible test network with permissioned validators. It relies on a Proof-of-Authority consensus mechanism, which provides 30x performance improvement and 2–3 orders of magnitude lower energy consumption compared to Ethereum.  The EW Chain will launch in summer 2019 with a governance structure.

3. Delivery. EWF leverages the strengths of its co-founders, Rocky Mountain Institute (RMI) and Grid Singularity (GSy). RMI has built successful programs, such as e-Lab and the Business Renewables Center (BRC). Grid Singularity, recognized by the World Economic Forum as one of the most innovative startups globally in 2018, provides—both directly or through its technology partners Parity Technologies and—EWF’s software and hardware delivery capabilities.

The complete report is here.