What is Energy Web Token?
The Energy Web Token or EWT is a utility token native to the Energy Web Decentralized Operating System (EW-DOS). The latter is a multi-layer infrastructure powered by blockchain technologies.
Network participants who want to use the Energy Web Chain must hold EWT. The Energy Web Token plays an important role in securing the network as it functions as an incentive for validators and is used to cover the transaction fee. Additionally, it can be used to pay for utility layer services.
It’s important to note that developers can implement tokens other than the Energy Web Token into their applications in addition to fiat currencies.
There is a max cap of 100,000,000 EWT tokens, all of which are set to be released in a period of 10 years. They have been allocated as follows:
- 37,900,000 - EWF Community Fund;
- 15,863,208 - Round B Affiliates;
- 10,901,792 - EWF Operating Fund;
- 10,000,000 - EWF Endowment;
- 10,000,000 - Validator Block Reward;
- 10,000,000 - Founder Tokens;
- 5,000,000 - Round A Affiliates;
- 335,000 - Round C Affiliates.
For more information, you can look at the EWT price history or the current Energy Web Token price on the graph above.
What are the Main Features of Energy Web Token?
EW-DOS is an infrastructure that enables the of building blockchain-based applications for enterprises.
It’s a completely open-source project. This means that its code is publicly available for anyone to review.
The project began with the launch of the Energy Web Chain. The latter is an EVM-based enterprise-grade blockchain. It operates using a Proof-of-Authority (PoA) consensus mechanism powered by validators. As discussed in the What is Energy Web Token section, validators are incentivized with block rewards and transaction fees.
Most importantly, the environmental impact of the PoA consensus mechanism is a lot smaller than other popular consensuses such as Proof-of-Work (PoW).
After the launch of the Energy Web Chain, the next step was an upgrade of the network. This is where Energy Web Decentralized Operating System (EW-DOS) comes in. It connects electrical systems on a global scale thus allowing online management.
EW-DOS is a completely decentralized software stack. It’s divided into three layers - Trust Layer, Utility Layer, and Applications and SDKs Layer. The Utility Layer and the Applications and SDKs Layer help develop applications. Some of their technologies include:
- Switchboard - an Identity and Access Management (IAM) toolkit that’s based on the technology of Self-Sovereign Identity (SSI). To put it simply, it defines identities and access permissions within a project. While the toolkit was built specifically for the Energy Web project, any type of project can utilize it;
- Energy Web Zero - a tokenized renewable energy search engine that connects buyers and sellers on a global scale. It was launched in September of 2020 with the goal to make procurement operations as efficient as possible.
The first company to make use of EW-DOS was the Austrian Power Grid.
One of the primary goals of this project is to facilitate the integration of blockchain technologies into the energy sector. Therefore, its solutions come with enhanced scalability and privacy features to accommodate the needs of large enterprises.
Anyone who has some knowledge about blockchain technologies knows that blockchains require a significant amount of computing power to run their operations. Energy Web takes the necessary steps to mitigate the effects of blockchain technology by utilizing a more environmentally-friendly consensus mechanism.
It's important to do your research before delving into any blockchain-based project, including Energy Web Token. Here, you can start by checking the EWT price on the graph above.
Who Developed Energy Web Token?
The Energy Web Token crypto project was launched in June of 2019 by the Energy Web Foundation. The latter is a Switzerland-based non-profit company co-founded by Rocky Mountain Institute (RMI) - a clean energy research organization, Grid Singularity (GSy) - a green energy blockchain startup, and a team of affiliates.
While the company is based in Zug, it also has offices in Berlin and Colorado.
Jesse Morris is the CEO of Energy Web Foundation. He has been working in the cleantech industry since 2006. Some of his most notable work was done at the Rocky Mountain Institute which contributed to the inception of the Energy Web Foundation.
The Energy Web Token crypto project has partnered with a variety of companies including Vodafone, Shell, and Volkswagen, among many others.
