Sustainable Energy-based Blockchain Project Raises $2.8M by leading Investors

Sustainable Energy-based Blockchain Project

Sustainable Energy-based Blockchain Project

It is no secret that many countries in the world are suffering from power problems. Even though technological advancements have pushed the world forward this century and last, multiple areas of the world remain in near darkness due to poor infrastructure, bad governance, and a lack of access to locally appropriate technology. Even in countries with decent infrastructure, electricity distribution sometimes leaves much to be desired with whole communities sometimes being left without power for days and even weeks at a time.

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Separate from the problem of availability, how we produce and distribute electricity is also a problem. The industrial revolution brought with it advancement in almost every area of society, including using fossil fuels to produce electricity. The world saw expansion on an unprecedented scale and economies have been built on it. With these benefits though have come heavy costs to the environment. Rising sea levels, forest fires, global warming, and many more are all symptomatic of a bigger problem brought by the revolution and rising power needs.

To combat rising electricity requirements and the distribution problem, renewable energy has progressed over the past few decades to a point where it is both reasonably reliable for everyday needs, and the cheapest form of electricity production in many places in the world. But before it can be mass adopted to reach a net-zero global goal by 2030, it will require heavy investment.

One organization trying to scale up this adoption, is the Internet Of Energy Network,  a project developed by the makers of RedGrid to link devices and use the Holochain platform to increase efficiency in energy distribution. Efficient distribution will largely drive down operating costs in many areas of the world as power will be used where it’s needed the most and less power overall will be needed to power city grids.

How It Works

The project was built on Holochain. Holochain, unlike its more popular competitors, uses far less energy and has cheaper transaction costs. The Project is leveraging this to create mini power grids in local communities worldwide. Each grid will consist of interconnected devices communicating to determine points on the grid where energy is needed the most. These grids will then connect between themselves to create a worldwide virtual grid of an energy value exchange marketplace.


Sustainable Energy-based Blockchain Project

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