The Energy Web Foundation (EWF) announced that it has launched the world’s first public, open-source, enterprise-grade blockchain tailored to the energy sector: the Energy Web Chain (EW Chain).
EWF’s newly launched blockchain for the energy sector is public, which means any company, individual, or internet-connected device can transact across the network without permission. This increases network interoperability and reduces solution development cost.
More than 10 EWF Affiliates — including utilities, grid operators, and blockchain developers — are hosting validator nodes for the live network. In addition, EWF is currently tracking 17 decentralized applications (dApps) running on Energy Web test networks that are expected to transition to the live network over the coming weeks.
This first wave of dApps focuses on creating customer and business value by expanding markets for renewable energy trading, increasing the effectiveness and depth of demand response programs, and streamlining electric vehicle charging.
“We started Energy Web Foundation in 2017 with a promise: a production version of Energy Web Chain by Q2 2019. We are proud to announce that we kept our promise. Energy Web Chain is now running in production mode,” said Hervé Touati, co-founder and chief executive officer for EWF. “Our next target, to be reached latest by Q4 2019, is to fully decentralize the chain. At that point, it will no longer be ‘our’ chain; it will be the energy sector’s blockchain — the first public blockchain where blocks are validated by energy sector companies.”
Over 10 organizations are hosting validator nodes for the Energy Web Chain. These organizations are the foundation of the Energy Web chain’s public Proof-of-Authority (PoA) network design: a publicly accessible, ethereum-based network with “permissioned” validators.
“This is a watershed moment for accelerating a low-carbon, customer-centric electricity system,” added Jesse Morris, chief commercial officer of EWF. “I hope that we will look back on today’s EW Chain launch as another inflection point in electricity’s evolution, just as we now see wind and solar tumbling down the cost curve, the deployment of smart meters and other digital infrastructure, and the surge of electric vehicle investment and ownership.”
The chain itself is public; any company, individual, or internet-connected device can transact across the network without permission. This dramatically increases network interoperability and reduces solution development cost.
At the same time, the chain’s validators are permissioned — they are known energy market participants identified and affiliated with EWF. This PoA-based design comes with three additional benefits for the energy sector: scalability, energy efficiency (which also equates to low transaction costs for energy market participants using the network), and increased regulatory compliance.
“Never before have we had a globally decentralized, open-source, public network supported by some of the world’s largest corporate entities, let alone in the energy sector,” explained EWF’s Morris. “Yet EWF Affiliates—including utilities, grid operators, and young companies experimenting with blockchain in energy—are standing up validator nodes on a decentralized public network to support a global technology. That’s incredible. These companies rarely collaborate or jointly innovate, and now they’re teaming up to support a brand new digital technology.”
Today’s EW Chain launch represents the latest major milestone in the Energy Web’s fast-growing ecosystem. EWF formed in early 2017 with support from co-founders Rocky Mountain Institute and Grid Singularity, as well as a cohort of ~12 initial Affiliates. By early 2018 EWF had surpassed 40 Affiliates and by early 2019 had crossed the 100-Affiliate threshold. Meanwhile, a growing list of respected utilities and grid operators have launched demonstrations, pilots, and even pre-commercial deployments on Energy Web test networks, including PJM-EIS, SP Group, Acciona, Iberdrola, Elia, and Stedin, among many others.
Filed Under: Financing, News
