We all have been believing that renewable energy is the future, but we are still using conventional energy, which is the primary source for now. We can’t make renewable energy primary source, as it costs more and isn’t easily available.
However, with the blockchain technology and its evolution, now it’s now possible to generate and develop renewable electricity. How?
With Eloncity, which decentralizes our power structure into millions of self-sufficient micro power grids. With it, energy price will become transparent to all. As the price will be transparent, there will be no barrier in between and electricity can be provided virtually free.
Eloncity is developed by AI Grid Foundation in, a non-profit organization. AI Grid has collaborated with global establishments and local groups to develop this model. It’s an alternate to modern centralized power grids that supply electricity to our households. Eloncity has recently received $20 million funding from various global institutions for its concept model.
How Will Eloncity Work?
The Eloncity Model works on four key points, which are as follows:
1. Decentralized Renewable Energy Architecture:
This architecture comes with blockchain-based technology to provide an open, secure and distributed ledger for efficient recording of trades in community. It also has a crypto utility token (ECT) for exchange of local energy in battery energy storage system (BESS). BESS will be used for electricity demand and supply.
2. Community Driven Planning
Since, this model is for the future of community, it should show some contribution to this model. As community should agree on adaptation of this model and also on impacts.
3. Combined Performance-Based Projects
The organization will collaborate with financial partners, government agencies and other key investors for wide-scale funding and adoption of decentralized renewable energy.
4. A Collaborative Regulatory Framework
This will help in easing imbalanced market powers, will help to protect the energy consumer and also in releasing new market innovations. Regulatory framework will guide to market-driven solutions to provide safety for the community using reliable energy services and will look after that the services used are cost-effective as well.
Features of Eloncity:
- Eloncity will have blockchain-based trade system for transparency whereas AI will help in finding the fair market price in real-time.
- Smart energy storage systems with IoT will help in balancing the demands and supply of produced renewable energy.
- It will have switching DC power bus to remove peak load problem permanently.
- Has Proof of Stored Power (PoSp), which is a new mining scheme.
Advantages of Eloncity:
This model will be a future of electricity, as it comes with many advantages at many levels. Let us take a look at some of the advantages of Eloncity model:
Transparent and Secure Energy Transaction-
With the help of blockchain-based platform, it will provide an open & secured trade. It will also enable Eloncity for keeping a record for sources used in electricity generation, whether they are fossil fuels or renewable sources. Tracking of sources will help in maximizing asset utilization rates and will also provide cost-effective access to decentralized renewable energy.
It has a decentralized energy architecture with the ability to absorb, adapt and recover from any turbulence.
Some of the features of Eloncity are designed to lower community energy expenditures. For which, the team has developed some combinations. Also, economic savings is the fundamental feature of Eloncity model.
Highly Safe & Secure-
Its renewable energy generation and Battery Energy Storage System (BESS) are risk friendly, so that there is no need to be dependent on fossil fuels-based backup in case of emergencies.
Unified and Efficient Energy Platform-
Eloncity token allows communities from around the world to exchange and trade energy and share resources locally. Also, to access renewable energy products and solutions.
Seems like Blockchain and its use will lead to a new world, where everything could be done with the use of it. This model is definitely an innovation that will eliminate conventional source of energy, which when compared is expensive and is not much valuable resource of energy.
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