As the technological advances of the last decade continue to take a larger grasp upon our daily lives, the need for renewable energy to power the many digital devices grows at an increasingly high rate. Eloncity plans to capitalize upon this growth in energy consumption market through the development of a decentralized power instruct. Within the system, people will be able to create microgrids to power their technologically driven world. This should, in turn, push down the cost of energy while making locally produced energy available 24/7. The overall goal of the platform will be to allow for free and renewable energy to be accessible around the globe while doing so in a decentralized fashion on top of the blockchain. With this creative approach to the energy grid, the team plans to provide added benefits with the decentralized and blockchain based energy system.
The supply and demand of energy will be managed with a trading platform and AI algorithm. The algorithm will help users easily find the market value for their energy with real-time market prices as a reference. Furthermore, the platform will implement a smart energy storage systems in which users can balance the demand and supply of locally generated energy with peak hours versus lock-up periods. Lock up periods occur when there is too much power consumption compared to that being generated. These bottlenecks should be alleviated further within the power grids since they will operate in a micro fashion, spread across a grid more evenly than today’s standards. This will benefit the overall system and create a feedback loop further benefiting users and electric providers alike. Finally, the Eloncity team plans to implement the energy exchange and smart contract platform in quarter one of 2019. Later in the year 2019, the team will also release the first and second microgrid operations on the platform providing an exciting preview of the system in an operational state.
The Eloncity Solution
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The team has plans to develop a new protocol called proof of stored power (PoSp) which will be a new mining scheme for the tokens. This innovative distribution method is aimed to provide a fair solution for the platform and make the platform ESS investment grade property. On another note, the team has also taken into consideration the problems with power storage during peak usage and load times. They plan to implement a new intelligent last-mile network which is the most expensive aspect of delivering goods to consumers. Furthermore, on a technical level, the team hopes to eliminate the repetitive power conversion process from AC to DC power. This will eliminate wasted energy on the network and should provide for a more efficient system overall. Finally, the hierarchical chain structure of the system will enable energy flow among the system’s microgrids. This distribution of energy microgrids will be key for handling peak hours and load times in which the network can be strained from consumption or constrained by supply. All and all providing an exciting new decentralized energy grid solution for the future.