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The ongoing bitcoin Miami 2022 conference is having numerous announcements related to various projects across the network and cryptocurrency.
Amidst the ‘Biggest bitcoin event’ going on in Miami, Bitcoin Conference 2022, one more achievement has been added to a series of new adventures of bitcoin and related innovations. This time a project was announced from the conference that would be designed as per the future of payments focused on energy via Lightning Network.
Leaving aside the risks that bitcoin mining has on the environment and energy usage, on a positive note, various approaches are considered that actually act somewhat productive. For instance, the connection of Bitcoin with the energy industry is not something hidden, and it’s going along with valuable services like monetization through waste energy and also grid stabilization that are becoming more widely accepted and appreciated by the day.
The connection of bitcoin with energy is not limited to energy; instead, it’s more than that. The connection is now moving beyond traditional mining applications. A project based on the bitcoin network’s Lightning project called Distributed Charge promises advancement in Bitcoin integration in a more exciting and new way with the energy sector. The project was developed by Andy Schroder and has been featured recently in Bitcoin 2022.
Schroeder basically uses Lightning to stream their payments for electricity that is enabled between Lightning nodes that are integrated into a Tesla vehicle and the node-enabled with Lightning is integrated to a charging station.
Using the system developed by Schroeder, individuals now can stream satoshis for electrons in an energy marketplace using a peer-to-peer system. The project, Distribute Charge, is currently using the Tesla electric vehicle whose use cases to pilot the idea but there is a catch, only one could envision the technology that is being applied on a much wider scale. Due to which, helping utilities to a more efficient price and power, which is distributed as well as enables independent power producers for selling directly to customers in a grid system like mesh.
In his vision, Schroder describes the Bitcoin network as a native payment network that would be used for the energy grid and that every meter of electric power should allow for following a bi-directional payment and flow of energy and everyone should then be able to buy and sell easily the energy privately without any need to involve third parties or some monetary inflationary systems.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
