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The Energo ecosystem has been created to connect energy producers with consumers, and TSL is its native cryptocurrency.
Energo is a decentralized app-based ecosystem built for a future DAE (Decentralized Autonomous Energy Community). The core of this ecosystem comprises Qtum and a decentralized system designed for the measurement, registries, transactions, and settlement of clean energy in local Micro-grids.
This blog describes a peer-to-peer DAE community, where the Energo system is embedded with a cryptocurrency called the TSL token. This cryptocurrency’s holders will be entitled to access the distributed energy storage system.
How Can Energo Benefit Energy Producers and Consumers?
Energo is built to link energy producers with distinct capacities to the consumers of diverse needs. Its goal is to consume clean energy first within the community, increase energy efficiency and reliability, eliminate intermediaries of energy trading, boost profits for energy producers and retailers, and slash costs for energy users. With that vision, Energo aims to channel the physical construction, informational structure, and value system of the future smart grids. It strives to establish a truly decentralized autonomous energy community.
Energo also offers a solution to machine-to-machine energy demand. Electric vehicles of tomorrow will apply their digital ID and digital wallet on the blockchain to pay for the electricity they receive through any given charging station. Both the charging and payment process can be done unattended. Besides, the efficiency of clean energy supply and consumption in any given community can also be maximized.
The electric power industry is moving from a very much centralized generation system to a decentralized one, a smaller-scale production model. Therefore, if this trend continues, every household will have a power-generating facility installed in the near future. That’s also the vision of the Energo ecosystem.
These facilities will generate enough electricity to meet household demands and supply local communities with a surplus, which may prompt energy trading with many households. Imagine a future where every household has installed PV and enjoys a power surplus that can be supplied to other users. When electricity is traded within the local community, the costs of distributing power, building transmission lines, and expanding generation capacity will significantly decrease.
Such a future would fundamentally transform the renewable energy landscape, where resources and capacities are unevenly distributed. Power surplus will be consumed within the local community first while being complementary to the original power source.
Energo and the Renewable Energy Sector
The renewable energy sector relies heavily on subsidies from pro-clean-energy governments, but these subsidies are dwindling, with Germany already pulling out its subsidy. Against such a backdrop, a new solution, independent of subsidies and guided by free market rules, is much needed.
Something like an electricity market, where free trading happens, and it also benefits all stakeholders. Such a market is a double-edged sword, challenging and presenting new opportunities to traditional power grids, businesses, and operations.
Energo’s vision for the future is to find better solutions to manage a massive decentralized future energy grid, which can sometimes be unreliable. Such a vision allows participants to maximize the use of electricity generated locally. It delivers evident benefits: cutting power distribution costs and energy loss, managing the local power grid better, and eventually leading to decentralized autonomous energy.
The TSL Token
The TSL token, which is also a short form for Tesla, is the token that represents its owner’s access to power in distributed energy storage equipment. Future prosumers and electricity users must own TSL tokens to store electricity in energy storage equipment.
A commission fee on the user-stored energy in the distributed energy storage equipment is charged every 15 minutes to guarantee the efficient and fair use of public resources.
The allocation has been done as 80% of the proceeds go to the storage equipment owners, meaning energy suppliers’ proceeds correspond to the percentage of stored energy they contribute to the grid. 10% goes to the purpose of educating the market and new users.
For instance, TSLs of small denominations are given for free to first-time users to facilitate their experience. Another 10% goes to the Energo network. Energo issues 1,000,000,000 TSLs in total, and the number of tokens remains constant. There will be no more issuance in the future.
In the first quarter of 2017, Energo completed the blockchain Version ALPHA and the development of Energy Exchange on the Android platform. In the early days, Ebergo claims to have built the blockchain by itself and spent a lot of energy.
Quantum Blockchain and Energo
Energo is a consortium blockchain developed using the Qtum system. It comprises future distributed energy storage equipment that serves as full nodes. Energo is focused on developing distributed autonomous energy (DAE), and its blockchain technology is optimized for the energy sector.
In addition, it offers superb capacity to handle energy information flow and value transfer and guarantees the security, stability, and partial decentralization of the entire DAE ecosystem.
Quantum Blockchain is a platform that facilitates the transfer of value and the development of decentralized applications through the Internet. It aims to connect the Bitcoin and Ethereum ecosystems and bring blockchain technology to the physical world.
Unlike smart contract platforms that rely on POW, a consensus protocol limited by resources and hardware, Qtum uses a more flexible consensus mechanism. This is because public and consortium blockchains have different requirements for consensus due to the other entities that access them.
Qtum has both public and consortium blockchains that use different mechanisms. The public blockchain uses IPOS, a POS-based protocol that is decentralized, secure, reliable, and has a low threshold for participation. On the other hand, the consortium blockchain uses a combination of Proof of Time and Raft agreement to optimize computing power in a trusted network.
Current blockchain systems are often limited because they do not interact with the physical world. Most smart contracts are triggered from within the blockchain system, which means there is a lack of interaction with the outside world.
However, Qtum is different because it features Oracle and Data Feed functionalities that allow data from the physical world to trigger events in smart contracts, breaking the closed loop of smart contracts.
Summary
Energo connects energy producers with diverse consumers to consume clean energy first, increase efficiency, eliminate intermediaries, boost profits, and reduce costs. TSL token represents the user’s access to power in distributed energy storage equipment. Quantum Blockchain connects Bitcoin and Ethereum ecosystems and enables data from the physical world to trigger events in smart contracts.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos, or other related indexes comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
