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Tuesday, August 11, 2020

WePower become the first Blockchain Firm to Tokenize an Entire Grid

The WePower Blockchain Energy firm has considered strategies for sending a historic national energy tokenisation pilot assignment in Estonia in partnership with Transmission System Operator (TSO) aliasing -paving the way by which for the electronic revolution of their energy sector.

The Lithuanian firm said that a pilot is part of “a significant collaboration” between the two organizations to put all consumption and production data on the Blackchain from the Estonian transmission system operator Elering.

According to a technical report on the project, hourly data from 700,000 households was collected by the postal code, per hour,to reduce it to a manageable size.

The WePower will need at least 15 seconds to write each of its 200 data points for its atherum-based blockchain architecture.
This means that raw Estonian data, which contains more than 6 trillion items, will have to take 14 years and about 210 million US dollars (US $ 239 million) to put onto blockchain , WePower was calculated.

Eventually, WePower uploaded 26,000 hours of total production and consumption data and 24 terawatt hours, and changed it to 39 billion smart energy tokens.

Each token is essentially a digital self-disposal power-purchase agreement that represents one kilowatt hour of electricity. Token are tradeable and local energy can be sold in wholesale market by adding digital agreement with power grid data on blockchain.
It is said that the pilot has been the largest of its kind in the world.

WePower’s Chief Technology Officer Kaspar Kaarlep said in a press release: “Projects of this scale and ambition have not been tried earlier because of the complexity involved, and also because energy data is highly sensitive.”

He said, “The project will deepen our understanding of blockchain as a means of sharing data, thereby paving the way for highly innovative innovation in the energy industry.”

WePower said Estonia was a key candidate for energy data tokenization because it has 100 percent smart meter coverage. Elering also places its smart meter data on a single platform, called the Estfeed, which is capable of providing hourly output updates to WePower.
Pilot was a major test for Ethereum, today’s favorite blockbuster technology for energy applications WePower was able to demonstrate that Ethereum could deal with the contract with multi-year terms.

Elsewhere, however, WePower came against the deficiencies with Blockchen as a medium for energy trading.

For example, in order to avoid paying an excessive fee to the Ethereum for BlockChain platform, the WePower was forced to accept the delay in transaction time during the period of high demand.

As a result, about 28 percent of transactions took more than 10 minutes and about 9 percent took more than an hour.

WePower said that while communicating with Blockchain, the balance between cost and transaction confirmation time should be constantly “considered”.

“However, Ethereum is currently one of the most mature Blockchain solutions supporting smart contracts, but the fully decentralized application for large-scale autonomous use is still not possible for large-scale energy business on BlockChain,” WePower Accepted it.
Instead, the company said that it would continue to work on “a hybrid solution” while monitoring the development of Ethereum and other blockchain technologies.

WePower said, “Although the current platform and its main features can run on the avium blockchain, to achieve the full vision of WePower, many different blockchan will be tested to find the best fit for large-scale infrastructure projects . ”

Depending on your experience in Estonia, WePower is now looking for more optimization of its platform for commodity trading on a large scale.

The company said that its system will eventually be scaled for five minutes of energy market disposal deadline, millions of users and terawatts of electric hours.

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Jon Porter
Along with reporting for BlockToro Jon for works for various big media publications like verge and few other media sites. He is also Dead German Soldier #4 in Wonder Woman. To get in touch with Jon for news reports he published you can email him on Jon@nationaltimes.in or reach him out in social media linked below.

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