Blockchain-based energy startup Enosi launches its live energy trading platform; making clean energy trading and adoption possible for everyone. The advent of blockchain technology sparked a variety of innovative concepts across many disciplines. By being a decentralized method of handling things, it makes for a very powerful tool to distribute individual units to anyone, anywhere, anytime. The areas into which blockchain has branched out has grown immensely day by day, with some applications being more unique than others.
One of the more interesting functionalities of blockchain is its application in the field of energy. The conventional method of generating energy comes from a centralized power plant. This would generate energy that would be sent on a one-way path across all of its consumers. Doing this has resulted in a disparity in terms of how much energy each consumer truly needs (Being provided energy in excess or in scarce).
With the unequal distribution of energy comes the problem of redistributing said energy. The current energy conventions do not have an efficient system of passing the energy from those who have it in surplus to those who have severe energy deficit. This has resulted in a steep energy hike being further pressed by the monopoly in the energy field.
In recent times, there have been few ways of redistributing the energy throughout the system. The most impressive arises from a blockchain-based method that has all consumers connected in a decentralized system. This means that they are interconnected to each other, resulting in a symbiotic relationship with the consumers and providers.
There have been a number of startups that have risen to tackle this energy crisis with their own take on the situation. One of the more dynamic methods come from The Enosi Foundation, an Australian startup that is dedicated to a community-based trading system that relies on P2P trading. This startup aims to transfer green energy from the suppliers and those who have energy in excess to those sectors genuinely requiring it.
How it works
Enosi has implemented this dynamic approach by deploying an open source platform that challenges the existing energy structure. Its modus operandi is by implementing a new ERC20 token which is known as the JOUL.
This JOUL is the necessary token that is used to trade energy across the Enosi platform. Here, several small retailers who would previously be unable to compete with the existing energy companies can now collectively join together to generate power that can be distributed to a number of consumers with the help of the JOULE token. Being a blockchain system, this unit of energy cannot be duplicated, which serves as a strong security measure.
If there are any clients who have requested more energy that they need, they can simply trade this to other consumers. By implementing a shared system, energy can be distributed easier, cleaner and at a much cheaper cost.
When looking at this form of decentralized energy trading, we realize that it acts as the stepping stone for a distributed system of energy management. A number of people have expressed their positive review and Enosi has been awarded as one of the “cooler blockchain startups” by PCMag and Entrepreneur Magazine. This is the platform that will spearhead Enosi and many other blockchain-based energy distributors in the future.
Visit Enosi website for more information: https://enosi.io/