{"id":10734,"date":"2023-06-03T06:13:14","date_gmt":"2023-06-03T06:13:14","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=10734"},"modified":"2022-05-17T12:32:16","modified_gmt":"2022-05-17T12:32:16","slug":"what-is-energy-web-token-ewt-the-energy-token","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/what-is-energy-web-token-ewt-the-energy-token","title":{"rendered":"What is Energy Web Token (EWT)? The energy token"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-energy-web-token-ewt-the-energy-token\/#what_is_energy_web\" >What is Energy Web?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-energy-web-token-ewt-the-energy-token\/#building_a_central_infrastructure_and_shared_technology_for_your_proposals\" >Building a central infrastructure and shared technology for your proposals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-energy-web-token-ewt-the-energy-token\/#accelerating_the_adoption_of_commercial_solutions_in_the_energy_sector\" >Accelerating the adoption of commercial solutions in the energy sector<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-energy-web-token-ewt-the-energy-token\/#fostering_a_community\" >Fostering a community<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-energy-web-token-ewt-the-energy-token\/#how_does_energy_web_work\" >How does Energy Web work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-energy-web-token-ewt-the-energy-token\/#its_main_proposals\" >Its main proposals<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-energy-web-token-ewt-the-energy-token\/#energy_web_chain\" >Energy Web Chain<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-energy-web-token-ewt-the-energy-token\/#energy_web_token_ewt\" >Energy Web Token (EWT)<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>The energy sector\u00a0<strong>has been the focus of harsh criticism regarding cryptocurrencies<\/strong>\u00a0and many people and media have seen that factor as a reason to attack cryptos.<\/p>\n<p>Some evidence of this can be seen in news from various countries, such as China,\u00a0<strong>where mining is discouraged due to its energy consumption.\u00a0<\/strong><\/p>\n<p>It is true that due to mining, large amounts of energy are consumed that\u00a0<strong>can be compared to the entire expenditure of countries like Argentina<\/strong>. But it is also true that, for example, the banking system or gold mining consume much more energy than Bitcoin and have never been the focus of criticism for it.<\/p>\n<p>Beyond these comparisons, it is also true that within the crypto ecosystem solutions are being developed to\u00a0<strong>reduce energy expenditure or to improve energy utilization.\u00a0\u00a0<\/strong><\/p>\n<p>One of them is Energy Web. Although it is not the key to reducing energy consumption, nor is it specifically oriented to this point,<strong>\u00a0it focuses on a striking aspect: energy trading.<\/strong><\/p>\n<p>Get your safety gear and lightning rod ready, because today we\u2019ll walk through the electrifying concepts and ideas that Energy Web has to offer.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"what_is_energy_web\"><\/span>What is Energy Web?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>Energy Web\u00a0<strong>is a global non profit organization<\/strong>\u00a0<strong>that seeks to accelerate the use of a customer centric, low-carbon electricity system.<\/strong><\/p>\n<p>To do so, it uses the enormous potential of decentralized open source technologies.<\/p>\n<p>This project was launched in early 2017 by Energy Web Foundation.<\/p>\n<p><strong>EWF is a foundation that originated from a partnership between Rocky Mountain Institute and Grid Singularity,\u00a0<\/strong>two renowned entities in the energy field.<\/p>\n<p>For its first few months, their network leveraged\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-ethereum-eth-and-how-does-it-work\/\">Ethereum<\/a>\u00a0 public Kovan network, but in November 2017 they launched Tobalaba, their dedicated EW test network.<\/p>\n<p>Among its objectives as an organization, we can highlight:<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"building_a_central_infrastructure_and_shared_technology_for_your_proposals\"><\/span><b>Building a central infrastructure and shared technology for your proposals<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>By December 2019,\u00a0<strong>the Energy Web team developed Energy Web Decentralized Operating System (EW.DOS), the digital DNA of its network.\u00a0<\/strong><\/p>\n<p>Simply put,\u00a0<strong>it is an open source stack running on a decentralized network<\/strong>, which is maintained by some of the world\u2019s most respected energy companies.<\/p>\n<p>In EW.DOS you can find Energy Web Chain and several SDKs (software development kits), which have two main use cases:<\/p>\n<ul>\n<li>\n<ul>\n<li><strong>Tracking<\/strong>\u00a0clean energy and carbon emissions.<\/li>\n<li><strong>The use of distributed energy resources<\/strong>\u00a0to increase grid flexibility.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>In 2020,\u00a0<strong>EW-DOS began to be implemented by Austrian Power Grid.\u00a0<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"accelerating_the_adoption_of_commercial_solutions_in_the_energy_sector\"><\/span><b><br \/>\nAccelerating the adoption of commercial solutions in the energy sector<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>By working directly with energy market participants, their idea is to build and deploy specific commercial solutions through EW-DOS.<\/p>\n<p>Additionally,\u00a0<strong>they are responsible for supporting, convening and advising market participants on how to create commercial and customer value with\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-blockchain-and-how-does-it-work\/\">blockchain<\/a><\/strong>\u00a0and other digital technologies.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"fostering_a_community\"><\/span><b><br \/>\nFostering a community<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As a non-profit organization,\u00a0<strong>it seeks to foster the largest sustainable ecosystem around EW-DOS and decentralized open source technology.<\/strong>\u00a0Therefore, they promote a community by:<\/p>\n<ul>\n<li>\n<ul>\n<li><strong>Training and education<\/strong>\u00a0on decentralized technologies.<\/li>\n<li><strong>Connecting peers across the industry<\/strong>\u00a0who are affected by similar challenges and pioneering decentralized solutions.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_394812591\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/JUNIO-28-A-1_ENERGY-TOKEN3.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/JUNIO-28-A-1_ENERGY-TOKEN3.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/JUNIO-28-A-1_ENERGY-TOKEN3-300x205.jpg 300w\" alt=\"\u00bfQu\u00e9 es Energy Web Token (EWT)? El token de la energ\u00eda\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/JUNIO-28-A-1_ENERGY-TOKEN3.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/JUNIO-28-A-1_ENERGY-TOKEN3-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/JUNIO-28-A-1_ENERGY-TOKEN3.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_does_energy_web_work\"><\/span>How does Energy Web work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><strong>Energy is a resource that cannot be stored,\u00a0<\/strong>so some of the electricity that is produced may be wasted.<\/p>\n<p>Therefore, electricity should be used immediately and go to homes or factories near the producer who has the electrical need.<\/p>\n<p>Against this backdrop,\u00a0<strong>Energy Web seeks to open the electricity market to all.<\/strong><\/p>\n<p>Therefore,\u00a0<strong>it allows you to connect devices that generate electricity<\/strong>\u00a0(solar panels, heat pumps, batteries, etc.)\u00a0<strong>and connect them to its blockchain.<\/strong><\/p>\n<p>There,\u00a0<strong>users can easily sell their electricity.<\/strong><\/p>\n<p>Similarly,\u00a0<strong>the blockchain manages the flow of electricity and sends it to the nearest location where it is needed<\/strong>\u00a0and where the highest \u201cbidder\u201d is.<\/p>\n<p>In this sense,<strong>\u00a0its purpose is to circulate electricity from the producer to the consumer<\/strong>\u00a0by the shortest route.<\/p>\n<p>It is also<strong>\u00a0interested in enabling as many people as possible to become energy producers<\/strong>\u00a0in order to reduce the production of fossil fuels.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_260728030\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/JUNIO-28-A-1_ENERGY-TOKEN2-1.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/JUNIO-28-A-1_ENERGY-TOKEN2-1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/JUNIO-28-A-1_ENERGY-TOKEN2-1-300x205.jpg 300w\" alt=\"\u00bfQu\u00e9 es Energy Web Token (EWT)? El token de la energ\u00eda\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/JUNIO-28-A-1_ENERGY-TOKEN2-1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/JUNIO-28-A-1_ENERGY-TOKEN2-1-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/07\/JUNIO-28-A-1_ENERGY-TOKEN2-1.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"its_main_proposals\"><\/span>Its main proposals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"energy_web_chain\"><\/span><strong>Energy Web Chain<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In June 2019, six months before launching EW-DOS, they released Energy Web Chain. It is the first public, open source, enterprise-grade blockchain tailored to the energy sector.<\/p>\n<p>Today,\u00a0<strong>it is a leading choice in the industry for being a fundamental digital infrastructure on which Blockchain based\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-dapp\/\">dApps<\/a>\u00a0can be developed and run.\u00a0<\/strong><\/p>\n<p>It is certainly open to all utilities, users and devices. In addition,<strong>\u00a0it uses a virtual machine (virtual machine) identical to the public Ethereum.\u00a0<\/strong><\/p>\n<p>As a result,\u00a0<strong>developers can start writing smart contracts and dApps with little knowledge about it.\u00a0<\/strong><\/p>\n<p>Its blockchain features high scalability, low transaction costs and reduced energy cost, thanks to its Proof of Authority consensus.<\/p>\n<p>For this reason,\u00a0<strong>the \u201cauthorities\u201d or validators<\/strong>\u00a0that are part of this blockchain\u00a0<strong>are chosen by the foundation.\u00a0<\/strong><\/p>\n<p>At present,<strong>\u00a0every company in the energy sector, such as Shell, Vodafone, Vestas, Volkswagen, EDF, among others, has its own validator.<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"energy_web_token_ewt\"><\/span><strong><br \/>\nEnergy Web Token (EWT)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>EWT is Energy Web\u2019s native token and is designed to support partner companies\u2019 applications.<\/p>\n<p><strong>Its primary function is to serve as a \u201cgas\u201d to pay transaction fees\u00a0<\/strong>on its blockchain to exchange information.<\/p>\n<p>In addition,<strong>\u00a0it compensates validators<\/strong>\u00a0through fees and massive rewards and\u00a0<strong>is used to pay for services that optimize and improve dApps<\/strong>\u00a0(such as\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-blockchain-oracle\/\">Oracles<\/a>\u00a0or Bridges).<\/p>\n<p>Similarly, it serves to access public services for a predetermined period of time.\u00a0<strong>Its total supply is 100 million EWTs, of which only 30 million are in circulation.\u00a0<\/strong><\/p>\n<p>Regarding how you can acquire them, they can be obtained through exchange with dollars, euros, pounds sterling and Bitcoin.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>So much for our electric adventure through the trails of Energy Web, we hope you found it useful!<\/p>\n<p>To be honest, in the crypto world we have a lot to say.<\/p>\n<p>Therefore,\u00a0<strong>to keep you up to date with the latest news in the cryptocurrency ecosystem, we invite you to\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/\">check out our blog<\/a>.<\/strong><\/p>\n<p>There you will find all the information you are looking for and more.<\/p>\n<p>See you next time!<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>The energy sector\u00a0has been the focus of harsh criticism regarding cryptocurrencies\u00a0and many people and media have seen that factor as a reason to attack cryptos. Some evidence of this can be seen in news from various countries, such as China,\u00a0where mining is discouraged due to its energy consumption.\u00a0 It is true that due to mining, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[252,1],"tags":[],"class_list":["post-10734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-criptomoedas","category-criptomonedas"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=10734"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/7844"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=10734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=10734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=10734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}