The Energy Web community is the world’s largest open-source, decentralized ecosystem looking at ways to leverage blockchain technology for the energy sector. It consists of the Energy Web Chain, a first-of-its-kind public, enterprise-grade blockchain network that the energy industry can use to create and deploy completely customized decentralized apps.
The Energy Web Decentralized Operating System (EW-DOS) is an open-source, multi-layer digital infrastructure based on the Energy Web Chain blockchain. The project focuses on supporting a low-carbon, customer-centric energy future powered by decentralized technology.
The Energy Web ecosystem also offers the Energy Web Stack or EW-STACK, a set of open-source tools built on the Energy Web Chain, which can be used to develop decentralized apps (dApps) to support enterprise-grade applications for businesses in the energy sector. As of August 2021, the initiative has already forged more than 100 partnerships across 21 countries and supports 50 projects.
The Energy Web Token is the native digital asset of the Energy Web Chain. It is used to pay transaction fees while interacting with dApps within the EW ecosystem and can also be staked by validator nodes to help secure the network.
The Energy Web Chain operates as the Trust Layer of the Energy Web Stack. The open-source public blockchain utilizes a proof-of-authority (PoA) consensus mechanism to secure its infrastructure and offers support for smart contracts and dApps.
In addition to the Energy Web Chain, the EW-STACK’s Trust Layer also includes the Energy Web Token (EWT), validator nodes that help verify transactions and contribute to block production, as well as the block explorer for the network. Derived from the Ethereum blockchain technology, EW Chain supports decentralized identities (DIDs) to power the trust element and supports decentralized infrastructure and dApps operating on it.
The EW-STACK also consists of the following critical components on top of the Trust Layer provided by the Energy Web Chain:
The EW-STACK offers identity solutions, including:
In addition, the utility layer within the infrastructure component consists of several services, including staking, bridge, and more.
The Energy Web ecosystem offers various applications across DER Management, E-mobility, Traceability, and DeFi categories. The applications are designed keeping in mind the needs of businesses in the energy sector.
Energy Web launched in 2017 as an initiative co-founded by energy think-tank Rocky Mountain Institute and blockchain developer Grid Singularity (GSy) in association with ten founding Affiliates. In the initial stages following the launch, the Energy Web Foundation’s testnet used Ethereum’s Kovan network. The company launched its own dedicated testnet, Tobalaba, in November 2017.
The Energy Web Foundation increased the number of Affiliates from 10 to 37 by the first quarter of 2018. This figure exceeded the 100-mark a year later, by the end of Q1 2019.
The mainnet of Energy Web Chain was launched in June 2019. It was the world’s first enterprise-grade blockchain tailor-made for the energy sector.
The EW-DOS launch followed a few months later, going live in December 2019. A month later, it was implemented in partnership with Austrian Power Grid for the first time.
Energy Web Token (EWT) is emerging as one of the most sought-after crypto assets in the overall market. One of the key strengths that support the Energy Web Token price and market capitalization is its long line of partnerships with leading businesses worldwide.
In the crypto market, an impressive list of partners makes the project a more sound investment, encourages investor confidence, and increases the likelihood of success for the token. In the case of EWT, the growing list of Affiliates for the Energy Web Foundation global consortium and the initiative are among the most potent fundamental factors that make investing in EWT appealing.
As of August 2022, there is considerable interest in the EWT crypto after it received attention from leading global asset manager BlackRock. As the company gears up to offer digital assets to its institutional investors, it mentioned the project as a positive factor focused on making Bitcoin mining more sustainable - a key factor supporting mainstream adoption of cryptocurrencies.
In addition to partnerships which include upstream energy companies, the Energy Web Token price could also head higher as on-chain activity on the Energy Web Chain picks up. The development and deployment of more dApps by clients on the blockchain could bring in more use cases and end users for its suite of decentralized services.
Although it is impossible to make an accurate EWT price prediction over any duration, several supporting fundamental factors could help an uptrend in the value of Energy Web Token as an investment. One of the main factors is the innovation of more dApps and services on the Energy Web Chain through more partnerships with companies in the energy sector.
Additionally, the EWT price statistics could benefit from an improvement in the market sentiment towards cryptocurrencies. Higher investor confidence towards digital assets, in general, could encourage more buying activity across the board, helping increase the price and value of EWT and other altcoins.
As of August 2022, the Energy Web Token price is well below its all-time high of over $22. Supporting fundamentals and market sentiment could take the EWT price back to reclaim this level in the future.
Higher adoption of its technology by upstream energy companies worldwide, coupled with a bullish mood in the crypto market, could help the price of Energy Web Token shoot past its highest price to date and make new highs in the future.
The EWT token is the native asset of the Energy Web Chain and ecosystem. It has several applications, including:
EWT is used to pay transaction fees when using the Energy Web Chain. The Energy Web Token is the native currency used for paying gas fees when executing smart contracts and interacting with dApps on the EW-STACK.
The Energy Web Chain uses a PoA consensus algorithm to secure its network. Nodes can become validators and contribute to verifying transactions and creating new blocks in the blockchain by staking EWT on the Energy Web Chain. They can earn rewards in Energy Web Tokens for their efforts.
The EWT crypto is an attractive digital asset to trade in the market or invest in to hold long-term. You can buy or sell Energy Web Token or hold the token long-term if you believe in the project’s future potential. Review the real-time Energy Web Token price, EWT market cap, circulating supply, 24-hour trading volume, and latest crypto news before you trade EWT in the market.
In addition to staking on the Energy Web Chain ecosystem, you can invest in EWT tokens to generate passive income from your holdings. Use EWT for staking, lending liquidity, or yield farming on supported platforms and generate passive income by putting your crypto to work.
Energy Web has partnered with several businesses across the energy sector, blockchain industry, and other established brands across industries. Some of the most notable partners include Google.org, Volkswagen, Protocol Labs, Ripple, Energy Peace Partners, EDF, Elia Group, Fluvius, Filecoin, and Vodafone.
As of August 2022, the Energy Web Foundation has launched 50 projects focused on various applications. Some of the projects undertaken by the team include blockchain decarbonization, DeFi crowdfunding for energy access, an e-mobility dashboard, Open Charging Network (OCN), and more.
Staking Energy Web Token is a great way to put your cryptocurrency to work and conveniently earn passive income. In addition, you can also contribute towards securing the Energy Web Chain through your efforts as a validator node.
Here’s how to stake $EWT and earn attractive APYs:
1. Visit the official staking pool operated by Energy Web on behalf of the Energy Web Community Fund.
2. Connect your wallet to the staking app. Ensure that you have sufficient funds for staking by buying Energy Web Token on KuCoin or other supported platforms and withdrawing the crypto to your wallet.
3. Begin by verifying your email address by submitting this information on the homepage.
4. Scroll down the page and click on the Stake button. Enter the number of EWT tokens you wish to stake and verify the APY and lock-in period before confirming your transaction.
5. You can also visit the Energy Web Lab for information on all active staking pools, including their APYs, activation date, and expiration date.
6. Review the options and select the best staking pool based on your needs. Click on ‘Go to staking pool’ to proceed.
7. Stake your EWT through the staking pool of your choice, sit back and earn rewards in EWT to grow your crypto portfolio.