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Famous Cryptocurrency trader and analyst Tyler Swope this time bet on Energy Web Chain(EWT). He believes this utility token will emerge amongst various projects.
Energy Web Chain is an aspiring energy-focused blockchain, working towards breaking the monopoly and modernizing the electricity market.
Swope in his latest video on his YouTube channel Chico Crypto shed light on EWT.
He explains that EWT employs Decentralised Autonomous Area Agent market model and this
“Leverages smart contracts to perform control and financial settlement for energy resources of any size and type”.
The blockchain has strong ties with Kevin Johnson who is the principal energy strategy lead at PG&E, prime energy storage players of the market.
Previously PG&E ran a pilot program In 2019 to test existing DERMs (distributed energy resource management systems) but many weren’t there for the firm to invest in. However, the Energy Web blockchain was not active then. Analyst states.
He further says, Energy Web has a live blockchain and D3A, which PG&E was looking for in 2019. And this D3A will configure market designs and investment decisions.
“Thus it can be used as a tool to configure an optimal market design and make investment and management decisions. This delivers participants an enhanced understanding of smart grid mechanics, facilitating the adoption of bottom-up energy markets and decentralized energy management like never before.”
This blockchain will be the perfect fit for PG&E and Tesla’s collaboration to look out for various energy storage projects says, Swope.
“…this DERMS platform has eluded PG&E and Tesla for some time. They couldn’t find it as of early 2019. Thus PG&E decided to take a chance on Energy Web Chain, the D3A. They joined the alliance, becoming an affiliate member…”
At the time of writing, EWT is trading at $17.10 at the #107 market cap rank, according to CoinGecko.