ELONCITY - Power the World for Free

jigamola (5)in #ico • 7 years ago

Cryptocurrencies are one of the most important inventions since the inception of the web. They are ushering in a new era of decentralization, privacy, and control of one’s own data that has the potential to revolutionize many parts of society. There are currently over one thousand cryptocurrencies in use, with hundreds more being released each year. Their combined market cap has grown from $10 billion in 2016, to over $400 billion at the time of writing, having previously been much higher.

As the success and growth of blockchain-based cryptocurrency have proven, the future will witness a decentralized, efficient, and comprehensive global ecosystem. At this juncture, I would like to present Eloncity, a decentralized renewable energy ecosystem.

The world's population is increasing day by day. The demand for electricity is increasing yearly as the world population is growing and more and more devices are in need of energy. The 21th century we are living in is marked by the theme internet of things with everything being connected. As of today, most of the energy we use is coming from electric grids. Although the past few years have been led with great innovations, the energy sector is lacking a bit behind. Existing energy grids are namely build on an aging design with a centralized grid architecture. Centralized power grids are facing more and more challenges regarding safety, reliability, security and increasing costs.

The Eloncity project is going to face those problems using the blockchain technology. Eloncity is trying to build up a decentralized energy design architecture with millions of self sufficient microgrids. By doing so, energy will be available at any time with the highest security standards and a way higher reliability than todays energy network. Through the blockchain technology furthermore Eloncity will use those advantages such as having full price transparency, which is nowadays mostly not given by the providers. Everyone who uses Eloncity and contributes to it, will make electricity virtually free, so the world can be power up with clean energy.

Eloncity is a decentralized renewable energy ecosystem that comprises of high-performance blockchain technology to enable tracking and distribution of electricity generation sources. The blockchain platform proposes on establishing a community where individuals seeking energy can enhance their collaboration and sharing of energy resources. Eloncity with use of ECT token will help communities as well as the individuals and companies within them to invest in energy efficient facilities and equipments that will save them energy and cost and also help in the generation of renewable energy for their use.

Eloncity plans to use a Delegated Proof of Stake consensus mechanism. Eloncity’s blockchain will support up to 10,000 TPS (transactions per second) and a smart contract platform for energy exchange among community members. Further, there will be a sort of a mining mechanism that allows users of BESS (battery energy storage systems) that are compliant with the Eloncity Protocol to receive ECT tokens for storing energy. The Eloncity Protocol is aimed to become the underlying software for electricity exchange among a local community. The protocol contains an artificial intelligence powered algorithm to determine locational real-time energy price equilibriums. The protocol is a distributed ledger that records all energy transactions and is verifiable and immutable.
The transition from nuclear and fossil energy to renewable energy is currently underway in many countries in the world. Eloncity provides a solution for this new energy system with the corresponding challenges such as unstable energy production. The mechanisms of the Eloncity system help to flatten peak demands and to reduce energy costs for the network participants.

VISION

AI Grid Foundation (Foundation), a non-profit organization based in Singapore and an advocate for employing decentralized renewable energy as possible pathway to address our energy challenges. We see an attainable energy future that is safer, cleaner, more profitable, more accessible to all. We believe the shared and consensus-based blockchain technology is vital for building the collaborative decentralized renewable energy future. We recognize that crypto utility token is an effective and efficient catalyst to create open, leveled and unified renewable energy marketplace for linking energy consumers with product and service providers around the world. We collaborate with global technology and financial partners, local governments and public agencies, communities, and advocacy groups, non-profit organization and other stakeholders to build a collective pathway to that future.

FEATURES OF ELONCITY

Blockchain-based AI trade system:

By combining AI algorithm and blockchain, Eloncity with help of token hopes to establish a transparent and fair energy market with real-time prices as reference

Smart Energy Storage Systems:

The Energy storage system will work with the IoT technologies to help balance the demand and supply of the produced renewable energy

Switching DC Power Bus:

With the energy production and distribution, there is need to control the energy peaks, and the Switching DC Power helps remove typical peak load permanently.

Direct Current appliances:

Eloncity with help of token will accommodate the use of DC-driven devices to eliminate the use of repetitive power conversion and enhance the competitiveness of the produced renewable energy.

Proof of Stored Power (PoSp):

Eloncity will incorporate a Proof of Stored Power protocol, which is a new mining scheme to make ESS investment grade financial entities.

ADVANTAGES OF ELONCITY

Using Eloncity will make energy free from:

Pollution
Over Engineering
Exploitation
Manipulation
Excessive Conversion
Downtime
Involuntary Billing

ELONCITY TOKEN

The ECT is a utility token designed to facilitate energy exchange within an Eloncity microgrid and among adjacent Eloncity microgrids. Eloncity aims to make the ECT token the means of payment of an internationally unified renewable energy marketplace that connects various local communities with each other. The Eloncity Token (ECT) enables energy exchange on an Eloncity microgrid that is compatible with the Eloncity Token Protocol. Supplying and consuming energy on the Eloncity network is paid in ECT tokens. The total market capitalization of the ECT token will reflect the value of the electricity that is traded on the network. Eloncity estimates that the market capitalization of the ECT token could reach 560 million USD in 2040, expressed in 2018 USD values (correcting for the future inflation rate of the USD).

Token Function

Store of Value

Each ECTP-compliant device needs to reserve sufficient ECTs that is equivalent to the value of its electricity capacity to participate in the automated exchange. That makes the ECT a store of value backed by the value of electricity. The value of each ECT is determined by the total energy transaction volume of the ecosystem, and the velocity of the ECT transactions. Due to the exchange reserve requirements, there is a limit for the monetary Eloncity, which creates value for the ECT and produces a stable token system.

Medium of Exchange

On the Eloncity networks, the ECT is used for energy exchange. The consumers earn ECTs by providing their surplus energy to peers on the networks. The community member uses ECT to access local electricity services and ECTP-compliant products.

The private sale has started, which you have to register through our website: https://eloncity.io to be considered.

Token Detail