Project ELONCITY: The use of ECT in the future and it's features

in #blockchain6 years ago

Introduction


Today we will talk extensively about the features and use of ECT in the future, For those who haven't read my first post in which I extensively talked about the renewable energy and also outlined some recent news on Eloncity , I will start by discussing what the Eloncity project is all about .

Eloncity is targeting the energy market with a blockchain solution. Climate change and the subsequent emergence of renewable energy sources have changed how energy is produced. Instead of big centralized nuclear and fossil energy production facilities, more and more smaller decentralized wind and solar energy plants come into appearance. At the same time many consumer of electricity start producing their own energy and turn from consumers into “prosumers”, producers and consumers of energy at the same time.

Better Battery Energy Storage Systems (BESS) enable smaller producers of electricity to better cover their own energy needs and interact with the power grid in periods of shortages of renewable energy production. This new energy system requires a new solution. Eloncity believes that blockchain technology provides excellent means for tackling the challenges of the new energy market. Eloncity proposes a decentralized renewable energy architecture enabling a locally produced energy exchange on a microgrid.

ECT Token

Eloncity will produce equipment for the production and storage of clean energy. Users will be able to sell additional power during peak hours. Thus, developers intend to motivate a large number of people and institutions to invest in energy storage equipment. In addition, a system was developed to encourage users.

For each megawatt of clean energy, you can get 16 ECT token in reward form. Thus, developers intend to motivate a large number of people and institutions to invest in energy storage equipment.

ECT Benefit For The Future


By using the Eloncity Token for its open market, the platform enables users to access a unified network for global renewable energy solutions. The ECT is a utility token designed to facilitate energy exchange within an Eloncity microgrid and among adjacent Eloncity microgrids. The ECT will have two primary functions:

A 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

A 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.

Additionally ECT is of many many benefits, the project promises to yield substantial results that will impact the energy sector and our daily lives. Eloncity with the help of the ECT token will bring a better solution by powering facilities indefinitely with locally generated energy from renewable resources. It will be a welcome strategy to replace fossil fuel energy resources and to eliminate the dangers that is associated with them.

  • Safety: During the case of an emergency brought about by a disaster, fossil-fuel generators are usually relied upon to supply electricity to consumers but this system is harmful to the health due to their carbon emissions and they are also prone to fire risks and explosions and will only function as long as there is fuel to power them.

  • Societal Changes: Any community that adopts the Eloncity model in their renewable energy Micro grid will be able to enjoy a supply of clean renewable energy to the members of their community.

This energy grid provides succor to the energy sector and needs of the community especially during times of disasters or emergency and it will also help individuals and companies save a lot of money in energy bills.

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.

  • Adaptation: Eloncity, as a blockchain decentralized platform, will help individuals and companies within a community to access unlimited energy provison for their needs in the case of disasters.

With their BESS network and local energy generation from renewable sources, the community will enjoy uninterrupted power supply in time of emergency.

ECT Features


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. Additionally the token protocol requires each entity to store ECT tokens in equivalent to the value of its electricity capacity in order to participate in the energy exchange. This requirement decreases the transaction velocity of the ECT token and a serves as a stabilization mechanism for the token. Eventually 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 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)

Tentatively, some of the ECT features is outlined below;

  • 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.

ELONCITY-Features.jpg

Conclusion


ECT token is a very important token for this project . The future is bright and most importantly the project is in capable hands , a dedicated team working very smart for the delivery of the platform. I like this project a lot.

Note; This article is just a guide to potential clients, stakeholders and everybody itching for a snip of this wonderful project, The whitepaper will provide an in-depth and thorough analysis of this wonderful project. You can click on the link below and find out more about this wonderful project

Eloncity Official Website: https://eloncity.io/
Krypital Bounty Group: https://t.me/KrypitalBounty
Eloncity Group: https://t.me/Eloncity
Krypital News: https://t.me/KrypitalNews
My Btt : https://bitcointalk.org/index.php?action=profile;u=2191289

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