Blockchain for renewable energy ready for industry

A Proof of Concept test will be the result a new partnership in European renewable energy market
08 March 2018   365

Today, March 8 European aggregated energy leader Energy2market announced a strategic partnership with blockchain-based renewable energy data and incentive platform. As the announcement suggests, a series of tests of Swytch blockchain protocol was conducted by e2m across its assets in Germany from January 2018. And the results indicate that Swytch platform and its protocol that is designed to verify and track renewable energy production, is ready for the Proof of Concept test - the main purpose of the partnership.

The idea behind Swytch is accelerate the adoption of the renewable energy. It uses ERC20 token to facilitate exchange of production data rights, a Proof-of-Production protocol to verify the data all the way from the source and an open source 'oracle' to collect the data and distribute awards based on the environmental impact. For larger energy producers such approach of tokenized awards poses tangible potential.

We firmly believe that blockchain technology can be used to unlock long-term value for Europe’s renewable energy assets. Today, renewable energies represent 31,5% of the total energy market in Germany but we have a goal of reaching 70% within 2050. Government-based incentive programs can only do so much, and a more dynamic option is needed. Additionally, some countries, like Germany, will begin phasing out their incentive programs in the next few years. We need to prepare for the future and identify new subsidy instruments and trading mechanism.

 

Andreas Keil

CEO, e2m

With Swytch as a partner e2m hopes to learn more about the blockchain platform and diversify its portfolio of existing programs with innovative alternatives. Upon that, Swytch is the kind of non-governmental organisation that can aid subsidizing new and existing assets in the renewable market. Overall, a competitive advantage is the direction e2m is taking with Swytch team-up.

Generating more than 3.5 Gw, e2m is one of the biggest direct marketers of energy in Europe. Swytch’s blockchain system is the only technology tested in gigawatts rather than megawatts allowing us to seamlessly integrate with e2m’s infrastructure. This gives Swytch the unique ability to verify production directly from the source. When compared to existing programs this will drastically reduce administrative costs and open up incentive mechanisms to residential properties which are the key to accelerated adoption of renewables. This positions Swytch as a central player in the global grassroots movement to reduce carbon emissions.

 

Evan Caron

Co-Founder and Managing Director, Swytch

7 Accounts blocked by EOS BP without Going an Arbitration

EOS is facing another issue just days after its mainnet activation, as the newly elected block producers have frozen 7 EOS accounts on suspicion of being stolen
19 June 2018   49

The backlash began as the block producers did go over arbitration, an integral part of the EOS’s governance system. The critics are certainly questioning the credibility of the project. Jackson Palmer, the creator of Dogecoin and a well-known person in the blockchain industry, questioned the very governance process constructed by EOS and the role of EOS Core Arbitration Forum (ECAF).

The structure of EOS’s governance has been parted into 3 distinct groups - block producers, arbiters, and token holders. This separation resembles the executive, constituency, and judicial, of any governed system respectively. 

On 17 June 2018, the top 21 Block Producers unanimously agreed to protect property that may have been compromised through phishing attacks or other scams where member’s private keys were compromised. The EOS911 initiative was created by EOS42 as a way to prevent victims of private key theft from having their tokens lost once the 72-hour unstacking period ended following the EOS Mainnet Launch. Once that period ended, the thieves would be free to transfer the tokens wherever they’d like, rendering futile any recourse available to the community at this time.
EOS New York, in their recent post

So, in this case, the block producers did not go with the arbitration, rather they only conferred with them. Then the post added:

Foreseeing the process that would be required to act, EOS New York, on a call with BPs and BPCs, requested an expedited review of the merits of the case from ECAF (EOS Core Arbitration Forum) who was also on the call. The idea was that if ECAF found merit in the evidence provided, a formal ruling from ECAF would ask the BPs to “freeze” the accounts in question until such time that a thorough and formal review of the claims could be completed.
EOS New York, in their recent post

This is not the first problem EOS is facing amid its mainnet activation, as within 48 hours of that, the network suspended because of some bug. Though the error only led to a 5-hour network blackout, that is surely not something the team would have expected.