Blockchain Startup Extends Energy Market

Blockchain startup LO3 Energy has partnered with the European Power Exchange to connect local electric microgrids to broader wholesale markets
13 December 2017   1818

Yesterday blockchain startup LO3 Energy and the European Power Exchange EPEX SPOT signed a memorandum of understanding committing themselves to finding ways to connect local energy markets to larger power networks using a blockchain-based platform.

EPEX SPOT is a power trading company based in France which covering Central Western Europe and the United Kingdom. Company allows users in each country to buy or sell excess power to each other.

Under the partnership, LO3 will deploy its technology on community microgrids, such as the one it developed in its flagship project, the Brooklyn Microgrid that was the world’s first blockchain-based microgrid. Meanwhile, EPEX SPOT will use its international power trading infrastructure to create a broader source of availability.

Eventually, the partnership will allow consumers to buy and sell surplus energy from neighbors or faraway strangers.

Companies also aims to help solar panel owners sell their excess energy back to the grid to be stored in batteries operated by the two groups, while consumers can purchase this excess energy during times of need.

Users Suspected RusGas of Scam

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol
07 December 2018   97

The RusGas cryptocurrency project (RGS) demonstrates disturbing signs and releases new tokens in excess of the pre-set emission limit, Cryptovest reports. With an aggregate capitalization of $ 117, RGS trading volume for the last few days is $ 35,000. Events unfold against the backdrop of promises made by the project organizers about the upcoming restart.

Most of the RGS trade is focused on the Crex24 exchange, which has a daily  of $ 700,000. RusGas had a daily volume of several million dollars in its best days, which already then caused questions about the authenticity of this value.

According to CoinMarketCap, RGS emissions are limited to 10 billion tokens, but Etherscan indicates that currently 298 addresses contain 860 billion RGS. The rapid growth of emissions was recorded in recent days and hours. The largest wallet contains 99% of all tokens, which is probably the crex24 wallet. The developers themselves explain these movements to the next restart.

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol(PRL), when the additional issue feature was used in a smart contract.

The likelihood of such an outcome is a characteristic feature of projects based on the Ethereum protocol, which allows additional emission of tokens through a smart contract at the discretion of its owner, not to mention other vulnerabilities that cost investors a lot of money.

RusGas is based on the idea of ​​using tokens and blockchains to optimize the Russian gas industry. Despite the dubiousness of the project’s mission, the data on the network indicates that in April of this year he managed to raise $ 2.2 million for ICO.