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   1324

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.

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   82

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.