For the past century, we have been counting on renewable energy to be our future, primary source of energy. However, the traditional form of energy still rules the energy landscape.
The expense and high wall to approach the energy industry limits renewable energy from being the primary source of energy.
What is the solution to this problem?
Andy Li believes that he has found a solution to this problem. He is the founder of Eloncity, an ICO capable of solving the conventional energy problem.
Eloncity decentralises our energy infrastructure into millions of independent micro-grids. The energy cost becomes open to everyone. People using Eloncity can utilise the accessible technology to transform customers into renewable energy prosumers. Using Eloncity will destroy the wall dismantled, and your electricity will be implicitly free.
How does Eloncity work?
The goal of Eloncity is to provide renewable energy to mass consumers 24/7. Eloncity micro-grid shifts electricity among the premises to enhance the utilisation rate of the Distributed Energy Resource (DER).
The hierarchical chain structure will facilitate a minimum of 2.5 million transactions per second. It will enable every household to engage in energy trading. The main chain on top of the hierarchical chain can promote the energy flow among hierarchical micro-grids.
Eloncity has been correlating with significant appliance manufacturers so that a smart energy storage system can directly power DC appliances.
The primary use of Eloncity tokens is to reward miners accumulating stored renewable power using a system called “Proof-of-Stored-Power” (POSP). At the end of POSP mining, 32-gigawatt hours of stored electricity will only give you one ECT, but it is sufficient to power 1 million homes for a whole day.
The Eloncity Protocol and Eloncity Plans
The Eloncity Protocol’s goal is to become the essential software for electricity exchange among a local society. The protocol has an algorithm that is powered by artificial intelligence. This AI can determine the geographical actual-time energy cost stabilities. It records all the energy transactions in an immutable and valid way because it is a distributed ledger.
Eloncity intends to utilise a designated Proof-of-Stake consensus mechanism. Its blockchain is capable of carrying out about 10,000 transactions per second. The community members can use the smart contract platform for exchanging energy. The mining mechanism utilises Battery Energy Storage Systems (BESS). This BESS is compliant with the Eloncity Protocol, and it gets ECT tokens for storing energy.
What will be the predicted future of Eloncity?
In the future, Eloncity will produce energy that is available 24/7 and would allow people to exchange energies from one house to another.
In Q1 2019, Eloncity is expected to have the token’s mining mechanism, energy exchange and the smart contract platform to support on Cybermiles plasma layer. By 2020, the first ECTP conference is scheduled to happen at Cabo, Mexico.
The Eloncity team offers an exciting project. The team has managed their marketing and community management very well. Based on the information that currently has provided to us, Eloncity looks like it is on the path to becoming a successful ICO.
However, achieving the ambitions set by Eloncity will not be an easy task and might take years to accomplish, but it is never wholly impossible.