team - strong team
mvp - no
idea - interesting
competitors - medium
market - #energy
Nov 17th 2017
6 months ago
Jan 31st 2018
4 months ago
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We currently use AI and blockchain technologies in the energy sector to reduce cost and consumption of electricity in global markets. We feel our overall model will lead to:
1. A reduction in global energy consumption
2. A reduction in retail energy prices
3. The creation of an eco-system, including a transparent peer-to-peer platform to trade energy
Energi Token (ETK) is the next step in our revolution of the energy sector. Traditional incentives to reduce consumption previously have not worked, and we feel that the reason for this is that consumers need to see the monetary value of their change in behaviour before they are likely to act upon this. Our token will offer incentives for a range of energy-efficient behaviour such as taking low-carbon transport and buying energy-efficient appliances. ETK can then be re-used in our eco-system to trade energy or charge your EV.
We’ve been seeing a lot of positive news in the energy sector such as energy efficient social housing in Spain and finally going beyond the 100 global firms committing to sourcing 100% of their energy from renewable sources.
However, we’re also seeing reports and statistics showing that energy usage will increase by 28% by 2040 due to emerging economies and their need for energy to grow. We need start taking measures now to make sure that this increase in energy consumption is sustainable for the environment and used in an efficient manner so that the cost to the environment and businesses is kept as low as possible.
We are all consumers of energy in some capacity, and that is something that is not likely to change, so instead we must find ways to control how much energy we are consuming and be mindful of how it has been sourced. If a company is buying their energy from a non-renewable source, energy management and behavioural change techniques should be implemented to reduce the overall energy consumption. With the reduction in energy consumed, the consumer would start to see a saving on their energy costs and could then use these savings to source renewable, sustainable energy.
If a corporation cuts their carbon footprint and chooses more sustainable energy sources, this goes towards their Corporate Social Responsibility (CSR) which is a mandatory legislation for larger consumers. Customers are now becoming more aware of schemes like this and prefer to deal with participating companies, who are seen to be more ethical because of this.
ETK is designed as a reward mechanism to encourage energy efficient behaviour from consumers and there are various ways in which these can be obtained through different methods which we have outlined below.
The tokens will be based on the Ethereum ERC-20 standard and can be bought via coin exchanges for several purposes such as individual/company incentive schemes. For example, a company can buy x tokens from the exchange and distribute them amongst its employees for showing energy efficient behaviour that saved the company y amount on their energy bill.
Tokens can also be earned by individuals by implementing energy saving behaviour such as commuting via public transport, buying an electric vehicle or consuming less energy at home.
If an individual was to commute via public transport they would receive an amount of ETK for using a more energy efficient method of transport. If they purchase an electric car then the car manufacturer or the local authority would reward them with ETK for purchasing an energy efficient vehicle. If they consume less energy at home through behavioural change or by purchasing more efficient appliances, they would be given ETK for showing energy efficient behaviour.
Ultimately the mechanism is designed to encourage energy efficient behaviour and as a by-product, the consumer will become more proficient in the energy industry, leading to more informed decisions being made. The tokens will have a market value and can therefore be exchanged for flat currency, or the consumer can choose to save the tokens and use them to pay for future energy bills and electric vehicle charging.