Review of Eloncity ICO

Modern life has become so dynamic and rapidly changing that we do not always have time to keep abreast of all new discoveries. The development and improvement of electronic technologies today affects virtually all spheres of life of our society, and it did not bypass the energy sector. The emergence of light block technology, allows you to interact with people from all over the world, both directly and in matters of business and commerce.

But with such a rapid development and industrialization of society, there are not only good sides, but also bad ones. For example, the increasing consumption of electricity every day has led to climate change, or so-called "global warming." This issue has become one of the most discussed over the past few years, not only among environmentalists, but also at the state level of large industrial countries.

Electric power is the main driving force of technological progress, it plays an important role in the production of goods and services, as well as in ensuring the comfort and quality of life of people. The needs of the society in electricity are increasing every day, so the best way is to build a scalable electricity production system to meet all the needs of the society.

What is this scalability? Wikipedia gives us such an answer to this question:

And if you put it in plain language, it means the ability to increase electricity production quickly and at no additional cost, as the need for it increases (for example, during business hours) and also quickly reduces it when the demand decreases. To date, this problem has not yet been solved, since the nuclear reactor is simply not turned on and off like an electric bulb, it is a complex and expensive process that takes from several days to several weeks. The boiler of the steam turbine of a thermal power station can not be turned off either, because the process of its subsequent heating takes hours and sometimes days.

Problems of the energy sector:

Many scientists and research institutes are now working on ways and means to protect the ecology of our planet from global warming. One way is to use environmentally friendly renewable sources of electricity that have not been used to date.

Until today, renewable energy sources have not been used in large quantities. In view of the fact that the cost of their development is not cheap, they were used point-by-point to satisfy the enthusiasm of enthusiasts, rather than to meet the massive needs for electricity. Such projects are most often not connected to the global power grid, so in the case of reduced requirements, they do not have the opportunity to transfer surplus electricity produced to another network, which at that time it needs more.

If you translate this problem into monetary terms - this is the financial loss of millions of dollars every month. In addition to the additional costs aimed at preventing future losses.

Ways of solving or as a blockchain technology can help the energy sector:

Blockchain is essentially a decentralized encrypted storage and processing system stored on one or more computers that can not be changed, but all incoming and outgoing transactions on the network can be very easily tracked. The rules on which this or that blocking unit should work are programmed in the so-called basic protocol, while in the network of the detachment there is a reward for people who provide their computer resources to store the blockage or some part of it. The remuneration is paid by the crypto currency provided for in this block, which can then be exchanged for real money.

Eloncity is the very decentralized block-project, which ensures the optimal distribution of electricity produced from renewable sources. His work will ensure the economy, security and transparency of all operations.

Work it will be based on the principle of the sharing economy, that is, the economy of decentralized joint consumption. This scheme will save resources and maximize the efficiency of their use.

It will work like this: Energy will be extracted in different parts of the country, delivered to the place where it is most needed, of course on a fee basis, and such a distribution system will allow non-traditional energy to compete directly with the existing branch of traditional energy. All income and expenses associated with the redistribution of electricity will be completely transparent and safe, because all information in the blockroom is stored in coded form and it can not be changed, deleted or falsified in any way.

Thus, Eloncity will make it possible to earn on the production and sale of electricity to anyone who wants, be it a small private hydroelectric power station, a person who has installed a windmill or a solar battery on the roof in his yard. Such a system will give people the opportunity to use all the electricity produced with maximum efficiency, and not a single kilowatt will be wasted. In addition, it will relieve the burden of traditional energy, and therefore help to conserve the environment and protect the planet from global warming.

The Eloncity ecosystem provides for the remuneration of all its participants, not only those who provided their computing resources for the work of the detachment, but also electricity producers who will receive money from its sale, as well as buyers. For example, for every kilowatt of purchased clean electric energy, the buyer will receive sixteen internal crypto currency (ECT) coins as a reward.

These coins can then be spent on the purchase of electricity or exchanged for ordinary money. Eloncity will encourage all participants of the ecosystem and thus motivate them to produce and use electricity produced in ways that do not harm nature.

Benefits:

Transparency of all transactions. The platform allows you to easily and quickly track and verify any transaction in both electricity transmission and payment. In addition, in the blockroom you can create a special label to track selected specific sources of electricity. Work on this scheme facilitates and reduces the cost of sharing energy resources, and increases the efficiency of production and use of electricity.

A single electricity supply market - the Eloncity ecosystem will allow producers and consumers to quickly transfer electricity to each other and quickly receive payment for the use of energy resources.

High reliability - decentralized architecture provides the most reliable data storage, and also due to its decentralization, it can quickly recover without loss after a failure in any of its nodes.

Flexibility - Artificial Intelligence BESS, built into the ecosystem, will help to anticipate constantly changing conjuncture, and also act as an intermediary and guarantor of securing transactions.

Security. The built-in ability to conclude smart contracts will protect users from fraud and other malicious acts.

Optimization of expenses. Savings in the use of electricity will be achieved through the combination of a local power grid within each community and balancing the peak demand for electricity by combining different communities into a single network. Also, the system is able to sell surplus electricity to a centralized network to generate revenues.

Ecological compatibility. A more efficient system of distribution and consumption of electricity will reduce greenhouse gas emissions into the atmosphere. This is especially important for environmentally unfriendly cities.

Economic and social development. The project involves many people in the field of "green" energy - and this is additional jobs.

Roadmap

As you can see, the road map is long, which is not surprising for a project of this scale. We can see that the work has already been done, the results are there, and that the project exists not only on paper and in the dreams of enthusiasts.