ELONCITY PROJECT OVERVIEW
The influx of people into the cryptocurrency market has made an astronomical rise in the adoption of blockchain technology. Numerous supporters, investors from different field of professions and businesses around the world have embraced new technological innovation which has helped reshape the world. One firm at the forefront of this innovation is ELONCITY which is developing a decentralized renewable energy ecosystem that comprises of high-performance blockchain technology to enable tracking and distribution of electricity generation sources.
Eloncity is a decentralized renewable energy ecosystem that comprises of high-performance blockchain technology to enable tracking and distribution of electricity generation sources. The blockchain platform proposes on establishing a community where individuals seeking energy can enhance their collaboration and sharing of energy resources. Eloncity with use of ECT token will help communities as well as the individuals and companies within them to invest in energy efficient facilities and equipments that will save them energy and cost and also help in the generation of renewable energy for their use.
Eloncity is building a decentralized energy design architecture with millions of self sufficient microgrids. By doing so, energy will be available at any time with the highest security standards and a way higher reliability than todays energy network. Through the blockchain technology furthermore Eloncity will use those advantages such as having full price transparency, which is nowadays mostly not given by the providers. Everyone who uses Eloncity and contributes to it, will make electricity virtually free, so the world can be power up with clean energy.
Eloncity plans to use a Delegated Proof of Stake consensus mechanism. Eloncity’s blockchain will support up to 10,000 TPS (transactions per second) and a smart contract platform for energy exchange among community members. Further, there will be a sort of a mining mechanism that allows users of BESS (battery energy storage systems) that are compliant with the Eloncity Protocol to receive ECT tokens for storing energy. The Eloncity Protocol is aimed to become the underlying software for electricity exchange among a local community. The protocol contains an artificial intelligence powered algorithm to determine locational real-time energy price equilibriums. The protocol is a distributed ledger that records all energy transactions and is verifiable and immutable.
The transition from nuclear and fossil energy to renewable energy is currently underway in many countries in the world. Eloncity provides a solution for this new energy system with the corresponding challenges such as unstable energy production. The mechanisms of the Eloncity system help to flatten peak demands and to reduce energy costs for the network participants.
The key technology building blocks of Eloncity Decentralized Energy Architecture (EDEA), an ecosystem of decentralization technologies and crypto economic tools to enable the shared regenerative energy economy. The modular design facilitates tailored deployment of Eloncity microgrid for diverse communities around the world. An optimal Eloncity configuration would be a direct current (DC) microgrid serving customers within a one-mile radius. This microgrid uses the DCBus Scheduler to manage the power flows in the community. The shared resources in an Eloncity microgrid would be locally generated renewable energy, and the equipment such as BESS, PV arrays, small wind turbines, electric vehicles, DCbus Schedulers and other decentralized renewable energy assets.
Eloncity microgrid resources sharing help to maximize asset utilization rate and accelerate the return-ofinvestment of the assets. The blockchain exchange platform, or the Eloncity Token Protocol (ECTP), functions as the open and secured public accounting ledger. This ledger would track the transactions of community resources sharing and the sources of delivered electricity, renewables or fossil fuel. The ECTP is an enhanced Ethereum blockchain platform that supports high-volume high-speed transactions. The ECTP smart contract equitably allocates the cost-benefits based on where and when the shared resources are used. To support optimal local energy supply and demand, Eloncity’s artificial intelligence (AI) technology and community network10 provide real-time information on local energy pricing to participating community members to aid in informed decision making. Each community member can set his or her own purchase prices for needed energy, and sales prices for the excess energy. The design’s objective is to optimize localized energy supply and demand in real-time. For microgrids that cannot satisfy their own demand with locally produced renewable energy, they can import energy more cost-effectively given that their energy demand is stable and predictable. A microgrid that continues to rely on imported power to meet their demand is called transitional microgrid. While a self-sufficient microgrid is a long-term objective, the transitional microgrids can dramatically reduce the operational cost of existing centralized grids in the near-term and help to reduce cost-burden to the ratepayers. Additionally, Eloncity Model includes a crypto utility token, Eloncity Token (ECT), to facilitate local energy exchange and incentivize investment in battery energy storage system (BESS) for storing newly harvested renewable energy, as well as creating an open global marketplace for renewable energy products and services.
FEATURES OF ELONCITY
Blockchain-based AI trade system:
By combining AI algorithm and blockchain, Eloncity with help of token hopes to establish a transparent and fair energy market with real-time prices as reference
Smart Energy Storage Systems:
The Energy storage system will work with the IoT technologies to help balance the demand and supply of the produced renewable energy
Switching DC Power Bus:
With the energy production and distribution, there is need to control the energy peaks, and the Switching DC Power helps remove typical peak load permanently.
Direct Current appliances:
Eloncity with help of token will accommodate the use of DC-driven devices to eliminate the use of repetitive power conversion and enhance the competitiveness of the produced renewable energy.
Proof of Stored Power (PoSp):
Eloncity will incorporate a Proof of Stored Power protocol, which is a new mining scheme to make ESS investment grade financial entities.
Why invest in Eloncity ?
In the documents attached to the ICO campaign, Eloncity talks about millions of microelectrode stations (self-sufficient, independent, independent and equipped with a peak load response system) connected to the network. But, I think, the ecosystem will become so big for a while.
Decentralization of the energy infrastructure is a long process and, on the way to fulfilling the goal, the startup will have to draw on its side the existing providers of services and products in the renewable energy sector and, based on its successes, prove the utter inadequacy of utilities and, in general, the centralized system.
Eloncity already has the necessary technological base. Installations are collected and even sold — some California farms are equipped with them (reports of satisfied owners can look on YouTube).
Even destructive natural disasters can not “drain” the infrastructure of Eloncity — maximum, to disable some of its sites. Startups talk about the mobility and adaptability of the network, as well as the possibility of rapid recovery.
Benefits of the project
The trading system is executed on the basis of the blockbuster and at the same time with the presence of the algorithm of artificial intelligence
Smart Energy storage system (saving energy costs, extracting energy from renewable resources)
Ability to reduce peak load
Direct home appliances
Proof of the stored power (PoSp)
Ability to switch to power supply mode. Use of household appliances is allowed. The site can eliminate the re-emergence of power and significantly increase the competitiveness of renewable energy of local production. By saving you can earn.
TOKEN AND ICO DETAILS
• Token type- ERC: 20
• Platform- ETH
• Accepts- ETH
• The amount for sale- 32%
• Token supply- 1,000,000
• Hard cap- $ 33,000,000
• Conversion rate- 1 ECT = $ 0.12
The ECT is a utility token designed to facilitate energy exchange within an Eloncity microgrid and among adjacent Eloncity microgrids. Eloncity aims to make the ECT token the means of payment of an internationally unified renewable energy marketplace that connects various local communities with each other. The Eloncity Token (ECT) enables energy exchange on an Eloncity microgrid that is compatible with the Eloncity Token Protocol. Supplying and consuming energy on the Eloncity network is paid in ECT tokens. The total market capitalization of the ECT token will reflect the value of the electricity that is traded on the network. Eloncity estimates that the market capitalization of the ECT token could reach 560 million USD in 2040, expressed in 2018 USD values (correcting for the future inflation rate of the USD).
STORE OF VALUE
Each ECTP-compliant device needs to reserve sufficient ECTs that is equivalent to the value of its electricity capacity to participate in the automated exchange. That makes the ECT a store of value backed by the value of electricity. The value of each ECT is determined by the total energy transaction volume of the ecosystem, and the velocity of the ECT transactions. Due to the exchange reserve requirements, there is a limit for the monetary Eloncity, which creates value for the ECT and produces a stable token system.
MEDIUM OF EXCHANGE
On the Eloncity networks, the ECT is used for energy exchange. The consumers earn ECTs by providing their surplus energy to peers on the networks. The community member uses ECT to access local electricity services and ECTP-compliant products.
FOR MORE INFORMATION PLEASE VISIT THE LINKS I HAVE PROVIDED BELOW;
Eloncity Web Link : http://eloncity.io/
Eloncity Telegram Group: https://t.me/Eloncity
Krypital Bounty Group: https://t.me/KrypitalBounty
Krypital News: https://t.me/KrypitalNews
Facebook : https://www.facebook.com/Eloncity
Twitter : https://twitter.com/Eloncity_io
Linkedin : https://www.linkedin.com/company/eloncity/
Instagram : https://www.instagram.com/eloncity_io/
Reddit : https://www.reddit.com/r/Eloncity/
BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=1680409