Energy Web is working on an open source application that could use blockchain technology to facilitate new types of clean and renewable energy and reduce carbon electricity use.
The application is called EW Zero, which has been developed and piloted with fiat transactions.
EW Zero is built to support the decarbonization of Ripple’s XRP Ledger blockchain and payment platform. Although Ripple entered use after Bitcoin – it has some big advantages.
Energy Web Wants to Slash Carbon Creating Fuel Use
To provide the market with ways to access to clean energy and use it for decentralized networks, EW Zero applies a specialized attribute certificate for renewable energy to clarify sources and minimize the use of carbon electricity in blockchain-related activities.
A member of Energy Web, called 3Degrees, looks for supplies of renewable energy that can be used in EW Zero for XRP.
EW Zero makes it quicker and easier for renewable energy purchasers to use to a wide list of sources, suppliers, and deals on various global digital marketplaces – all of which are interconnected via a common platform on the EW Origin Suite.
It enables simplified procurement processes, improves transparency and cost-efficiency for both suppliers and buyers.
The Time for Better Energy is Now
During the pilot phase, EW Zero transactions have been successfully carried out in fiat currency.
In the next step, it will be deployed in crypto, and expand to cover all the users in the ecosystem, whether they are businesses or a single trader, miner, or anyone who interacts with the platform.
Currently, a public blockchain like Bitcoin is still using a lot of energy – some of which may not be clean. While recent reports estimated an increase in clean and renewable energy usage, there is always room for improvement.
It’s important to think about the growth of blockchain and digital payments in the long term, and ensure that it can be maintained with reasonable amounts of energy imputs.
Ripple and Energy Web have jointly launched the XRP Ledger Foundation to call for the participation of other blockchain entities in the creation of a low-to-no carbon emissions blockchain.
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