Altcoins: Energy Web Token (EWT) - What Is It? - A Deeper Look Into the Energy Web Token (EWT) Platform
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Summary:
- What is The Energy web token Platform and how does it work?
- What makes the Energy web token exchange unique?
- Energy web Token’s past, present and future price positions.
The Energy Web token platform
The Energy Web Chain, a blockchain-based virtual machine created to facilitate and promote application development for the energy industry, uses the Energy Web Token (EWT) as its operating token. In June 2019, Energy Web Chain was introduced. The non-profit organization in charge of the initiative is called the Energy Web Foundation. By enabling developers to construct decentralized apps, EWT seeks to diversify the energy business (DApps). Grid operators, software developers, and vendors are just a few of the energetics actors who could gain from the virtual machine.
Project Energy Web Token is a collaboration between Grid Singularity and Rocky Mountain Institute (RMI) (GSy). One of the top names in energy-related research and development is Rocky Mountain Institute (RMI). RMI has taken part in numerous ground-breaking energy projects as a renowned think tank. RMI sought to use the decentralized potential of blockchain technology to empower actors in the energy sector to create new decentralized solutions, thus it built the Energy Web Chain. The project benefited from the blockchain expertise of Grid Singularity (GSy). GSy was the driving force behind the development of the Energy Web Chain as a blockchain developer. GSy was a crucial component for the introduction of EWT because it included renowned specialists, core Ethereum blockchain developers, seasoned energy executives, and energy regulators.
A proof-of-authority (PoA) consensus is used to run the Energy Web virtual machine. This indicates that the blockchain depends on reliable validators to add new blocks. Compared to the proof-of-work (PoW) consensus, the PoA consensus offers an alternate validation mechanism that allows for quicker processing times.
The current market capitalisation for Web Energy token is $118,293,247. There is a maximum supply of 100,000,000 EWT tokens, 30,062,138.00 (30%) are currently in circulation.
Web Energy Tokens weakness
The Energy Web Chain's creators, RMI and GSy, set out to provide a flexible blockchain solution for a variety of energy-related applications. The ability to totally modify decentralized apps is one of the key selling aspects of EWT for businesses. Energy Web Chain was specifically created for the energy sector, however other blockchains like Ethereum also offer this diversity.
Because it was designed with enterprise use in mind, the Energy Web Chain enables cutting-edge scalability and data protection. The organization also just unveiled Energy Web Decentralized Operating System, a tech stack (EW-DOS). Users can use it to remotely control and manage their electrical installations.
Advantages of the Energy Web Token (EWT) platform
- Passive rewards, By providing other services or by sharing their energy resources with the network, users can earn passive benefits. The platform's incentivization concept replaces the current centralized, traditional business model with a more democratic and inclusive one. Regular consumers may now participate in the trillion-dollar energy service markets by joining these energy creation islands.
- Growing network, More than 100 players in the global energy market make up the Energy Web Token (EWT) network. These businesses cover the full spectrum, from service providers to markets for renewable energy and decentralized energy sources. The Energy Web Token is always looking for new collaborators who share their enthusiasm for a more environmentally friendly market.
Past, present and future prices of The Energy Web Token network (EWT)
Energy Web Token's price has followed a volatile past since March 2020, hitting its first price peak in August 2020 at $13.04, its second and highest price peak in mid-april 2021 at a price of $19.6. Thereafter EWT’s price has been volatile and on an overall price decline.
Over the past few months, the global markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, EWT does fall under this category.
According to some analysts, the future price of The Energy Web Token network (EWT) could reach up to $11.04 by 2025 and could see a price of more than $71.49 by 2030. However, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions.
EWT Price Chart
Sources: finance.yahoo.com, coinmarketcap.com, technewsleader.com, securities.io
