60% of the world’s population lives in Asia and almost half of this population live in cities; and they’re all connected to central power grids. Japan liberalised its power grid in 2016, China has done so in parts and Singapore will be the first in Southeast-Asia. As more countries liberalise their electricity markets, consumers will get greater choice in choosing their electricity retailers and the way they want to consume energy.
In these liberalised environments consumers still consume power from centralised grids managed by corporatised grid operators. There’s also fast growing demand for alternative energy resources like like solar panels, biomass and wind.
However centralised electricity systems are lagging in innovations and alternatives. Solutions like renewable energy and peer-to-peer energy trading are still not prevalent. Without access to alternatives, consumers are not getting the choices they deserve.
ELECTRIFY will enable the decentralisation of power production and bring the power of choice to the consumer. We aim to build a better electricity network, and it starts with an intelligent energy ecosystem.
At the heart of this new ecosystem will be energy smart contracts secured on the blockchain, fueled by the ELEC token.
Marketplace 2.0 will be a web and mobile platform allow consumers to purchase energy from electricity retailers or directly from their peers (P2P) with smart contracts and blockchain.
Synergy allows consumers to buy power directly from small-scale producers, such as residential rooftop solar and wind turbines. This removes the middleman, reducing energy costs for consumers.
E-Wallet will be used to facilitate payments via the smart contracts, allowing consumers to pay for their energy usage for payments in the Electrify ecosystem.
PowerPod: to accurately track and audit the output from a small-scale solar panel, an IoT smart device have been developed to measure and execute P2P trades via Synergy smart contracts. PowerPod will log energy produced onto a blockchain.
Attention. There is a risk that unverified members are not actually members of the team
$15 000 000
SummaryWith a growing competition within the energy industry, we hope to see Electrify Asia fufill its promise. It does have products available (eWallet, Powerpod) which does set it apart from the competition.Positives Established Team: Electrify Asia has a market in Singapore that has 12-16 retailers on it. Increased Savings: When using Electrify Asia, users can obtain up to 25-30% of their electricity. This low energy cost increases the demand for ELEC coin and will help it be accessible throughout Asia. Producer Incentives: Producers can use their electricity to participate in the network and obtain profits via using its PowerPod. Negatives High Competition: Electrify Asia is in direct competition with other ICOs such as Australia’s Power Ledger. Expansion: While it does seem to have issues with expanding its network, Electrify Asia might have to look into Japan for expansion. However, they haven’t created any partnerships with Japanese entities as of yet.
With the particularly high utility case for trading energy on the blockchain, the competition in this space is only increasing. The issue with electricity is of course that utilities tend to be a sector with high levels of regulation, the degree to which varies from country to country. With Electrify Asia’s foothold in Singapore, building their base at home and finding the next viable market with a suitable regulatory environment will be key to success.
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