Energy Web Token: Decarbonizing Crypto With Blockchain
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The massive amount of energy necessary to create the biggest cryptocurrency in the world, Bitcoin (BTC), is one of the biggest limitations of standard blockchain technology. Bitcoin consumes more energy per year than economies as large as the UAE and Argentina. The energy requirements serve as a key impediment to the further adoption of blockchain in the wider market.
The brightest minds in the industry are currently working hard to make blockchain a greener proposition. One of the green blockchain initiatives is Energy Web Token (EWT), a cryptocurrency designed to decarbonize the energy sector of the economy.
How Energy Web Stack Makes the World Greener
The EWT coin is based on the Energy Web Chain (EW Chain) blockchain network, which itself is part of the Energy Web stack of green technologies. The Energy Web was launched in 2017 to bring eco-friendly blockchain solutions to a variety of energy sector participants — upstream energy companies, grid operators, households and business consumers. The platform is developed and supported by the non-profit Energy Web Foundation (EWF).
The Energy Web platform rewards energy-efficient behavior by market participants. Below, we list two innovative projects currently running on the platform.