On December 21, 2017, Kwhcoin renewable energy network announced its official token public offer which serves as an advanced digital energy economy. The energy economy aims to strengthen the power grid with 100% renewable energy for the future as it also seeks adequately provide solutions to a population of about 1.2 billion without adequate access to electricity or power supply.
What is Kwhcoin?
A KWHCoin describes a token created for a decentralized software that enables prosumers, consumers, to connect and compute energy resources each requires. Kwhcoin represents digitally, the eco-friendly technique of producing a kilowatt-hour (KWH) of sustainable power output or something equal to what is generated and shared as an integral part of work which happens on the platform that is decentralized. The energy generation process creates an air of assurance that each consumer’s digital currency is secured by a kilowatt-hour of electricity which consolidates the energy consumption data of shared energy resources. In the occurrence of an upstream value, an auto-pairing is done and transferred to the client’s digital wallet, where payment is made in Kwhcoin which provides security and an independent store of value for network consumers. The business model behind the launching of this coin takes advantage of a blockchain based solution that minimizes cost and produces an incentive structure which helps switch from fossil fuels to more reliable and efficient ways of generating energy-renewables. Due to the growing urge for sustainability, every transaction on the renewable energy platform is carried out in Kwhcoins which makes it a viable and sustainable cryptocurrency as a standard for the emerging online Energy generation.
The Social Effect
The Kwhcoin concept was conceived as a result of the growing need for clean energy by the global population that unable to access clean energy and to get rid of fossil fuel energy. Proceeds generated from the Kwhcoin project which will be about 10% of the total proceeds will be channeled to the development of the microgrid, infrastructural investment along with off-grid facilities in Africa, the Caribbean, Southeast Asia, and South America. The infrastructures will be built to complement virtual assets that produce and join a virtual network of shared energy resources to develop innovative solutions to achieve a common goal. The primary objective of Kwhcoin to create easily accessible and cheap electricity supply for homes globally via eco-friendly methods. Every individual is enabled to access this resource using a mobile phone that has internet connectivity.
Proposed Problems of Blockchain Based Solutions
The unsustainable and harmful use of fossil fuels has a high impact environmentally, economically, and socially as these carbon sources pollute majorly the environment which trickles down to the social and economic sectors. Solar energy from the sun, unlike fossil fuels, is clean and also limitless. Hence, energy from the sun is highly recommended for a sustainable future. For this reason, all processes for the reduction of carbon emissions have been digitized to have a safer planet and less greenhouse gas emissions.
The United States, in 2015 spent approximately $103 billion on electricity generation and maintenance; it is also expected that in 2018, there will be average annual spending of $100 billion although power supply demand has depreciated. If the U.S. continues to generate electricity via fossil fuels, then there is a high chance that environmental pollution will increase and will have serious economic implications. A proposal by Kwhcoin was put forward and enables the localized generation of power for prosumers and local communities at the same time decreasing transmission costs and the carbon-intensive methods of transmitting power over long distances via power cables.
The deployment renewable energy resources technologies pose a severe challenge because of its centralized grid structure.
The Kwhcoin suggests a decentralized renewable energy model for generation and distribution which will improve electricity grid quality and minimize cost. The existing electricity grid is created to produce, share, and compensate a centralized grid system or structure with a one-way flow. With the introduction of Solar PV’s, a two-way generational flow of energy has been created while we also try to improve the transformational development of our vision of a clean environment. The provision of a baseline compensation plan by Kwhcoin aids blockchain solutions to develop a 21st-century smart grid which will strengthen the economy and provide a cleaner and sustainable environment.
Energy resource investments are crippled by lack of a comprehensive compensation model which accounts for two-way directional energy flow, production, and distribution.
The cost of solar energy is decreased by including a platform that is incentive-based to attract a larger clientele. The aim is to become the baseline compensation mechanism for the emerging internet of energy while we provide a value constant for the introduction of renewable resources into the grid. The model of Cryptocurrency and token offer a more original pair to describe the essence of distributed energy resources in its many forms containing a solution to help encourage more investment in renewable energy.
Individuals such as prosumers and environmentally conscious energy users lack a consistent and trustworthy platform to produce value for their sustainable decisions or to buy directly from a net zero carbon energy generating source.
The Kwhcoin group has faith in cyclic financial standards and assets that stay being used for whatever length of time that conceivable. Subsequently, recuperation and recovery of items at the end of administration life. An application is seen in the generation and distribution of energy. Thus, the management of the company acknowledges that the marketplace requires a platform where the environment has a sustainable and reliable energy solution that operates on the principles of a net zero carbon energy. Every member receives Kwhcoin tokens as compensation for the progressive effort to make sustainable energy decisions.
Functionality of the token
The Kwhcoin token is operated using the pay per use model for accessing the blockchain system. The token functions seek to enrich the user’s experience directly on the platform or utilized as an incentive. The token payment method remains an effective and efficient mode of payment to process and complete transactions which will eventually enable frictionless operations within the application environment, so it is the transaction engine of choice. The Kwhcoin will cater for a seamless platform for affected groups of participants and all renewable energy interested participants to connect and coordinate energy resources.
Kwhcoin Advanced Energy Platform Components
Kwhcoin Blockchain (Network)- The KWHcoin blockchain network primarily comprises of a network of the statistical energy data of how energy resources are which are equally composed of physical and virtual assets which are representatives of our system or community and forms the foundation of our value chain. These distributed energy resources are connected to the Kwhcoin blockchain where excess energy is converted merely to Kwhcoins as it creates a decentralized network of renewable energy production.
Kwhcoin (KWH)- This type or kind of cryptocurrency system users’ value is particularly adapted for only shared energy resources in our growing energy economy. Therefore, all platform operations are executed in Kwhcoins and provide access to all users. The system also allows a peer to peer trading which unlocks the capabilities of decentralized blockchain innovation.
On The Grid (OTG)- The OTG is the decentralized application that launched the Initial Coin Offering to build. The innovation will have a mobile app and a functional website for network users to gain access and will also serve as the marketplace for the collaboration of distributed energy renewables. The app will offer a peer to peer operation and blockchain based billing model to manage selected energy options with a decentralized peer to peer exchange, and compensation models to reduce the cost of solar energy production.
Token supply: A total of 195 million tokens is set to kickstart the 21st-century energy economy.
An excellent idea would be to check out more and join the future economy as we apply blockchain as a liberation technology.
To find out more about KWHCoin, visit their website: https://kwhcoin.com/
Join Telegram: https://t.me/joinchat/Hb6FqhIgWqn9lJ5rNSCGMg