As we all know that for many years, scientists are working in order to find the best alternative energy sources. There are various alternatives found such as windmills and solar panels, but these energy sources are not so efficient to provide enough electricity and production cost is very high. Moreover, there are few countries who have even introduced wind tax because of the high use of windmills in order to produce energy. But, with the advances in technology, various new alternative sources are working using blockchain technology and now we can easily say that as the years are passing things and results are improving.
And now, there is platform known as hive power is introduced, which is a developing system that only allows users or energy consumers to create their own energy communities but they can also share energy over ethereum blockchain.
About hive power platform-
It is one of the best and decentralized platforms that allow users and energy consumers to create energy community and share this energy with other at ethereum platform. It even acts as an autonomous organization, from where this platform offers users an opportunity to create energy exchange communities with all other participants who are in need to earn benefit through participation over this power unit platform. However, there are several features associated with this platform, where few of them are mentioned in the below article:
- Open platform- hive power is considered as an open platform that allows users or energy consumers to freely use third-party manufacturer’s equipment and software to safely and easily use this platform.
- Grid-friendly- the structure or design of this platform allows users to easily sell the extra energy among other users which in turn enhances the cooperation within this platform. The platform structure comply grid constraints on current limitation, power quality, and peak shaving.
- Robust market- the market design of this platform enhances cooperation among energy consumers, in order to promote the best use of solar batteries and energy.
- Microgrids- the platform creates efficient integration in micro-grids that enable optimal asset management and safe operation.
This energy ecosystem works as per daily grid needed for peak shaving, power quality, and current limitation. Not only this, it integrates the optimal and safe operation of energy trade between users or energy consumers. In addition to this, it even facilitates reliable methods to easily manage energy assets. On the other hand, hive power algorithm which is also known as HONEY algorithm allows users to easily use the flexibility of energy consumption and production which in turn maximizes the welfare of the energy community.
Work of hive power platform
This energy ecosystem includes the distribution of energy among other users with the exchange of energy consumption and production. However, the most important component of this platform is its working. The electric meter which is completely based on Ethereum Blockchain comes with the hardware-Oracle. Each and every energy grid or hive has its own ethereum energy meter that easily communicates with all energy consumers. The employees ensure and measure the compliance of energy consumption and production, allowing energy consumers or users to easily join this energy market.
About hive power tokens:
On this energy consumption and production platform, mainly there are two types of tokens that control the smart contracts and creation of energy counters. This platform allows users to use multiple tokens applications that include:
• Technical management of hive power platform
• Management and control of hive power platform
• Used as a mode of payment for the transaction
Conclusion!
Moreover, this platform is considered best as it helps users to easily regain control on how users spend energy and this is easily done with the help of blockchain technology. There is much of reliability then dependence and there is an increase in profitability as there is fewer transaction fees charged on energy consumption. Thus, it provides guarantee benefits to both consumers and producers from energy optimized market. It is a complete solution to manage and build local energy communities over the blockchain technology, evaluate assets, reduce their accounts and provide economic optimization. This platform makes use of ready-to-use blockchain energy meter that helps users to safely tokenize energy. Furthermore, it offers energy trading mechanism which is considered ideal for energy communities.
Website:- https://www.hivepower.tech
Facebook:- https://www.facebook.com/HivePower
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