Parity Technologies and Energy Web, nonprofit building operating systems for decarbonized energy networks, have announced their joint plans to “enable companies in the energy sector to run sovereign, scalable blockchains on their own or in partnership with other energy market participants.”
According to Notice, blockchains as part of the new Consortia Relay Chain will “enable Energy Web market participants to meet their specific governance requirements and experiment with new crypto-economic solutions through the wider Substrate, Polkadot and Kusama ecosystem”.
The first multi-chain network connected to Polkadot
Substrate, an open source multi-chain framework, allows entities to create customizable blockchains. In addition, the Consortia Relay Chain will be positioned as the first multi-chain network connected to Polkadot.
The Energy Web Chain is currently based on the Ethereum Virtual Machine (EVM) and the Proof of Authority consensus mechanism originally developed by Parity Technologies.
“Innovations like these will help our community move even faster in our work to create a real impact on the global energy transition. “Imagine that companies and individuals who really contribute to the energy transition – by investing in solar energy, batteries or using electric vehicles – could be encouraged to do so and given a special management role weighted by their relative contribution,” said Jesse Morris, CEO of Energy. . Web Foundation.
“We see this partnership as a great opportunity to help companies in the energy sector get acquainted with some of the most advanced decentralized technologies in production – namely customized working hours and flexible management mechanisms for all types of blockchains, private, public, hybrid or otherwise,” said Dr. Gavin Wood, founder of Polkadot and co-founder of Ethereum.
Testnet and related blockchains will be launched in the second quarter of 2022
The Consortia Relay Chain infrastructure will be developed as an opt-in solution with and for the current Energy Web ecosystem and will require a new token. Parity Technologies also intends to join as a validator of the current Energy Web chain. A test online version of the Consortia Relay Chain and an initial set of related blockchains is planned to launch in the second quarter of 2022.
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