Parity and Energy web will bring blockchain technology to the energy sector and launch Energy Web Consortia Relay Chain as we can see more today in our blockchain latest news.
Parity and Energy Web as a nonprofit operating system for decarbonized energy grids announced a joint venture to enable energy sector enterprises to run sovereign and customizable blockchains of their own or in partnership with other market participants. According to the announcement, the blockchains under the new Consortia Relay Chain will allow the market participants to meet the governance requirements and experiment with the crypto solutions thorugh the broader Substrate, Kusama, and Polkadot ecosystem.
Substrate is an open-source multi-chain framework that enables entities to create customizable blockchains while the Consortia Relay Chain will be positioned as the first multi-chain network that is connected to Polkadot. The Energy Web Chain is now based on an Ethereum Virtual Machine and Proof of Authority consensus mechanism that is developed by Parity Technologies.
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The CEO of Energy Web Foundation Jesse Morris said:
“Innovations like these will help our community move even faster in our work to create real-world impact on the global energy transition. Imagine if companies and individuals actually contributing to the energy transition — by investing in solar, batteries or using electric vehicles — could be incentivized to do so and were given a specific governance role weighted by their relative contribution.”
Dr.Gavin Wood who is the founder of Polkadot and co-founder of Ethereum, noted:
“We see this partnership as a great opportunity to help enterprises in the energy sector get hands-on with some of the most advanced decentralized technologies in production — namely customized runtimes and flexible governance mechanisms for all kinds of blockchains, private, public, hybrid or otherwise.”
The Consortia Relay chain infrastructure will be developed as a new solution for the current Energy Web ecosystem and will require a new token. Parity Technologies intends to join as a validator of the current Energy Web chain so the test net version of the Consortia Relay Chain and the set of connected blockchains are targeted for a launch in the second quarter of 2022.
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