The blockchain startup Grid+, which is operated by ConsenSys, is in the headlines in our crypto news section for the official supply of electricity to its clients in Texas using the Ethereum solution. The announcement, posted by the startup, went viral on Twitter.
Milestone Reached: Grid+ Texas has begun flowing power to its first four customers!
— Grid+ (@gridplus_energy) September 21, 2018
As the startup outlined, the use of a unique hardware gateway system and a blockchain solution will allow Grid+ to distribute renewable electricity such as solar and wind energy to consumers in Texas, and later throughout the US on the Ethereum mainnet.
As the co-creator of Ethereum Joseph Lubin recently stated:
“Groundbreaking milestone. The tireless Grid+ team has begun supplying power to their first four customers.”
Meanwhile, Grid+ uses a specific hardware and software stack in order to process payments for electricity in real-time, allowing its customers to programmatically buy and sell electricity through a function known as ‘Smart Agents’.
For large scale agents, a significant amount of electricity can be produced on a daily basis within a short period of time. More importantly, these clients can purchase and use energy that they need without acquiring an abundant supply of it.
“Through this experience, ConsenSys identified the opportunity to form Grid+, which will build natively Ethereum-based utilities in deregulated markets. Grid+ will demonstrate production ready blockchain-based energy solutions at scale in competitive commercial environments in order to enable the transactive grid of the future and prove the advantages of Ethereum over incumbent technologies,” the Grid+ and ConsenSys team said.
About 1% Of The Total ETH Supply Is Locked In The MakerDAO Smart Contract
What's interesting is the following... Even though the blockchain shows around 1 million in ETH locked up in Maker smart contracts, Dai's token market capitalization is about a third of the figure, currently sitting at $72 million. The way this system functions is simple - users pool Ether together (referred to as PETH) and are issued Dai tokens which are deposited and stabilized at $1. One term that is widely used in these discussions is "WETH" which is short for "wrapped Ether" and a concept of the MakerDAO. At the time of writing, there is a total of 967,507.91 ETH locked in the primary Maker contract.“You’re most likely familiar with stablecoins that hold USD in bank accounts and issue tokens on a blockchain that are ‘backed’ by these dollars. I call this legally-backed crypto, or an IOU coin, because if those bank accounts should ever be frozen or if the accountants defrauded token holders, the stablecoin now becomes an IOU on whatever’s left when they eventually get the bank accounts back (if they ever regain the bank accounts). Relying on the legal system to maintain crypto-tokens inserts an unreliable middle-man into the blockchain."
January 16th: The New Goal For Ethereum’s Constantinople Blockchain Upgrade Launch
"We can just say mid-January, it doesn't make difference if we decide on a date or not. We can always postpone."Other developers pointed to Ethereum's so-called "difficulty bomb" which is an algorithm that is embedded within Ethereum's code that makes blocks steadily harder to mine - and one that was put in place to act as an incentive for encouraging regular updates in the network. Constantinople has delayed this difficulty bomb for a further 18 months while decreasing the Ethereum mining reward from 3 ETH to 2 ETH per block. However, Szilagyi noted that the software upgrades which will implement the hard fork should be released before the end of the year
"All clients should release a stable version with the baked in block number before Christmas," he concluded.
ConsenSys Creator: Blockchain Is Much More Complicated Than The Internet And Will Take A Little Longer To Develop
''Blockchain projects will enable people to build more things that will come in handy again. That's how the web was developed. It will probably take a little longer because it is much more complicated. Also, because we work on topics such as digital money, Blockchain will permeate society more than the Internet. Everything will be networked in a Web3.”ConsenSys was created right before Ethereum was released with one goal only-to build tools and the right infrastructure so a decentralized system can be created in which Ethereum will function and also not focus on controlling the ecosystem bur promoting it. While explaining how the current internet functions and how the blockchain does as well, he said that the internet today and the nature of the blockchain technology is completely contradictory which enables a ‘’self-determined, sovereign identity.’’
School Principals In China Caught Red-Handed For Stealing Power To Mine Ethereum
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