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What is Energy Web Cryptocurrency?

Energy Web Cryptocurrency, commonly known as EW Chain, is a blockchain technology designed to create and store a wide range of protected energy digital assets. It was founded in early 2018 by the Smart Grid Consortium and the Electric Power Research Institute (EPRI), two U.S.-based energy industry stakeholders. In the short time since its launch, the platform has established itself as a leader in providing systems and services to facilitate the transparent and secure operation of the energy sector.

EW Chain was created to provide an efficient, secure, and transparent platform for energy assets, data, and transactions. The blockchain-based platform functions as a distributed ledger system, allowing energy companies to track energy assets, transactions, and associated data. EW Chain is focused on developing an energy-focused blockchain ecosystem, providing data security and traceability for a variety of energy-related business activities.

At its core, EW Chain is built on the Ethereum public blockchain platform. By using the Ethereum platform, EW Chain enables users to easily and securely perform transactions using Ethereum-based tokens. The platform is optimized for data security, accuracy, and transparency, delivering a secure and cost-effective solution for energy-related transactions. The platform also employs a consensus mechanism that allows all process participants to vote on issues that are important to the platform's future.

Its primary function is to lead to the digitalization and decentralization of energy markets and systems. This process, termed 'decarbonization,' addresses the need to reduce emissions by shifting energy systems to zero-carbon sources. To improve energy efficiency, EW Chain will facilitate the transformation of energy systems by offering an efficient means of exchanging data, adjusting maintenance cycles, preparing the electricity marketplace, and delivering reliable and accurate time-stamped data.

EW Chain also introduces a protocol of signed transactions, relying on agents publishing proposals for the market and validating the transactions on the blockchain system. This ensures the blockchain is tracked and the asset is safely generated and stored. EW Chain also provides a network layer protocol, which encrypts and stores sensitive energy data securely and efficiently.

In addition to its core energy-related features, EW Chain can also provide users with a number of ancillary features. These include enhanced data privacy, access control, and smart contracts. Smart contracts enable users to participate in digital agreements in a secure and efficient manner, eliminating the need for intermediaries and legal documentation. The platform also enables users to receive real-time notifications, which can be used to monitor energy assets.

EW Chain aims to foster the energy industry's transition to a more sustainable future by providing an open, secure, and transparent platform for energy-related activities. By offering a distributed ledger-based system for data security and traceability, the platform can help energy stakeholders increase efficiency and accuracy, as well as reduce operational costs. Its support for smart contracts and enhanced data privacy provides a secure and efficient environment for the exchange of energy-related data.

With its extensive capabilities, EW Chain is positioned to become a leading provider of energy asset, data, and transaction systems. Its focus on data security, accuracy, and transparency is set to revolutionize the way the energy sector conducts business, promoting decentralization and ushering in a new era in clean, reliable energy.

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