Parity Applied sciences and Vitality Net Companion to Launch New Vitality Net Consortia Relay Chain – Yahoo Finance

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New consortium relay chain enables Parachains-as-a-Service via Parity’s Substrate Blockchain Framework

TRAIN, Switzerland and BERLIN, December 20, 2021 / PRNewswire / – Today Parity Technologies, a leading Web3 software development company, and Energy Web, the nonprofit building operating system for decarbonized energy networks, announced their plans to launch an Energy Web Consortia Relay Chain connecting Energy Web to the broader substrate, Polkadot and Kusama ecosystem. The new chain will use substrates to enable companies in the energy sector to operate sovereign, customizable blockchains themselves or in partnership with other energy market participants.

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Parity Technologies has long been a leader in the development of Web3 technology and most recently developed the core technology that supports the Polkadot and Kusama ecosystems. Substrate-based blockchains offer companies flexible on-chain governance functionality – a key function for companies building Web3 solutions. Many companies in the Energy Web ecosystem have specific customer privacy and legal requirements for operating enterprise-grade solutions. 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. In addition, the Consortia Relay Chain will be positioned as the first multi-chain network connected to Polkadot.

The Consortia Relay Chain is the next step in a long-term partnership between the two organizations. The current Energy Web chain is based on an Ethereum Virtual Machine and a consensus mechanism for proving authority, which was originally developed by Parity Technologies. The introduction of the Consortia Relay Chain with Parity is the result of many years of joint development between the two organizations.

“We continue to add large energy companies to our open source technology stack to accelerate the energy transition,” said Jesse Morris, CEO of the Energy Web Foundation. “But there is a tremendous amount of innovation going on in other Web3 ecosystems like Polkadot and Kusama, and we want to make sure that innovation finds its way into the energy sector. By working with Parity to bring the consortia relay chain to life, we can give our members access to new innovations such as on-chain governance, native interoperability, robust scalability, and other features that Substrates and Polkadot enable. Innovations like this will help our community work even faster in our work to make a real impact on the global energy transition. “

The story goes on

Parity’s Substrate blockchain building framework is already at the heart of some of the largest and fastest growing Web3 ecosystems, including Polkadot, Kusama, and over 150 Layer 1 chains. “We see this partnership as a great opportunity to help companies in the energy sector to put some of the most advanced decentralized technologies into practice in production – namely tailor-made runtimes and flexible governance mechanisms for all types of blockchains, private, public, hybrid or otherwise”, said Dr. Gavin Wood, Founder of Polkadot and Kusama and Co-Founder of Ethereum

The new chain will initially be controlled by existing members of the Energy Web ecosystem, with the aim of further decentralizing the governance participants. “Substrate’s on-chain governance functionality will make it very easy to further decentralize governance of the consortium chain once it is up and running. Imagine that companies and individuals actually contribute to the energy transition – by investing in solar energy, batteries or the use of electricity. ”Vehicles – could be stimulated and given a specific governance role, which was weighted according to their relative contribution. Substrate plus Energy Web Governance will enable us to achieve that goal, “said Morris.

The Consortia Relay Chain infrastructure is being developed as an opt-in solution with and for the current Energy Web ecosystem and requires a new token. “The Energy Web Foundation was founded with the vision of creating a more resilient and more integrative backbone for energy markets through decentralized software. The new chain is a logical next step in the development of the original vision that enables companies and innovators in the regulated energy market to create their own sovereign, bespoke chains while maintaining interoperability. “Said Ewald Hesse, Co-founder and board member of the EWF.

“If you have an energy market in Australia, Europe, or the US, you want local parties to rule on governance, not a party from the other part of the world. This new architecture will do just that, while taking advantage of a global open source technology stack, “said Morris.

In order to accelerate the integration of the Energy Web Stack with Substrates, Parity Technologies also intends to join the current Energy Web Chain as a validator. A testnet version of the Consortia Relay Chain and a first set of connected blockchains are expected to hit the market in the second quarter of 2022.

Via Energy Web

Energy Web is a global, member-run, not-for-profit organization that is accelerating the low-carbon, customer-centric energy transition by unlocking the potential of open source digital technologies. Our decentralized energy web operating system (EW-DOS) enables any energy asset that belongs to any customer to participate in any energy market. The Energy Web Chain – the world’s first public blockchain tailored to the energy sector – anchors the EW-DOS tech stack. The Energy Web ecosystem includes leading utilities, network operators, renewable energy developers, corporate energy buyers, IoT / telecommunications leaders, and others.

About parity

Parity Technologies is a core blockchain infrastructure company. It creates an open source creative commons that enables people to create better institutions through technology. This started with work on building Ethereum. Today Parity focuses on Substrates, an industry standard blockchain framework. It used it to create Polkadot, a decentralized web blockchain metaprotocol that secures crypto-economies and connects them to the world.

Media contact
Ursula O’Kuingtones
Public Relations Director
[email protected]
+34 619 636 958

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