Parity Technologies and Energy Web, a non-profit building operating system for decarbonised energy networks, announced their joint plans to “enable companies in the energy sector to operate sovereign, customizable blockchains themselves or in partnership with other energy market participants”.
According to the announcement, blockchains as part of the new Consortia Relay Chain will “enable Energy Web market participants to meet their specific governance needs and experiment with new crypto-economic solutions across the broader Substrate, Polkadot and Kusama ecosystem.”
First multi-chain network with Polkadot. connected
Substrate, an open source multi-chain framework, enables entities to create customizable blockchains. In addition, the Consortia Relay Chain will be positioned as the first multi-chain network connected to Polkadot.
Energy Web Chain is currently based on an Ethereum Virtual Machine (EVM) and a consensus mechanism for proving authority, originally developed by Parity Technologies.
“Innovations like these will help our community move forward with our work even faster in order to have a real impact on the global energy transition. Imagine that companies and individuals who actually contribute to the energy transition – by investing in solar energy, batteries or the use of electric vehicles – could be given an incentive to do so and given a specific governance role that is weighted according to their relative contribution, “says Jesse Morris, CEO of Energy Web Foundation.
“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 co-founder of Ethereum.
Testnet and connected blockchains will start in the second quarter of 2022
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. Parity Technologies also intends to join the current Energy Web chain as a validator. A test network 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.
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