As of now, Asia holds up to 60% of the world’s population. About half of this population uses central power grids to receive electricity. By 2025, experts predict that the world will run 15% of its electricity on a decentralized network.
Also, there is a large benefit of what alternative energy sources can provide. These individual solutions have to meet the demand of more renewable energy, and more efficient energy trading is required. That’s where Electrify Asia comes in.
Put simply, Electrify Asia plans on creating a decentralized electric ecosystem to help build a smart energy ecosystem. In this review, we’ll discuss on how Electricity Asia’s framework and what it plans to do as an ICO.
What Are the Current Issues?
- No Transparency: This means that the lack of transparency means that customers aren’t able to find a clear retail price.
- Barriers to Energy: There’s no framework to create a peer-to-peer trading platform in a centralized network. As a result, renewable energy producers are unable to buy or sell their power.
- Credit Risk: Without a trustless and decentralized credit platform, retailers can’t determine which customers have a good or bad credit rating. This leads to a higher energy cost for most customers.
How Does Electrify Asia Help?
Electrify Asia will create a Marketplace 2.0 ecosystem which helps consumers access their services. You’ll be able to buy energy directly from producers or from peers (P2P). Since they are using Ethereum’s smart contracts, it will provide a decentralized network for energy trading in Asia.
Technology Behind Electrify Asia
Here is how Electrify Asia works through its decentralized platform:
Electrify Asia has a powerpod product which is used to audit and track energy production. It’s an IoT smart device that’s used to enable and measure P2P trades. PowerPod works by logging into the electric energy onto the blockchain network.
For producers, they are required to deposit 200 ELEC 200/kWp and give it permission to be used on the blockchain. This ensures that the producers hold their energy for the long term and disincentives them for dishonest behavior or tampering with the network.
For people wanting to buy and sell energy, the eWallet makes it possible. This allows consumers to pay for energy usage. It will help energy suppliers have secure payments and protect their credit score from being compromised.
Token Sale Information:
- Established Team: Electrify Asia has a market in Singapore that has 12-16 retailers on it.
- Increased Savings: When using Electrify Asia, users can obtain up to 25-30% of their electricity. This low energy cost increases the demand for ELEC coin and will help it be accessible throughout Asia.
- Producer Incentives: Producers can use their electricity to participate in the network and obtain profits via using its PowerPod.
- High Competition: Electrify Asia is in direct competition with other ICOs such as Australia’s Power Ledger.
- Expansion: While it does seem to have issues with expanding its network, Electrify Asia might have to look into Japan for expansion. However, they haven’t created any partnerships with Japanese entities as of yet.
With a growing competition within the energy industry, we hope to see Electrify Asia fufill its promise. It does have products available (eWallet, Powerpod) which does set it apart from the competition.