Back to top

Startup Grid + will use Ethereum to supply electricity

The new Grid + start-up, created by ConsenSys, the largest software developer of block technologies in the world, has successfully started to supply electricity to its customers in Texas.

Through the use of a unique software system based on blockchain, a startup will be able to distribute renewable electricity, such as solar and wind energy, to consumers throughout the United States via the Ethereum network.

Joseph Lubin

One of the founders of the Grid + project is the cofounder of Ethereum and the executive director of ConsenSys, Joseph Lubin.

The Grid + hardware and software stack is used to process payments for electricity in real time, which allows consumers to buy and sell electricity using the Smart Agents feature. For large enterprises that consume a significant amount of electricity on a daily basis, it is possible to process several payments in a short period of time to buy and use the energy they need, and not to buy it in excess. This will significantly reduce the costs of companies, since there will be no need to store electricity.

Due to its experience, ConsenSys has identified the possibility of creating Grid +, which will build a system based on Ethereum in deregulated markets. Grid + will demonstrate ready-made energy solutions based on the blockchain in a competitive commercial environment, and will show the advantages of Ethereum over existing technologies, noted ConsenSys.

Focusing on a deregulated renewable energy market, ConsenSys has developed a system that uses the Raiden Network, a scalable solution for Ethereum, which allows decentralized applications (dApps) and users to process micropayments in the Ethereum network with very low commission.

1 Star2 Stars3 Stars4 Stars5 Stars (No ratings yet)