Three Things The Energy Sector Must Do Today
Our energy system has failed. Ever since the industrial revolution, our economy has mainly been powered by non-renewable sources of energy such as oil and gas. CO2 emissions are harming the environment while the global energy demand is expected to rise by 48% by 2040. We are increasingly adding geographically distributed mini-power plants, producing smaller amounts of energy that feed into newer local micro-grids and traditional large grids. We need a more sustainable, secure, and efficient energy ecosystem that enables us to collect data, keep track of it and generate insights that help us and the system itself improve. There are three things the Energy sector must do today:
- Utilize the Internet of Things to collect energy-related data
Data unlocks new energy data-driven business models such as energy as a service, renewable energy certificates, and energy storage as a service. IoT sensors such as smart meters turn any device into a smart one. Data collection is foundational for smooth grid integration, which is becoming more challenging as more distributed energy resources are being deployed.
- Use blockchains to share data and data marketplaces to make it available
Once we gather data from IoT we then need blockchains and smart contracts to secure and keep track of it so we can distribute it safely across networks. Today the energy market faces issues with trust in regards to energy production and consumption; this is where blockchains and smart contracts help us with energy trading and certifying renewable energy production. We then need to sell and exchange data in marketplaces that allow buying and selling of data and digital assets.
- Deploy learning algorithms to optimize and automate the grid
Finally, after timestamping and securing our data, we need learning algorithms and smart contracts to help us optimize and automate energy production, distribution and consumption. Humans are not the only participants in the emerging energy markets. We need learning algorithms to turn any IoT equipped with batteries into autonomous economic agents.
For more on this, we recommend reading our newly released report
from our research analyst Vangelis Andrikopoulos
Fetch.AI Releases Information On Staking Incentives
Fetch.AI has released more details on their staking model and what it could mean for the network. Staking is a mechanism where large token holders tie up their tokens to help validate transactions on the network and earn a fee for it. The incentives offered are similar to bank interest rates offered on long term deposits. In the case of Fetch.AI, this may be as high as 20% in FET tokens. Fetch.AI will implement an auction model to determine the 200 nodes for each staking period. A minimum of 250,000 tokens will be needed by individuals to participate. The highest 200 bids will be selected, with those who staked higher than the lowest winning bid receiving the difference back. Users with fewer than 250,000 FET tokens will be able to delegate their balances to a third party service in order to receive rewards. For more on this key event in Fetch.AI's evolution, we recommend reading this article by Jonathan Ward
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