Payment for electricity in real time

Electricity will become cheaper! Anyway, ConsenSys is working on this. The blockchain company ConsenSys is known for their recent project of the distribution of surplus renewable energy. And this year it...

Electricity will become cheaper! Anyway, ConsenSys is working on this.

The blockchain company ConsenSys is known for their recent project of the distribution of surplus renewable energy. And this year it announced the launch of a new and more ambitious project, Grid +.

The previous project anticipated the realization of surplus electricity for private individuals. The new one is aimed at creating electricity suppliers around the world. In a distributed network based on Ethereum, payment will be made in real time which should prevent the emergence of debt. Due to the use of blockchain technology the company plans to substantially reduce overhead costs and sell electricity 38% cheaper than its competitors.

In order to pay for services, the company created a BOLT token. As a result of the recent pre-ICO 45 million tokens were sold and about 40 million dollars was raised. The pre-sale was open but aimed at large investors. Under the terms the participants were required to deposit at least US $50,000 and undergo the identification process according to the widely known principle of "Know Your Customer" (KYC). Officially, the Grid + ICO will begin on October 30th.

The company will start with the launch of commercial retailers in unregulated markets. The first of them is planned to be opened in 2018 in Texas. It is assumed that, in the end, users will be able to sell surplus energy to other customers on the network.

By the way, the Australian start-up Power Ledger recently launched a similar project. The creators of Grid + believe that such projects can radically transform the energy sector.

To form its user base, the company sells disposable GRID markers which give discounts on electricity from Grid +. The GRID token can be exchanged for the right to purchase 500 kWh of electricity at wholesale prices.

ConsenSys sees Grid + as a natural continuation of its previous activities with access on a more global scale.