EnergiToken Aims to Disrupt the $2 Trillion Global Electricity Market
The current electricity market is being controlled by a handful of powerful players, each of which is motivated to sell more electricity at the highest possible price. Until now, there has been no financial incentive to save energy. Energi Mine is creating a global ecosystem where users will be rewarded for energy-efficient behavior while being matched with smaller generators.
What is EnergiToken?
The power generation market is already slowly becoming decentralized, as more people and businesses begin to generate their own energy through renewable technologies. EnergiToken is a platform that aims to embrace this decentralization fully to create an environment with financial incentives for energy-efficiency. For example, users who are encouraged by the Local Transport Authority to take public transportation will be rewarded with ETK tokens (EnergiToken tokens). ETK has cash value, and can also be used to pay for the commuters’ electricity bill or charge their electric vehicle. Energi’s Tokens goals are to reduce global energy consumption through a token-based platform.
The Problem EnergiToken Is Solving
The impact of humans has been immense on the environment. Electricity is currently generated by power plants burning fossil fuels such as coal and crude oil, producing toxic fumes. It also produces excess carbon dioxide, which becomes harmful upon disturbance of the natural balance. Carbon dioxide is a greenhouse gas that absorbs the sun’s heat and retains it in the atmosphere, creating a warming effect. The problem with power plants and other sources producing carbon dioxide is that we produce millions of tons of excess carbon dioxide a year, which becomes trapped in the atmosphere and does not degrade quickly enough. This is the phenomenon known as global warming, in which rising temperatures, droughts, and abnormal weather patterns have already overturned sensitive ecosystems, and threaten thousands more.
By reducing energy consumption, less toxic fumes are released into the atmosphere, therefore reducing carbon pollution and in turn also conserving limited natural resources. By extension, mining and logging, which destroy habitats, will be decreased due to less demand of energy.
How Energi Works
Energi utilizes Smart Contracts for easy submission of contracts, allowing the community to easily trade ETK with each other. The REST API is employed to enable third-party action and incentive multipliers are active to reward non-carbon/ carbon-friendly energy sources. These incentives can be automatically distributed, which encourages the use of Energi by regulatory authorities, suppliers and consumers, allowing for global scalability. Energy companies can also directly compete without the need for energy brokers as a result of giving consumers the option of submitting a tender.
How EnergiToken Began
Energi Mine was founded in 2016 and is based in their own offices in Manchester, UK. In 2017, they were accepted into the Nvidia inception program. They sparked partnerships with Furo Garages, Electra and EMA later that year and announced their pre-sale.
The Team Behind EnergiToken
The CEO of Energi Mine, Omar Rahim, hails from the energy trading sector, and previously managed over $3 billion worth of energy over the last 12 years before founding Energi Mine in 2016. Nick Kairinos is the CTO, specializing in application and integration of AI, with over 20 years of experience working with tech startups as an architect, advisor, and entrepreneur. Their CFO, John Townsend has over 30 years of financial experience, having worked at Deloitte and HNWIs across the world. Finally, their COO Hannah Drake has over 9 years of experience in the energy markets and is responsible for operations all across Energi Mine.
Investing In EnergiToken
With the environment-saving advantages that EnergiToken promises over various other types of tokens, it is only normal that backers (particularly environmentally-conscious ones) would seek to invest in this project. A battery trading exchange is also in the works, allowing the aggregation of energy storage devices to be traded to help balance the grid.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.