Energy Web Chain is an open-source decentralized blockchain platform built from the Ethereum technology stack. It was launched by the Energy Web Foundation to address the energy industry’s high carbon emissions, aiming to make industry activities more traceable, democratized, and-most importantly-support decarbonization goals. The network delivers the digital foundation the energy sector needs to build commercial dApps focused on reducing the industry’s carbon footprint. The Energy Web Chain’s native token is the Energy Web Token (EWT).

The Energy Web Foundation, the organization behind EWT, is a non-profit established in 2017 by Rocky Mountain Institute, an energy think tank; Grid Singularity, a blockchain developer; and ten additional affiliates. Over time, it collected roughly US$ 20 million to support the initiative. The EWF rolled out Energy Web Chain in June 2019. It has since grown partnerships across the industry, including Exelon and Shell.

What are Energy Web Chain’s key features and how does it work?

Within the ecosystem, the Energy Web Foundation created the Energy Web Decentralized Operating System (EW-DOS). This technology stack is intended to supply the infrastructure and structure developers need to build dApps, including those on Energy Web Chain. Energy Web Chain is an enterprise-oriented blockchain platform, built to be scalable and to support data privacy. While it is designed with the energy sector in mind, it is also flexible enough to enable developers to craft a variety of tailored decentralized applications for particular objectives. Use cases can extend to grid operators, software developers, businesses, regulators, and even individual participants. For instance, companies or regulators may build dApps that trade, monitor, and report key information tied to renewable energy markets.

Network security is handled through a Proof of Authority consensus, which is a form of Proof of Work. While it works in a comparable manner, it uses a smaller set of validator nodes to confirm transactions. Becoming a validator node requires meeting certain requirements, including being an official member of the Energy Web Foundation. One of the benefits of this approach is faster transaction processing compared with Proof of Work, along with reduced energy usage. The Energy Web Foundation has also stated that it is the only public blockchain using a Proof of Authority design where widely recognized organizations act as validator nodes.

EWT, the network’s native utility token, supports several use cases. Token holders can use it to access dApps and smart contracts deployed on the network. It can also be used for holding or transferring to other network users. Additionally, the token is used to compensate the network’s validator nodes: validators receive transaction fees for properly processing transactions and producing blocks. A total of 90 million EWT tokens have been issued to operate the platform, and The Energy Web Foundations intends to set a maximum supply of 10 million EWT tokens over ten years from the initial release.

Where can you buy EWT?

EWT can be purchased on numerous CEXs and DEXs listed here, with popular options including Kraken and Gate.io. The EWT price differs depending on the exchange and current market demand. For additional EWT price information, see the charts above.