Parity Technologies and Energy Web Partner to Launch a New Relay Chain Consortium
Zug, Switzerland / Berlin, Germany, December 20, 2021 – Parity Technologies, a leading company in Web3 software development, and Energy Web, the non-profit organization that builds operating systems for decarbonized energy networks, have announced their plans. to launch a consortium in the Relay Chain on Energy Web that connects Energy Web with the broader ecosystem of Substrate, Polkadot, and Kusama. The new Chain will leverage Substrate to allow companies in the energy sector to run sovereign and customizable blockchains of their own or in partnership with other energy market participants.
Parity Technologies has long been at the forefront of Web3 technology development, recently building the core technology that supports the Polkadot and Kusama ecosystems. Substrate-based blockchains provide companies with flexible on-chain governance functionality, a key feature for companies building Web3 solutions. Many companies in the Energy Web ecosystem have specific customer data privacy and legal requirements for the operation of enterprise-grade solutions. The blockchains of the new consortium in the Relay Chain will allow Energy Web participants in the market to meet their specific governance requirements and experience new cryptoeconomic solutions. What’s more,
The consortium in the Relay Chain is the next step in a long-term partnership between the two organizations. The current Energy Web chain is based on an Ethereum Virtual Machine and a Proof of Authority consensus mechanism, PoA, originally developed by Parity Technologies. The launch of the consortium in the Relay Chain with Parity is the result of many years of joint development between the two organizations.
“We continue to add major energy companies to our open source technology stack to accelerate the energy transition,” said Jesse Morris, CEO of the Energy Web Foundation.“But there is a lot of innovation in other Web3 ecosystems, like Polkadot and Kusama, and we want to make sure this innovation reaches the energy sector. By working with Parity to bring the consortium to life on the Relay Chain, we are able to give our members access to new innovations such as on-chain governance, native interoperability, robust scalability, and other features enabled by Substrate and Polkadot technology. Innovations like these will help our community move even faster in our work to create a real impact on the global energy transition. ”
Parity’s Substrate blockchain building framework is already at the core of some of the largest and fastest-growing Web3 ecosystems, including Polkadot, Kusama, and more than 150 layer-1 chains. “We see this partnership as a great opportunity. to help companies in the energy sector implement some of the most advanced decentralized technologies in production, that is, custom execution times and flexible governance mechanisms for all types of blockchains, private, public, hybrid or of another guy, “says Dr. Gavin Wood, founder of Polkadot and Kusama, and co-founder of Ethereum.
The new chain will initially be governed by existing members of the Energy Web ecosystem, with the goal of further decentralizing the governance participants. “Substrate’s on-chain governance functionality is going to facilitate decentralization of the governance of the consortium chain once it is in place. Imagine that the companies and individuals that actually contribute to the energy transition – investing in solar energy, batteries or using electric vehicles – could be incentivized to do so and given a specific governance role weighted by their relative contribution. Governance of Substrate with Energy Web will allow us to achieve this goal, ”adds Morris .
The consortium infrastructure in the Relay Chain will be developed as an optional solution with and for the current Energy Web ecosystem and will require a new token. “The Energy Web Foundation was founded with the vision of creating a more resilient and inclusive backbone for energy markets through decentralized software. The new chain is the next logical step in the development of the initial vision that allows companies in the regulated energy market and innovators to develop their own sovereign and customized chains while remaining interoperable ”, says Ewald Hesse, Co-founder and member of the Board of the EWF Foundation.
“When you manage an energy market in Australia, Europe, or the United States, you want the local parties to decide the governance, not one part of the other part of the world. This new architecture will allow just that, taking advantage of a global open source technology stack, “concludes Morris.
To accelerate the integration of the Energy Web stack with Substrate, Parity Technologies also intends to join as a validator for the current Energy Web chain. The launch of a trial version of the consortium on the Relay Chain and an initial set of connected blockchains is planned for the second quarter of 2022.
About Energy Web
Energy Web is a global membership-driven non-profit organization that seeks to accelerate the customer-centric, low-carbon energy transition by unleashing the potential of open-source digital technologies. Our decentralized Energy Web operating system (EW-DOS) allows any energy asset, owned by any customer, to participate in any energy market. The Energy Web Chain, the world’s first enterprise-grade public blockchain tailored to the energy sector, is the technology pillar of EW-DOS. The Energy Web ecosystem is made up of leading utilities, network operators, renewable energy developers, corporate power buyers, IoT / telecom leaders, and others.
Parity Technologies is a basic blockchain infrastructure company. You are creating an open-source creative commons that will allow people to create better institutions through technology. It all started with the Ethereum construction work. Currently, Parity is focused on Substrate, an industry-standard blockchain framework. He has used it to build Polkadot, a decentralized web and blockchain meta-protocol, which secures and connects cryptoeconomies to the world.
© 2022 Cryptopress. For informational purposes only, not offered as advice of any kind.
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