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Parity Technologies, the developers of the Polkadot system, are partnering with Energy Web to launch a relay chain for Energy Web consortia introducing blockchain technology to the energy sector.
Parity Technologies and Energy Web, a non-profit building system for decarbonized energy grids, have announced their joint plans to “empower the energy sector with the ability to independently manage sovereign custom blockchains”.
Based on the announcement, blockchain under the new consortium relay chain “will enable energy web market participants to meet their” specific governance requirements and experiment with new cryptoeconomic solutions across the broader ecosystem of Substrate, Polkadot and Kusama. “
First multi-chain blockchain network to be connected to Polkadot
An open source multi-chain framework that allows organizations to create custom blockchains. In addition, the relay network will be positioned as the first multi-network network created by Polkadot.
The energy web chain is currently based on the Ethereum Virtual Machine (EVM) and a consensus mechanism originally developed by Parity Technologies.
“Such innovations will help drive a real impact on the global energy transition. Let’s imagine that companies and individuals that are contributing to the energy transition – by investing in solar energy, batteries, or using electric vehicles – could have a genuine interest in doing so and receive a specific management role, weighted by their relative contributions. ” Says Jesse Morris, director of the Energy Web Foundation.
Testnet and blockchains to start operating in Q2 2022
The consortium backhaul infrastructure will be developed as a solution to participate in the current Energy Web ecosystem and will require a new token. Parity Technologies also intends to join as a validator of the current energy grid chain. A test network version of the Consortia’s backhaul chain and an initial set of connected blockchains are slated to launch in Q2 2022.
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