Polkadot developer Parity and Energy Web partner to bring blockchains to fuel energy sector
Parity Technologies, developers of the Polkadot system, partners with Energy Web to launch Energy Web Consortia Relay Chain bringing blockchain technology to the energy sector.
Parity Technologies and Energy Web, a non-profit building operating systems for decarbonized energy grids, announced their joint plans to ”enable energy sector enterprises to run sovereign, customizable blockchains of their own or in partnership with other energy market participants”.
According to the announcement, blockchains under the new Consortia Relay Chain will ”allow Energy Web market participants to meet their specific governance requirements and experiment with new crypto-economic solutions through the broader Substrate, Polkadot, and Kusama ecosystem”.
First multi-chain network to be connected to Polkadot
Substrate, an open-source multi-chain framework, enables entities to create customizable blockchains. In addition, the Consortia Relay Chain will be positioned as the first multi-chain network connected to Polkadot.
Energy Web Chain is currently based on an Ethereum Virtual Machine (EVM) and Proof of Authority consensus mechanism originally developed by Parity Technologies.
“Innovations like these will help our community move even faster in our work to create real-world impact on the global energy transition. Imagine if companies and individuals actually contributing to the energy transition — by investing in solar, batteries or using electric vehicles — could be incentivized to do so and were given a specific governance role weighted by their relative contribution”, says Jesse Morris, CEO of Energy Web Foundation.
“We see this partnership as a great opportunity to help enterprises in the energy sector get hands-on with some of the most advanced decentralized technologies in production — namely customized runtimes and flexible governance mechanisms for all kinds of blockchains, private, public, hybrid or otherwise”, said Dr. Gavin Wood, founder of Polkadot and co-founder of Ethereum.
Testnet and connected blockchains to launch in Q2 2022
The Consortia Relay Chain infrastructure will be developed as an opt-in solution with and for the current Energy Web ecosystem and require a new token. Parity Technologies also intends to join as a validator of the current Energy Web chain. A test net version of the Consortia Relay Chain and an initial set of connected blockchains are targeted for launch in Q2 2022.