Polkadot system’s developer Parity Technologies, as well as Energy Web, Collaborates to introduce the Energy Web Consortia Relay Chain that would add blockchain technology to the sector of energy. Both the companies, being non-profit organizations for decarbonized grids of energy, declared their mutual strategies to enable the enterprises of the sector to operate as customizable, sovereign blockchains independently or in collaboration with other participants within the market.
As per the declaration, a blockchain that is working in affiliation with the latest Consortia Relay Chain will permit the market participants of Energy Web to fulfill certain governance demands and test the latest crypto-economic solutions via the wider Kusama, Polkadot, and Substrate ecosystem. A multi-chain open-source framework – Substrate – allows the companies to develop customizable tokens.
The initial multi-chain network being linked with Polkadot
The place of the Consortia Relay Chain would be the earliest multi-chain network linked with Polkadot. Energy Web Chain is presently operating on the EVM (Ethereum Virtual Machine) and the consensus mechanism called Proof of Authority which was originally constructed on the behalf of Parity Technologies. Energy Web Foundation’s CEO – Jesse Morris – states that such innovations will assist the community of cryptocurrency to operate rapidly in creating a considerable impact on the worldwide energy evolution.
He added that the actual contribution of the individuals and firms in the energy evolution, through utilizing electric vehicles or investments in solar batteries, could play a vital role in this scenario. He moved on to state that the collaboration is considered to be a big opportunity to assist the companies within the sector of energy to join a few of the prominent progressive decentralized technologies being produced such as flexible governance methods concerning old blockchain types like hybrid public, private, or otherwise, as well as customized runtimes, as per Ethereum and Polkadot’s co-founder Dr. Gavin Wood.
Testnet and related blockchains’ launch in Q2 of the coming year
The infrastructure of the Consortia Relay Chain will be constructed to be an adequate solution for the present ecosystem of Energy Web and demand a unique token. Another intention of Parity technologies counts as having the participation to be the present Energy Web chain’s validator. Consortia Relay Chain’s test net version and the first series of linked blockchains are aimed to be launched in the impending year’s Q2.
