Philippines clean energy producer, Energo Foundation Pte Ltd recently adopted QTUM blockchain platform. The move comes after the clean energy company entered into a cooperation agreement with the largest clean energy producer in the country, First Gen on its current blockchain microgrid project. First Gen is also cooperating with De La Salle University in Manila, the Philippines on the co-hosted ‘blockchain + new energy Workshop.
This is quite exciting for Qtum Foundation and the larger Qtum blockchain. The blockchain microgrid project is going to integrate and utilize Qtum’s standalone mainnet entirely. At the same time, this is the first energy blockchain microgrid project that will utilize Qtum blockchain. Therefore, it is expected to be revolutionary for the cryptocurrency company as well as open the door for future adoptions in the energy industry and other industries too.
Consequently, QTUM blockchain will be at the centre of the project, using its decentralized system to design the measurements, the registration, the transaction in addition to settling clean energy in the local microgrids. Energo, on the other hand, is fully prepared for this exciting project; the first of its kind to be developed on Qtum blockchain. It is counting on a number of partnerships: The Clean Energy Access Network (the largest decentralized energy organization in India), Power for All, and Alliance for Rural Electrification.
The CEO of Energo Lab Foundation, Kaikai Yang while referring to the project said:
“Through combining the decentralization of blockchain with solar cells, energy storage and other hardware, we hope to accelerate the power reform in off-grid areas and devote itself towards making clean electricity more accessible to residents in remote areas in the near future. We are delighted to partner with De La Salle University University on this case and wish to forge more partnerships with leading players in the cleantech industry,”
A similar project has been created for the De La Salle University campus microgrid project. In the project, Energo utilizes the decentralization system of the blockchain where different interconnected buildings are able to carry out peer-to-peer electricity transactions. Besides, the communication and transactions ensure that the supply and the consumption of power stay balanced. Significantly, the state of the art meter system has the ability to record the history of the transactions which ensure that the data is secured. Furthermore, Energo has recently made a hardware system donation to the university that is able to load up to 10 kilowatts. The move was to help scale up the use of clean energy. Besides, this will save up to 1.2 million Philippine pesos worth of electricity in a span of 20 years.
QTUM Foundation Overview
The organization has its headquarters based in Singapore. It is mainly charged with speeding up the adoption of Qtum blockchain network and protocol. The platform uses solidity smart contracts on its integrated Ethereum Virtual Machine. Qtum blockchain platform now supports more than 50 decentralized applications. Some of these applications comprise of the Internet of things, market forecast, intellectual property, healthcare and the latest clean energy.
QTUM price is trading at $20 while CoinMarketCap indicates that is up 6.35% in the last 24 hours. The coin is gaining popularity by the day as its market capitalization continues to rise. Its market capitalization is at $1.7 billion up from $1.4 recorded 7 days ago.