Greeneum Network is a global community connecting all entities in the energy supply chain to participate in this revolutionary new platform based on smart contracts and AI. They are creating a decentralized and sustainable energy market that enables smart monetization for real time energy transactions. Greeneum Network leverages blockchain technology, smart contracts and artificial intelligence (AI) to incentivize and decentralise the energy marketplace so all stakeholders can reliably produce, trade and consume energy. Ultimately, reducing the world’s carbon footprint and painting the world green. This is accomplished through a proof of existence ERC20 utility token GREEN and the Greeneum network with patented AI and Machine learning tested with Solarchange.
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Energy Market – Current State and Needs
Historically, a centralized approach has been used for energy production, transmission, distribution, and consumption. Utility companies, grid operators, infrastructure stakeholders on local and national level produce or purchase distributed and controlled energy. Users such as households and businesses have little, if any choice in this cycle. Regulators/state agencies interface with these infrastructure agents to establish and regulate processes, service levels, and sometimes pricing, but this model lacks transparency with end consumers. The energy market has remained mostly analog and highly commoditized. Service providers bring little added value to their users/subscribers. Additionally, inefficient energy distribution and low resolution forecasting cause large losses of potential revenue and inefficient transfer of energy. A big portion of a consumer’s energy bill is made up from transmission and administrative costs. Finally, trading in energy is limited to a known group of players that control the majority of the trade and distribution data.
Energy Prediction and Optimization
In order to reduce losses and optimize energy networks, smart analytics are needed. When it comes to predicting future energy production use there are few options in the energy marketplace. It is difficult for an energy producer to plan for the amount of daily energy use or get a reliable prediction of the amount of renewable energy that will be available. Spinning reserves are required to be available to meet changing energy demands, these reserves create inefficiencies in the energy generation and management. The main problems in the energy marketplace regarding predictions and optimizations include:
- Unreliable and inaccurate predictions of renewable energy production that result in large losses for energy grid operators and companies.
- Producers of renewable energy are unable to consistently produce at maximum capacity.
- Consumers pay the costs of inefficiencies through higher energy prices.
A Free Decentralized Energy Market
The energy market is undergoing a transformation from a centralized approach to a decentralized model. This transformation has occurred due to the need for sustainable energy sources and the growth of small distributed producers of renewable energy. Currently energy companies lack the technology and the real time information that the Greeneum network will provide. Current integration of the distributed production into the market for energy is insufficient creating large losses in all parts of the energy chain.
Developing Countries and Emerging Markets
For traditional centralized utilities and grid operators, implementation of blockchain in the supply and consumer networks is useful, but not critical for the functioning of the system. However, in the emerging distributed energy economies, where assets at the grid edge interact with the grid and respond to near real time price events, blockchain technology can deliver three critical elements:
- Secure Transactions
- Tracking and Management of billions of micropayment transactions simultaneously
- Smart contracts with conditional functions for automating trade
Greeneum Energy Trading System
Energy Trading on the Greeneum system takes place on the electrical grid as well as the Greeneum blockchain network. Electrical data transmits through a validation process, where the energy is profiled and verified. The system runs periodic calculations of production and consumption on the grid and allows consumers to interact directly with each other. Producers of GREEN energy are rewarded with GREEN certificates and Greeneum tokens. Consumers use Greeneum colored tokens for energy consumption. They buy them from the producers and accumulate Greeneum Carbon Credits for their consumption of GREEN energy.
Ecosystem member functions
- Producers – In the Greeneum energy trading system, energy producers are nodes on the network, this includes major and national energy suppliers as well as private households and farms. All nodes are equal players.
- Consumers – Consumers consume electricity, they connect with the validators and producers to receive power and verification of the source of the energy they consume. Prosumers are producers which are also consumers of energy.
- Validators – Validator nodes are any nodes on the Blockchain, executing the computational process of the energy transaction validation. The validation procedure includes profiling the energy source to be GREEN , as well as validating the energy amount.
- Grid Operators – A transmission system operator (TSO) is an entity entrusted with transporting electrical power on a national or regional level, using fixed infrastructure. The term is defined by the European Commission. TSO is an operator that transmits electrical power from generation plants over the electrical grid to regional or local electricity distribution operators.
Elya Katsir Dolev – CO-FOUNDER & CTO
Dmitry Tatievskyi – SOFTWARE TEAM LEAD
Nadya Suleymanova – SENIOR SOFTWARE DEVELOPER
Bar Yehudai – TECHNOLOGY RESEARCHER
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