ETAINPOWER: BLOCKCHAIN-BASED ENERGY ECOSYSTEM POWERED BY AI

adehilmne (25)in #eitainpower • 6 years ago

Introduction to the Renewable Energy Market

Since the industrial revolution, people have become more dependent on energy. The increasing dependence on energy has caused not only resource exhaustion of conventional fossil fuels like coal, petroleum, gas, but also serious pollution to the environment. As more greenhouse gases from the consumption of fossil fuels are released to the atmosphere, the Earth’s temperature increases. This causes global climate change which is threatening the development of our society. In recent years, the international powers have realized the problems caused by conventional fossil fuels. Expanding the reach of renewable energy to create a planet independent from fossil fuels has become the consensus of our international powers. Many countries have made developing and making use of renewable energy an important part of energy production strategies and issued policies to promote the development of renewable energy.

In the electric power sector, conventional fossil fuels are resources that people use to obtain electricity, but renewable energy has made rapid progress recently. According to the Global Landscape of Renewable Energy Finance 2018 published by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI), since 2012, the growth rate of renewable energy projects has exceeded that of nonrenewable energy projects. In 2016 although the investment for renewable energy projects declined from the 2015 level, the total renewable energy capacity has grown to record high levels. Since 2012, renewable power capacity installations have exceeded non-renewables by a rising margin, representing about 60% of all new power-generating capacity added worldwide in 2016. By the end of 2016, total installed capacity for renewable energy projects, including hydropower projects reached 2,017GW. The U.S. Energy Information Administration predicted that by 2040, more than 30% of the global electricity will be generated by renewable energy projects.

ETAINPOWER TECHNOLOGY ARCHITECTURE

Blockchain Technology Blockchain technology is an innovative internet database technology. It is an independent, decentralized, verifiable, and permanent database that coexists in multiple locations and is shared by the community. By design, blockchain is inherently resistant to data tampering. Because the blockchain records can be openly viewed by everyone within the platform, and everyone makes records accordingly, once a transaction happens on the platform, it is verified by everyone within the platform. Therefore, it is extremely difficult, and almost impossible, to falsify the transaction record.

Different from traditional contracts or agreements, Blockchain smart contracts define terms in the form of coding, and it can automatically ensure the implementation of the terms. In the process of term definition and execution, no juridical entity, auditing organization or bank is getting involved, so smart contract can simplify the transaction process and reduce the transaction costs.

Why we chose Blockchain?

Traditional VC is familiar with conventional project financing. However, when it comes to the larger scale projects, such as public community projects, blockchain based financing can bring more benefits. Blockchain revolutionizes project financing in many ways: Firstly, based on its unmodified characteristic, blockchain technology can build investor’s trust on the platform for the financing process. Secondly, in the process of token financing, all details would be exposed, so the capital raising process is more transparent, and all investors will understand the situation. Finally, all transactions will be monitored in real-time and recorded, and thus make it feasible to control the capital raising process. Because of these reasons, we decided to choose blockchain as the base technology for EtainPower platform.

EtainPower Token Model

EtainPower platform has two tokens: EPR (platform token) and PowerPoints (PPS, energy token), the two tokens are used together in the blockchain-based energy ecosystem powered by AI. Renewable energy producers can issue PPS and complete project financing via the EtainPower platform. The actual value of the PPS equals the price of electricity the producers commit to deliver in the future. During project financing stage, renewable energy producer sells electricity to investors in the form of PPS, at a price lower than the actual value. The value of PPS will be activated when the project generates revenue.

EtainPower Token (EPR)

People can get EPR token through a public offering or through participating in renewable energy project financing. The total number of EPR is fixed at 10,000,000,000. The code below is a sample from our ERC20 smart contract:

contract EPRBasic {

uint256 public total Supply; //EPR issuing amount is fixed at 10billion

function balance Of (address owner) public view returns (uint256);

function transfer (address to, uint256 value) public returns (bool); event Transfer (address indexed from, address indexed to, uint256 value);

}

contract EPR is EPRBasic {

string constant public name = "EtainPowerToken";

string constant public symbol = "EPR";

unit constant public decimals = 18;

}

The development of EtainPower platform will be in 3 stages.

Stage I (now ~ Q1 2019)

At this stage, EtainPower will launch the blockchain based renewable energy project financing platform. The team will focus on testing and demonstration of the platform functions, connecting renewable energy producers and investors, and complete financing for the first batch of renewable energy projects.

Q2 2018

R&D:

• Complete EPR token development and prepare for EPR Initial Coin Offering. Business Development:

• Finish EPR Initial Coin Offering.

• Sign agreement with Antigua and Barbuda National Grid to implement EtainPower platform in its territory.

Q3 2018

R&D:

• Develop PPS token.

• Launch PPS wallet Ver.1.0 Business Development:

• Completion of renewable energy project audit standards on the platform.

Q4 2018

R&D:

• Launch Beta version PPS financing platform.

Business Development:

• Sign total 600MW renewable energy projects to raise capital on EtainPower platform.

Q1 2019

R&D:

• Launch PPS financing platform Ver.1.0

Business Development:

• Complete financing for the first batch of renewable energy projects

Stage II: (Q2 2019–Q1 2020)

At this stage, EtainPower team will focus on platform optimization to launch a series of application services for PPS holders. During this period, the first batch of renewable energy projects financed on the platform will complete construction and generate electricity. Project investors can use PPS to pay for the application services. EtainPower will expand the business to several regions and countries. With the expansion of business and the continuous optimization and improvement of the platform, the EtainPower platform will be widely used by renewable energy producers, investors and application service providers and verify the scalability.

Q2 2019

R&D:

• Launch PPS Ver 2.0 to support multiple applications and services. Develop PPS applications.

Business Development:

• Expand business to Asia and United States, marketing EtainPower platform to renewable energy producers and investors.

Q3 2019

R&D:

• Launch PPS wallet Ver 2.0 to support application services for users (mobile phone and web version).

Business Development:

• Sign partnership agreement with multiple application service providers.

• Distribute revenue from the first batch of renewable energy projects to PPS holders (project investors).

Q4 2019

R&D:

• Launch PPS application services such as electric vehicle rental, EV charging etc.

Business Development:

• Develop power utility clients.

• Before 2020, EtainPower platform will help 20.6GW renewable energy power generation projects complete financing.

Q1 2020

R&D:

• Launch P2P power trading application

Business Development:

• Sign cooperation framework agreement with several power utility companies

Stage III (after 2020-Q2)

At this stage, EtainPower will start working with power utility company to upgrade existing power grid. Utilizing blockchain, AI, smart grid technologies, EtainPower will create a new generation of renewable energy power grid, improve efficiency, transparency and equality of the transaction among renewable energy producer, power utility and power end user. Through optimizing the power utilization, the power grid operation will be more balanced and stable.

Q2 2020

R&D:

• Launch PPS Ver 3.0 to support microgrid application services

• Launch the AI-driven smart grid management system

• Complete smart integrated management system and microgrid hardware development

Business Development:

• Completion of the application of electricity transaction for conventional power utility

Q3 2020

R&D:

• Launch AI smart grid management system Ver 1.0

Business Development:

• Deploy AI microgrid management systems in Caribbean region

Q4 2020

R&D:

• Launch AI smart grid management system Ver 2.0

Business Development:

• Deploy AI smart grid management system in Southeast Asia market

• Complete financing for 8.6GW renewable energy projects

TOKEN ALLOCATION AND USE OF FUNDS

Main terms of EtainPower token sale:

Token lock-up period:

- Founding Team & Advisors (20%): 3-year lock up period. Releasing schedule: 30%, 30%, 40% in year 1, year 2 and year 3 respectively.

- Foundation Reserves: 5-year lock up period. Release schedule: 20% every year.

- Ecosystem rewarding pool: 5-year rewarding period for early platform participants.

- Community development and operation: will not be locked.

The EPR token supply will be allocated as follows:

Use of Funds

Proceeds raised from token sale will be used for the R&D of EtainPower platform, and the business development. The fund will be used as follows:

According to EtainPower development plan, the proceeds of funds will be used as follows:

- 45% of the proceeds will be used for the EtainPower platform and ecosystem development.

- 10% of the proceeds will be used for legal compliance with the energy sector requirements.

- 15% of the proceeds will be used to acquire other energy blockchain technology and assets.

- 15% of the proceeds will be used for advertisement, branding and business development.

- 15% of the proceeds will be used daily operating expenses such as office expenses, travel expenses, transportation expenses, conference fees, office staffs and servers, etc.