Posted 2 years ago | by Ben Armstrong
Grid+ is Revolutionizing the Energy Sector
Grid+ is a revolutionary project that allows users to pay for their electricity service in real-time while saving energy and money on their bills through smart software and blockchain technology.
To learn more about this project and prediction on how will its token do, make sure to check Bitboy’s latest video!
Smart Use of Electricity Equals Big Savings
With interest in the green sector and energy conservation on the rise, as well as crypto users
choosing energy-efficient cryptocurrency, Grid+ is looking to capitalize on conceptualizations left unfinished by other platforms by turning them into reality.
Grid+ has created cutting=edge technology that allows for the trading of energy with smart contracts built on top of Ethereum by using its proprietary hardware.
The platform has the Lattice1 as a centerpiece product, a hardware wallet that allows users to set up permissions for spending on the go or allowing recurrent payment for services.
The platform already has a retail electric provider certificate from the State of Texas, after becoming an electricity provider in 2018 when it separated from Consensys.
The energy-saving provided by Grid+ can go up to 75% on the monthly bill, which is consistent with the reports from Twitter users who shared the screenshots of their bills.
Grid+ achieves these savings by using smart technology to monitor and route electricity in the households as well as giving control to the owners on how to distribute it.
Grid+ is Powered by Blockchain
The Grid+ is powered by the GRID token, which is currently sitting at rank number 257 with a value of $0.372953 and a market capitalization of $14,725,437, which represents an increase of over %500 in the last 30 days.
With the circulating supply being relatively low at 39,266,490 and the total supply being large at 300,000,000, scarcity is on the side of the tokens for the time being when it comes to value.
With the GRID token allowing the payment of electricity by using Dash, Ether, or bitcoin, this token brings just a new application to the cryptocurrency ecosystem by letting these cryptocurrencies work as utility tokens.
Grid+ announced that they would be sending the first round of Lattice1 devices for developers to test, which resulted in the price of the token skyrocketing back on July 18th of 2020.
Experts Can See the Potential of Blockchain in the Industry Sector
Back in December of 2018, the Energy Market Barometers asked experts about their opinions on the impact that blockchain technology would have in the energy industry in the upcoming years, with different points of view being shared.
However, experts agreed that the most promising application that blockchain could provide to the industry was that of “peer-to-peer energy trading” and “electric vehicle charging and sharing”.
By allowing the free flow of electricity without the need for a central authority, private or commercial energy prosumers using solar panels, wind turbines, or any other method, could engage in energy trading.
In the case of the increasing use of electric cars, this would mean solving the problem of “lack of range” that prevents mass adoption of this type of vehicle as people could create their private charging stations and share it with other users for a fee, all powered by blockchain technology.
Enabling IoT Devices to Communicate and Pay Each Other
While Grid+ is currently operating like an electricity company in Texas, its technology has further applications when it comes to enabling interaction between IoT devices.
Both Grid+ and IOTA are open-source projects looking to enable the executions of cryptocurrency transfers in the Internet of Things (IoT) ecosystem.
While Grid+ uses the Lattice1 to operate as a wallet that allows crypto users to pay for electricity bills in real-time by allowing it to sell or but at any given time without an intermediary, IOTA is focused on working as an intermediary between multiple IoT devices.
Both systems are aiming at solving the scalability and performance issues that other blockchain networks and approaches have experienced when it comes to enabling transactions between devices, which is an increasing problem as technology adoption increases around the globe.
With both these projects bringing such a big benefit to homeowners without the need for them to understand the blockchain aspect of it, it is highly likely to attract lots of attention and boost the crypto ecosystem toward mass adoption.
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