HIVE POWER: Build decentralized energy communities secured by the blockchain

in #blockchain6 years ago

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The renewable energy resources have been lighting our lives since the time of their inception, whether its houses, buildings, roads and every infrastructure that exists on earth. There is a small percentage of alternative energy resources such as wind and solar energy captivating the minds of the users. Environmental concerns, alternate and supplementary power requirements, equipment setup, grids and power lines efficiency and so many other reasons influence our choice of resources, the mode of consumption, as well as the level of consumption one, can afford. The consumers have become domestic producers in their own individual capacities and are now called as prosumers- the hybrid ones. The problem lies in this very progress. Consumers acting individually are hardly aware of the pressure and intermittent bumps laid on the centralized grid lines when they revert to their private sources or else suck more energy while using pumps and other electrical gadgets. The surplus power depletes due to no proper source or saving capacity and in case of even low usage, the grids have to run at full capacity. This centralized working has to be incorporated into a structure so as to minimize losses and damages, rationalize costs, sync the demand and supply and provide an open platform.

Keeping the working of a hive in mind, the founders of HIVE POWER have come up with the UHIVE POWER platform built on ethereum blockchain to create a world of shared energy. As per European commission:

Consumers and communities will be empowered to actively participate in the electricity market and generate their own electricity to consume it or sell it back to the market while taking into account the costs and benefits of the system as a whole.

Hive Power aims to develop a turnkey solution for the creation and management of local energy communities on the blockchain, providing economic optimization for their participants by lowering their bills and validating their assets. In collaboration with meter producers, Hive Power is building a blockchain ready energy meter, which allows to safely tokenize energy. The UHIVE token will be one of its kind being backed by physical currencies to surpass the volatility that cryptocurrencies come with.

How does it work?

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  • It consists of local energy communities called as hives. It is a distributed marketplace where every prosumer can buy and sell electrical energy. It is run through smart contracts. It also interacts with the external grid.
  • The hive functions through a Worker or a blockchain enabled electrical meter that measures the energy consumption of a particular prosumer like a household, a solar power plant or an industrial facility.
  • The Queen, as in actual beehive controls and coordinates the energy production and consumption of workers, and manages the payments within the hive.

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  • The administrator of each hive ensures the meter installation done correctly and manages the local grid infrastructure. It retains a small fee for providing these services.
  • The contracts between a Hive and its administrator is mediated through a smart contract known as Beekeeper contract.
  • The Admin app and Hive app is available that automatically update and let you manage your capacity.

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Astounding Benefits:

It is a decentralized open framework employing honey algorithms to transact the business on the platform. It provides a market for electricity sellers and buyers. Better coordination at almost negligible transacting costs is a welcome change. It focuses on efficient, safe and cost-effective working off the grid with the uniform flow of electricity for all the actors involved. It takes into account the technical aspects such as cables power rating and voltage limits to optimize the flow. It is apt for distribution grids, micro grids, and self-consumption communities. The storage capacity providers can be incorporated as well in the hive.

HVT token and its ICO details:

HVT will be a standard ERC20 Ethereum token managed by a smart contract. They will be used for administrative and technical purposes by the meters, administrators for the technical governance of hive.

The second token will be used for all the transactions within the platform.

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A total of 100 million tokens will be generated out of which 54r will be up for sale in the crowdsale. The crowdsale is functional right now and will end on 30th June. One HVT will be equal to 0.25 USD. The hard cap is fixed at 11.75 million USD while the soft cap is fixed at 1 million USD. The mode of payment will be ETH.

A burn and stake mechanism for HVTs is in place to ensure the stability of operations on the platform.

Concluding Verdict:

With several genuine and practical use case HIVE POWER does not small talk about its applicability and feasibility. The users can be the seller as well as the buyers and enjoy services at a minimal cost. The administrators can be the investors as well and have their say in the proceedings of the platform or hives. Early bird bonuses are available with the tokens pegged to fiat currency to ensure safety. These brilliant and lifesaving features call for a thumbs up.

For more details visit:

Website: https://www.hivepower.tech/

Telegram: https://t.me/hivepower

Whitepaper: https://v.fastcdn.co/u/a25ac79a/29853262-0-Hive-Power-WP-1.3.pdf

Blog By: Lanirm Knayam

BTT Profile: https://bitcointalk.org/index.php?action=profile;u=1308391

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