Parity and Energy Web have joined forces to introduce blockchains to the energy sector.

Parity Technologies, the Polkadot system’s creators, collaborate with Energy Web to build the Energy Web Consortia Relay Chain, which brings blockchain technology to the energy sector.

Parity Technologies and Energy Web, a non-profit that develops operating systems for carbon free energy grids, announced a collaboration to “enable energy sector enterprises to run sovereign, customizable blockchains on their own or in collaboration with other energy market participants.”

Blockchains under the new Consortia Relay Chain, according to the statement, would “allow Energy Web market participants to meet their specific governance requirements and experiment with new crypto-economic solutions through the broader Substrate, Polkadot, and Kusama ecosystem.”

Substrate, an open-source multi-chain platform, allows organizations to develop customisable blockchains. Furthermore, the Consortia Relay Chain will be the first multi-chain network to be linked to Polkadot.

Energy Web Chain is presently built on an Ethereum Virtual Machine (EVM) and a Proof of Authority consensus mechanism created by Parity Technologies.

Jesse Morris, CEO of Energy Web Foundation, said:

“Innovations like these will help our community move even faster in our work to create real-world impact on the global energy transition.”

The Consortia Relay Chain system will be built as an add-on to and for the present Energy Web ecosystem, and will necessitate the creation of a new coin. Parity Technologies also aims to join the existing Energy Web chain as a validator. The introduction of a test net version of the Consortia Relay Chain and an initial set of linked blockchains is planned for Q2 2022.

Patrick

Coincu News