PROBLEM/OPPORTUNITY: The complexity of today’s electricity systems increases with the addition of distributed energy generation and storage, with regards to the integration of these cheap, clean technologies into the existing grid. This complexity leads to a lack of transparency, with a plenty of room for accounting errors that can range from honest mistakes to outright fraud.
The answer to this challenge must be based on a truly smart grid which will be able to optimize the complex energy flows and will rely on transparent real-time energy data for its operation. In such a smart grid the value of distributed generation and storage can be recognized and hence, rewarded.
SOLUTION/PRODUCT: i) Pylon Network’s blockchain algorithm is the first decentralized, open-source code designed specifically for the needs of the energy sector. ii) Pylon’s core code is integrated into smart energy meters (METRON), which are now able to perform instantaneous payments for electricity transactions through Pylon Network’s payment method – automated, secure and without intermediaries. iii) P2P transactions on the blockchain through METRONs offer the opportunity of tracing (and choosing) exactly when and where your electricity comes from – by certifying the origin and cost of electricity to the consumers. iv) The decentralization and high granularity of the energy data offers the transparency and trust among all the energy players and can hence play the role of a cooperation platform – a shared, transparent database on which value can be traced and hence, fairly rewarded. v) The open source license ensures that its access remains open and that anyone can use the blockchain code to develop and integrate their existing smart meters – or any other energy tool (charging stations, energy datahubs etc.) – into Pylon Network. Blockchain:The development of a blockchain code designed specifically for the energy sector, with the integration of different technologies from the field of blockchain, (atomic swap, lighting network ..) – is what really makes this platform unique. Compared to competitors, Pylon Network addresses the specific (and loud) problems of the energy market as well as those that are blockchain-related – namely, security, scalability and energy/carbon footprint.
In our opinion, the competition fails to deal effectively with these constraints and peculiarities of the energy markets and the blockchain technology. The most typical example (which has recently received a lot of criticism) is the energy consumption associated with Bitcoin- or Ethereum-based algorithms, on which all our competitors rely on, for building green energy platforms – ironically.
COMPETITIVE ADVANTAGES: **Energy Traceability ** – Know -at any moment – where your electricity came from and where your money went to! * * Hardware Integration** – With METRON smart meters installed at the consumer/prosumer level. * * Unlock the smart grid** – Real-time, decentralized energy database. * * Open Source license** – Fast and cooperative development. Flexibility, connectivity, and adaptability. * * Environmentally friendly algorithm** (“Green Mining”) – Decentralized security and trust with the development of a mining algorithm with minimal energy demands and carbon footprint.