SunContract disrupts the energy sector with a new business model supported by the Ethereum Blockchain. Blockchain takes over the role of the “middle man” so consumers get lower/more transparent rates on renewable energy.
The time has come to implement blockchain technologies into the energy sector. The SunContract.org team has the knowledge and years of experiences in the energy sector needed to push P2P energy trading to the market without changing the existing regulatory frameworks. The project itself will be a heavy financial burden, which is why they turned to the crypto community to the funding for the platform development and implementation. They will start their token sale (ICO) on the 28th of June at 3 PM UTC.
SunContract start-up has been working on this new concept since last year. The main goal of the project is to build a platform where the consumer and the producer will be able to directly trade electricity with each other. At the moment, the team is developing pilot project to collect all the necessary data from different solar power plants that will later be integrated into the platform. Their biggest advantage is that they already have vast experiences from the field of energy trading and the renewable energy market. They already made a lot of projects in the real world and now they want to proceed doing that on the blockchain.
The Ethereum platform brought new possible applications of blockchain technology to the crypto world. Smart contract enables transparent operating without the need for a middleman, which is more cost-effective. With smart contract, two opposed parties can negotiate all terms of business and write it down on the blockchain that can save businesses a lot of forwarding costs. This makes the whole process clear, transparent and irreversible.
The SunContract team wants to implement this technology into their electricity trading model and make price negotiating completely automated, trusted and efficient, thus effectively lowering energy expenses of households.
Sun – the energy of the future
The first goal of the project is to move electricity trading to the blockchain. However, the second and also very important goal is to decarbonize and decentralize the generation of energy. Nowadays, the most important sources of electricity generation are conventional fossil fuels like coal, gas or uranium, which are all very polluting. One of SunContract’s visions is to speed up investments into renewables such as the sun, wind, water, biomass etc. The sun is our greatest source of energy and is available to everyone and therefore it can become the main electricity generator for future needs.
What is good about producing energy from the sun is that there is no need to build big power plants. With the SunContract’s model, electricity production can become more decentralized with the use of local solar power plants. This electricity can then be sold to the local community in the same area of production. Within this vision, vast networks of energy transmission can be unburdened.
Renewable electricity-generating and storage technologies are becoming more and more sophisticated. Nowadays, there is no need for government grants to keep solar power plants competitive on the market since solar panels are becoming more efficient and endurable. Also the development of storage capacities is getting its new wave with the mainstream adoption of electric cars. In the future, batteries will be used for storing energy when there is a surplus in production during the day for use during the night when there is no sunshine. Such innovative ways will further increase the self-sufficiency of households. All remaining unused energy will be sold on the SunContract trading platform that will provide global support for local communities all around the world.
SunContract will start its crowdfunding campaign on the 28th of June at 3PM UTC and will last for four weeks. More information about the project can be found on their webpage: suncontract.org. If you want to do a live chat with them, please join Slack https://join.slack.com/suncontractteam/shared_invite/MTg4NTk0NDk5NzkzLTE0OTYwMTAwNzktNDJkYzIwMDZmZQ.