Crypto trader and influencer Tyler Swope believes the utility token behind an energy-focused blockchain is set to overtake most crypto projects in market cap.
Swope says the ambitious project is working to modernize the electricity markets and break up its existing monopolistic structure.
He explains that Energy Web chain (EWT) employs the Decentralized Autonomous Area Agent (D3A) market model which “leverages smart contracts to perform control and financial settlement for energy resources of any size and type.”
The analyst highlights that Energy Web has important ties to Kevin Johnson, the principal energy strategy & innovation lead at PG&E, one of the largest energy storage players in the game.
Back in 2019, PG&E executed a pilot program to test existing distributed energy resource management systems (DERMs) and determined that there were not any (DERMs) ready for the firm‘s investment. However, Swope notes that Energy Web’s blockchain was not live at that time and thus was not part of that pilot program.
Energy Web has a live blockchain, but also the D3A, decentralized autonomous area agent. This is the comprehensive DERMs PG&E was looking for in 2019.
What does the D3A do？ The D3A optimizes the operation of each grid device through a modeling tool, allowing each hierarchy to be managed by its representative agent.
Thus it can be used as a tool to configure an optimal market design and make investment and management decisions. This delivers participants an enhanced understanding of smart grid mechanics, facilitating adoption of bottom-up energy markets and decentralized energy management like never before.
PG&E and electric carmaker Tesla, which have collaborated on various energy storage projects in California for years now, per Swope, have been on the hunt for such a system for some time and PG&E appears to have taken a chance on the crypto project.
“…this DERMS platform has eluded PG&E and Tesla for some time. They couldnt find it as of early 2019. Thus PG&E decided to take a chance on Energy Web chain, the D3A. They joined the alliance, becoming an affiliate member…”
The Energy Web Token (EWT) is currently ranked 107th by market capitalization, according to CoinGecko.