ELONCITY, POWERING THE FUTURE SMART ECONOMY WORLDWIDE🌍

Blockchain technology hold the promise of a more equitable and value distributed future. Nowhere is this value as useful as in Africa, where poor leadership condemns millions of people. The success of Bitcoin in creating an alternative robust financial system was just the beginning. Value of blockchain has percolated to real world use-cases such as what Eloncity is doing, a decentralized power grid distribution. A decentralized power grid distribution is unique in that it has upward scalability. Despite the overbearing current system which benefits centralized authorities, there is a huge disparity between the demand and supply of power. The current distribution model dooes not fulfill the requirements of the population.

According to the World Bank report on energy in Africa, the key issues in Africa’s energy sector can be summarized into three:
Limited access and inadequate capacity- bar South Africa, the sub-Saharan Africa generates as much power as Argentina, 28 Gigawatts!
Lack of reliability- financial losses due to power shortages spanning as many as 56 days per year. Costs incurred due to the downtime range from as much as 6% to 20% of annual revenue depending on whether backup has been installed or not.
Runaway costs- the cost of power tariff in Africa is very high compared to other countries around the world. Standing at $0.13 per kilowatt-hour, compared to $0.04 - $0.08 in other parts of the world. Operating their own diesel generators due to their lack of reliability leads to further costs incurred by firms.

Power is a very crucial element of the economy. To be able to achieve economic milestones, and to ensure a minimum quality of life. The burden of the ballooning population and the poor governance structure dilute the progress that Africa is making in other areas. What is even more striking is the fact that Africa’s latent value, its resources, are unmatchable and untapped. This means that the potential of Africa is yet to be realized. There needs to be appropriate infrastructure in place to facilitate the economic growth.

❌There are a lot of efforts that have been made so far to improve the current state of energy in Africa. Initiatives by international organizations such as the World Bank and the European Union have been the mainstay of forays to repair Africa’s energy situation but there is not much to show for it. There are plenty of reasons that contribute to whether this has been a successful endeavor or not but what stands out is that this requires not a quick fix generic solution but a combined effort of all players in the matter.

✅ BLOCKCHAIN

That is why I believe that Eloncity offers a novel solution that incorporates the best of blockchain technology, hardware development, artificial intelligence and a new social power economy. All this is achieved while contributing to the fight against climate change, using clean energy generated by solar panels.
Through Eloncity’s model each household can be able to generate their own power for their personal uses and sell the surplus conveniently to the decentralized network. All this is conveniently carried out using the strengths of blockchain technology, cutting out the middleman and reducing the bureaucracy and paperwork that would have otherwise been involved.

Not to mention that the ability of anyone to contribute to the grid makes this an infinitely scalable model. Africa experiences one of the lengthiest and strongest sunshine climates around the world being conveniently located around the tropics. The amount of solar energy that goes untapped is so much and if convenient infrastructure is put in place can definitely meet the energy needs of the current and future populations.
Eloncity is committed to see a better world. The project not only seeks to ensure that marginalized families are able to enjoy an improved quality of life and participate in the global village we are currently in. Not to mention, that by being able to generate and sell their own power some of the marginalized areas can be able to complement their sources of income. The ability of corporations to have a reliable and cheap power source also encourages investment and entrepreneurship. Industries can be decentralized to other far regions not necessarily next to power generation zones.

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