Project Eloncity’s Whitepaper

clintondews (25)in #eloncity • 6 years ago (edited)

Now that the team behind the highly anticipated Eloncity project has released their whitepaper, it seems that the interest about this project is growing even more. The concepts and features of the project presented in the recently released informative whitepaper have provided illuminations about what we can expect about Eloncity as well as its technical overview. Let’s take a look about some important points highlighted in Eloncity’s whitepaper so we can have a deeper perspective about the objectives and concepts of this project.

Project Eloncity: A Brief Overview

As we live in the modern era, electricity has become a quintessential commodity that we need in our day to day living. Unfortunately, as the demand for electricity continues to soar, it can’t be denied that an energy crisis is looming in.

Enter Eloncity with its goal to “Power the World for Free”. Eloncity which is developed by the leading comprehensive blockchain marketing firm in the world, the Krypital Group is poised to present blockchain as a viable platform to provide power to the world virtually for free. The goal of the project is to create an intelligent energy ecosystem by decentralizing the current structure of energy into millions of self-supporting and sustainable renewable microgrids energy which would in turn allow clean power to be readily available locally 24/7.

The Eloncity project is going to be powered by ECT or the Eloncity Token which will serve as the medium of exchange, as a store value and as the mining rewards. The sale of the ECT token will be managed by Tokeneed and it’s going to be worth $10m for soft cap and $33m for the hard cap.

The Eloncity Whitepaper

The Eloncity whitepaper provides an exhaustive technical overview of the Eloncity Model. The whitepaper gives specific details about:

The key issues that Eloncity is aiming to address
The fundamental blocks that will be covered by the Eloncity solutions
The project’s target market
The Roadmap of the Eloncity model

While the Eloncity team has briefly provided some insights few months ago, the whitepaper presents a more comprehensive overview of the Eloncity project.

As we all can probably observe, despite the improvements in today’s modern technology, it seems that the challenges among existing centralized power grids have remained. This include the power grids negative impact to the environment and the health of the people, questionable reliability and safety concerns, repeated power grid failures and the continuous increase of electricity costs globally.

The Eloncity model as a blockchain-based energy trading system aims to address all these issues, offering multifaceted solutions that include:

Eloncity solutions will make energy trading more fair and transparent which in turn will increase the users’ willingness and support in clean and upright energy trading. And, with the aid of Artificial Intelligence algorithm, users will be able to find the most reasonable prices more easily.
Eloncity model will be utilizing IoT technology which will enable intelligent energy storage to avoid unreasonable power losses. It will facilitate an innovative energy storage to store harvested renewable energy efficiently and ensure the demands of the local users will actually match the supplies from the locally produced clean energy.
The Eloncity model will eliminate the redundant AC to DC to AC power conversions which can result to wasted power.
One of the challenges vexing the current power grid system is the last mile problem. With the Eloncity solution the “last mile” problem will be addressed by removing peak energy load problems and allowing energy to flow freely across different users.
As a community-oriented project, the Eloncity token will help facilitate an open market which will allow communities across the globe to exchange energy, ultimately providing the benefits of an open global market for energy.

So, what are the target markets of the Eloncity project? The Eloncity intends to penetrate those areas that are serviced by nuclear power and fossil fuel centralized power grids as well as the areas that do not have sufficient electricity infrastructure.

To make these concepts and objectives possible the Eloncity project will be guided by a roadmap that has been subdivided into three main phases.

Phase 1:
The Development Stage
This is where the global partners and team involved with the project collaborate in developing the key building block technologies for the project. This was started over the past four years.

Phase 2:
This phase comprises of the Eloncity team collaborating with prominent research and education centers, the local government, public agencies, and financing institutions among others with the aim of demonstrating the real-world functionality of the Eloncity Model.

Phase 3:
At this point, the Eloncity team will turn its attention towards mass-market transformation to spread awareness about the project to the target markets around the world.