SINGAPORE, April 8, 2018 /PRNewswire/ -- Qtum Foundation Pte Ltd announce today that Energo Foundation Pte Ltd has implemented Qtum blockchain platform in its latest cooperation with First Gen, the largest producer of clean energy in the Philippines, on the company's blockchain microgrid project.
First Gen, one of the biggest producers of clean energy in the Philippines, recently co-hosted a "blockchain + new energy Workshop" with De La Salle University in Manila, Philippines, making its the first microgrid project of its kind.
At the core of Energo Labs is the Qtum blockchain platform and a decentralized system designed for the measurement, registration, transaction, and settlement of clean energy in local micro grids.
As the first application of its kind based on the Qtum chain, Energo counts Clean Energy Access Network (the largest decentralized energy organization in India), Power for All, and Alliance for Rural Electrification as its partners.
"Through combining the decentralization of blockchain with solar cells, energy storage and other hardware, we hope to accelerate the power reform in off-grid areas and devote itself towards making clean electricity more accessible to residents in remote areas in the near future. We are delighted to partner with De La Salle University University on this case and wish to forge more partnerships with leading players in the cleantech industry," says Kaikai Yang, founder and CEO of Energo Lab Foundation.
On the De La Salle University campus microgrid project, Energo makes use of the decentralization of the blockchain to ensure that users between buildings can directly conduct peer-to-peer electricity transactions and that the supply and consumption of electricity in the building remains balanced. Meanwhile, the smart meter system can effectively record a series of transactions and ensure the security of data storage.
In addition, Energo has donated a hardware system to De La Salle University that can load 10 kilowatts in a bid to promote the use of green energy on the campus. The system is expected to save up to 1.2 million Philippine pesos in electricity expenditures over the next 20 years.
Qtum Foundation is a Singapore-headquartered decision-making body charged with accelerating the development of the Qtum blockchain network and protocol. Qtum's platform utilizes solidity smart contracts through its integration of the Ethereum Virtual Machine and to date more than 50 decentralized applications have been deployed on Qtum across a broad spectrum of sectors including but not limited to Internet of things, intellectual property, market forecast, healthcare and clean energy.
In February this year, Qtum announced its collaboration with the Space Chain Foundation, another decentralized application built on the Qtum chain, to launch a standardized CubeSat. The satellite would carry Qtum's blockchain software technology on a Raspberry Pi device to provide unique advantages for Qtum users. By launching a satellite into space with a comparatively lighter proof-of-stake algorithm, QTUM can increase its reliability with a future satellite network expansion and lower the cost of industrial usage.
Energo Labs integrates blockchain into the energy sector by establishing Decentralized Autonomous Energy (DAE) communities. It connects energy producers of varying capacities and energy consumers of diverse needs, increasing energy efficiency and reliability, eliminating intermediaries of energy trading, boosting profits of energy producers and retailers and creating better values for end users. In DAE communities, energy is a digital asset that can be traded for several applications: peer-to-peer (P2P), machine-to-machine (M2M), and vehicle-to-micro grid/vehicle-to-grid (V2MG/V2G). Energo envisions to create a truly decentralized autonomous energy community.
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About Qtum Foundation
Qtum is the first UTXO-based smart contract system with a proof-of-stake consensus model. The platform use Account Attraction Layer to combine Bitcoin Core and Ethereum Virtual Machine. Proof-of-stake model reduces the computational difficulty in the network and increases scaling possibilities. Developers have deployed by more than 50 decentralized applications across a broad spectrum of sectors. Qtum's independent blockchain aims to bring smart-contracts technology to mobile and connected devices, to minimize the gap between blockchain and commerce. On Dec. 28, 2017, Qtum and Baofeng, the largest video-hosting portal in China, announced a partnership to transform the music and movie industry. As of January 2018, Qtum posts a market valuation of over US$5 billion. (www.qtum.org)
SOURCE Qtum Foundation Pte Ltd