ICO Review: ElonCity ICO
Energy producers have a preference for non-renewable sources of energy such as coal. This is based upon the fact that these sources are cheap to harness. However, non-renewable sources of energy have been found to cause environmental problems. For instance, coal mining and processing release a lot of smoke and dangerous fumes to the ozone layer leading to the increased global temperatures that scientists are calling global warming. Global warming is dangerous to everyone as it leads to the melting of snow on mountains and arctic regions thereby causing rising of sea levels.
ElonCity is a new project that proposes to offer a solution to this problem. By implementing blockchain, ElonCity will mitigate barriers to the adoption of decentralized renewable energy such as wind and solar energy. More often than not, people who have the means to produce domestic solar energy to produce more than they can afford to consume but they do not have a way to share or sell the surplus amount. ElonCity will use blockchain to record transactions in the community and establish an auditable record for tracking the sources of electricity generation in the community. ElonCity’s vision is to create a decentralized renewable energy ecosystem.
ElonCity integrates the following features in its architecture:
A trading system integrating AI algorithms that are based on the Blockchain - Blockchain based trade systems make energy trade transparent while AI algorithm finds fair market prices in real-time for reference.
Smart Energy Storage Systems - Energy storage systems with IoT technologies balance the demands with supplies of locally produced renewable energy.
Switching DC Power Bus - The new last-mile network helps remove peak load permanently.
Direct Current Appliances - New appliances, driven directly by DC, eliminate the repetitive power conversion and improve the competitiveness of locally produced renewable energy.
Proof of Stored Power (PoSp) - New mining scheme makes ESS investment grade financial property.
Advantages of the ElonCity project
Integrating the blockchain into energy production and consumption ensures transparency and open record keeping that fosters a thriving ecosystem based on trust and honest work.
Having a decentralized ecosystem ensures the reliability of energy since a failure of one source does not necessarily lead to a total loss of energy in the ecosystem
Since cutting out the large corporations that were responsible for producing and putting a cost on the amount of energy used, this will reduce costs significantly for the consumers.
The platform offers efficiency in the trading of the energy between consumers and producers using a native token called ElonCity Token (ECT).
Finally using renewable sources of energy preserves the environment thus this project is eco-friendly.
ElonCity has been in development since 2014 and its roadmap runs through 2022. Here are some of the significant developments scheduled in the future:
3rd Quarter 2018
ECT Token Sales Event.
Commence construction 1st energy self-sufficient campus based on NetZero technology.
First ElonCity microgrid (ECTP-enabled) proposed.
4th Quarter 2019
Launch 1st & 2nd ElonCity microgrids based on ECTP platform.
1st & 2nd joint-development with local government on ECTP microgrid.
Field pilot 200 Vdc appliances.
2nd Quarter 2022
ECTP Standard widely-adopted.
Released Toolkits and Design Guides for ECTP-enabled products.
3rd ECTP Conference in Frankfurt, Germany.
The leadership of the project have a background in energy, computer networking as engineers and product managers, the CEO is a former Cisco employee tasked as a Principal Engineer. The rest of the team are sound software engineers albeit with minimal experience in the blockchain industry. Some partners that the project has managed to secure include heavy financial backing institutions such as Fenbushi Capital and JRR Crypto.
Here’s an overview of some people behind the project:
Andy Li (Founder) - CTO/CEO of Pomcube and Former CTO of ChinaCache. Alibaba Fellow for 1st Direct Current data center in China (2010). The architect for many Internet backbone networks in Asia/US when working for Cisco as Principal Engineer. World’s first commercially available energy router for residence and SOHO
Michael Nguyen (VP of Program Management) - 30-year career spans across multiple industries; from non-profits, advanced energy programs and policy to IT research and development, international manufacturing operation and markets development. Mike holds 17 patents and four industry awards for technology innovation.
Platform- Ethereum - Token type- ERC20
Token supply- 1,000,000
Amount for sale- 32%
Conversion rate- 1 ECT= $0.12
Hard cap- $33,000,000
The Crowdsale is yet to be announced.