Energi Mine, a global energy solutions company, today announced the launch of its Blockchain-based platform, designed to incentivize energy conservation with digital currency and decentralize the $2 trillion global energy market. A new digital token, ETK, will be at the core of Energi Mine’s energy efficiency reward system.
Energi Mine also confirmed the appointment of Lord Rupert Redesdale to Energi Mine’s advisory board, further bolstering the company’s bench of energy industry leaders. Lord Redesdale is a member of the House of Lords and CEO of the Energy Manager’s Association, Carbon Management Association, and Low Energy Company. He will provide Energi Mine his sharp business acumen and deep knowledge in energy efficiency and energy management.
The current electricity market approach encourages energy companies to sell as much energy as possible, at the highest price possible. It’s a broken and even dangerous approach in a time when the perils of climate change are increasingly evident. Recognizing this paradox, Energi Mine will instead encourage consumer and organizations to reduce energy consumption, by issuing ETK tokens to reward energy efficient behavior, such as taking public transportation or buying energy-efficient appliances.
ETK tokens will have a market value. Thus, token holders may redeem the ETK tokens on the Energi Mine platform to pay for energy bills, electric vehicle recharging or exchange for fiat currency. For example, local city transit authorities, such as Transport for London, would encourage commuters to use public transportation instead of gas-guzzling alternatives by rewarding them with ETK tokens. Once earned, commuters can either cash in their ETK or trade the token directly with the transit authorities to pay for their trip.
Leading the Energi Mine team is Omar Rahim, sporting successful exits for two energy trading companies prior to founding Energi Mine and possessing over 12 years of experience in energy trading for some of the largest energy companies in the world, including Engie and Vattenfall.
“The energy sector needs a bold, new solution, and the Energi Mine Blockchain-platform is it,” said Omar Rahim, CEO of Energi Mine. “Existing energy incentive programs have been met with limited success, because they do not reward good energy practices or increase competition among energy suppliers to drive down prices. Energi Mine does both.”
In most electric power markets today, energy produced by a consumer generator that exceeds what that consumer needs is sold back to the power supplier at a rate determined by the power supplier. However, with Energi Mine’s decentralized platform, excess energy can instead be sold to a different consumer at transparent market rates.
- Huobi Charity Joins Rally with Blockchain Community in Global Fight Against COVID-19 - April 2, 2020
- Binance Officially Absorbs CoinMarketCap in $400 million deal - April 2, 2020
- RealT Tokenises and Sells USD One Million in Real Estate On Ethereum - March 30, 2020
- IOTA Teams Up with Eclipse Foundation to Work on Decentralised Marketplace and Identity Solutions to Help Fight Pandemic - March 30, 2020
- University of Malta Students Develop and Use Blockchain Voting Application - March 30, 2020
- Japan’s Nomura Securities and BOOSTRY Issue First Blockchain Digital Bond Offering - March 30, 2020
- Opera Rolls out Update and Expansion of its Cryptocurrency-Friendly Browser Blockchain Architecture - March 30, 2020
- Hong Kong Bank Partners with Aegis to Focus On Asset Digitalization Using Blockchain Technology - March 30, 2020
- European Union Looking to Blockchain Technology for Defense? - March 30, 2020
- Tech against Corona (COVID-19) – Dutch Enterprise Blockchain Company TYMLEZ Helps Dutch Government - March 29, 2020
- Microsoft Patents Human Activity Mining for Cryptocurrency Systems – Data Generated Based on Body Activity can be Proof-of-Work - March 27, 2020
- Binance Kicks Off $5 Million Coronavirus Relief Campaign and Donates USD $1 Million - March 27, 2020
- Medici Ventures Keiretsu Companies GrainChain and Symbiont Working Together to Expand Global Operations - March 27, 2020
- Blockchain-Fueled Entertainment Platform Ficto Launches Premium Interactive Streaming Network - March 27, 2020
- SettleMint – Belgian blockchain startup raises USD $2.09 Million for Expansion - March 27, 2020
- Exclusive Interview: Bitcoin and Cryptocurrency Leader Michael Terpin Sees Light in The Covid-19 Tunnel - March 26, 2020
- Blockchain Real Estate Project Smartlands Raising Funds on Equity Crowdfunding Platform Seedrs - March 26, 2020
- Cryptocurrency Exchange OKEx Greenlights DEA Trade Token Deapcoin For Its Jobtribe and PlayMining Games - March 26, 2020
- Microasset – The International Blockchain Monetary Reserve Announces $3.48 M In Reserve Funding, New Listing on BiKi Exchange - March 25, 2020
- Social Login – KyberSwap Integrates Torus to Offer Quick and Easy Ethereum Wallet Management - March 25, 2020