The blockchain technology has numerous use cases. The technology is believed to possess the potential to transform the way economies operate. The blockchain technology is still nascent, despite being in the market for more than a decade now, which means there is a lot yet to be explored. However, the potential of blockchain is unravelling gradually. A lot of new projects have netered the market that are exploring different fields and niches. In this guide we are going to discuss Energy Web Token. This token runs on a blockchain that has been specifically designed for the energy sector. Let’s understand what Energy Web Token is.
What is Energy Web Token?
Energy Web Token is the native token of Energy Web Chain. Now, what is Energy Web Chain? It is an enterprise-grade public blockchain which has been curated for the regulation, operation and other market needs of the energy sector. The aim of the project is to create a traceable, democratized and decarbonized energy sector. The project was launched in 2019 and has become one of the popular choices for dApp development for the energy sector.
The Energy Web Token bears similarities to Ethereum. The EW Chain has a virtual machine similar to Ethereum’s which is used by users to create, deploy and run smart contracts. Since the project is designed for enterprises, it offers near unrivalled scalability, low costs and also less energy consumption. The only thing that sets Energy Web Chain apart from Ethereum is the specific niche it is operating in.
In a market that is flooded with new projects every day, the only way to set yourself apart is through specialization. While there are a lot of platforms that offer dApp development or an architecture similar to Ethereum with minor tweaks, they fail to establish themselves because the market is overcrowded. This is where Energy Web Token has an edge. Instead of being a generalized dApp development platform, it is curated to one segment’s needs. This gives the project a good future potential.
According to the estimates of Wallet Investor, Energy Web Token is expected to be operating at a price level of $13 in a year’s time. The price will continue its upward trend and reach $26 in five years’ time, per their predictions. Digital Coin Price suggests similar predictions for the cryptocurrency. Per their projections, EWT n will end the current year at $13 and reach towards $33 by 2026.