By the end of 2017 cryptocurrency had gripped trading markets but the fact about blockchain algorithms used in platforms like bitcoin and Ethereum that they use astounding amounts of electricity came as a huge concern to everyone. According to estimates bitcoin’s daily transactions use electrical energy more than it is required to light up Denmark and Ireland! Although exact figures are still debatable but the mining process of validating transactions on a blockchain having a significant energy downside is real.
But is it possible that blockchain technology instead of using up huge amounts of energy could instead prove to be a solution taking us to a cleaner, more resilient, affordable, and distributed energy system? Blockchain transactions could be validated using alternative approaches to avoid mining, save on energy and meet our needs sustainably.
What Makes Blockchain Technology So Interesting And Incredible?
Cryptocurrencies are one of the many applications of blockchain technology to store and transfer value through a traceable ledger. Blockchain works on peer-to-peer functionality which removes the need of a third party intermediary that subsequently reduces transaction costs and since the entire system is decentralised there is no one point of entry which makes the process highly secure.
Besides cryptocurrencies blockchain technology is also used to carry out more complex functions such as smart contracts which are also a means to transfer value upon verification of prescribed business logic by all the parties involved.
How Does That Relate To Energy Consumption?
In case of energy consumption, blockchain based smart contracts can be linked to energy-generating and consuming devices such as wind turbines, rooftop solar cells, electric vehicle batteries, smart thermostats, water heaters etc directing their behaviour and operation based on energy prices and physical state of the apparatus.
Releasing Energy Blockchains
The three important characteristics of blockchain technology: cybersecurity, low-cost transactions, and automation will allow us to integrate a grid of centralised power plants along with distributed renewables and batteries at lesser expense without sacrificing reliability. It also enables us to securely balance the grid from both ends at the same time increasing asset utilisation by manifolds.
There are many working on blockchain projects. Blockchain technology has risen and almost lived up to the expectations of experts and specialists in various industries but prior for it to perform in the same way in energy sector, a number of challenges linked need to be tackled:
· Speed
There are millions of energy-producing and energy-consuming devices and to digitise and incorporate all of them into a transactive grid demands from the blockchain technology the ability to handle millions of transactions per second which is not the case at the moment. bitcoin and Ethereum blockchains can only handle 7–30 transactions per second which is yet nowhere near the number we are looking at for energy sector.
· Secure Interconnection
We will need a scalable means of authenticating, registering, and monitoring blockchain-connected devices in a grid for it to become completely digitised and autonomous.
· Regulatory Reforms
Rolling out standardised, blockchain-based market policies will require regulators to align on approaches for how transactions are cleared.
While it may take some time to get a fully transactive grid operational, we should expect to see more straightforward applications of energy blockchains in near future by .
Following the release of the eUSD contract on mainnet. Havven is happy to announce a week-long bug bounty for this piece of functionality.
The contract contains 50 ETH. Any person who can obtain the ETH through a bug or vulnerability can claim the ETH or whatever remains of it in the contract as well as an additional bounty of 50 ETH upon disclosure. This individual will need to adhere to the responsible disclosure guidelines below.
Responsible Disclosure
Responsible disclosure includes providing us with a reasonable explanation as to the means by which you acquired the ETH in the contract upon which we will award you the additional 50 ETH.
In order to encourage responsible disclosure, we will not bring legal action against users who identify a problem under these guidelines.
Visit for additional information and submissions.
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By Alan Cross and Michael Hainsworth, Geeks & Beats
What if you could own a piece of your favourite song? And you get a piece of the musician’s royalty cheque? The more people bought or streamed the track, the richer you get. That’s the idea behind Vezt by veteran rock music manager Steve Stewart. We caught up with him literally as he was getting ready to board his plane to find out how Alan’s going to pay off his house thanks to a steep investment in Drake’s next big track and how Michael’s going to keep in Facebook’s good books thanks to all those copyright violating Dad Videos he’s making.
For more visit
EtherGem, “EGEM,” is the stable pure no pre mine coin with applied technologies peernet and per block endowment. True to its roots as a cryptocurrency, the Proof of Work mining community will always be a part of the EGEM future and is the foundation of the EGEM launch. There is no ICO on EGEM and EGEM is its own primary blockchain, not just a token or concept on another chain.
What does that really mean, though?
EtherGem, “EGEM,” is first and foremost is a pure community-based coin with no pre mine. True to its roots as a cryptocurrency, the Proof of Work mining community will always be a part of the EGEM future and is the foundation of the EGEM launch. There is no ICO on EGEM and EGEM is its own primary blockchain, not just a token or concept on another chain. The EtherGem blockchain is an ethereum network, meaning it starts with the tested and proven ethereum (as in ETH) core technologies and builds from there. Technically EGEM is a Ethereum chain as described in the yellow paper, with EIP150, EIP155, EIP158 applied from block 0. Block Rewards have 3 Eras of reduction, including a dev reward enabled after block 5000. Developers and Community Managers are bound by a continuity agreement to maintain the network, community, and coin. There is no cap to EGEM at the moment. a monetary cap will be put in place when the community determines that a logical progression would be to cap the coin.
An “applied technologies peernet” is where the EtherGem blockchain grows on a mineable token sidechain. Dual mining ethergem and a token on claymore is something new. The EGEM sidechain is designed to be very much an integral part of ongoing mainchain development where peers can implement new technology while continuing to reply on a solid foundation. The sidechain and token will be available shortly after the mainnet release.
SPECIFICATION
Name: EtherGem
Ticker: EGEM
Algorithm: PoW Dagger Hashimoto
Net/Chain Id:
RPC: 8545
P2P: 30666
Blocktime: 13sec target (depends on Diff ALGO.)
Custom Difficulty Algo.
Rewards Pass in what will be call Eras, there are 7 of them that span close to 20 years and taper the rewards along the way so there is no max supply and the dev reward that’s included in each block is reduced to make sure its fair as possible for everyone, and also keeps development moving and not going stale.
BLOCK ERAS
5000–2,500,000 (ERA0)
2,500,001–5,000,000 (ERA1)
5,000,001–7,500,000 (ERA2)
7,500,001–10,000,000 (ERA3)
10,000,001–12,500,000 (ERA4)
12,500,001–15,000,000 (ERA5)
15,000,001+ (ERA6)
MINER REWARD ERAS
8 EGEM Block reward + 1 (ERA0)
4 EGEM Block reward + 0.75 (ERA1)
2 EGEM Block reward + 0.5 (ERA2)
1 EGEM Block reward + 0.25 (ERA3)
0.5 EGEM Block reward + 0.1 (ERA4)
0.25 EGEM Block reward + 0.05 (ERA5)
0.125 EGEM Block reward + 0.025 (ERA6)
DEV REWARD ERAS
1 EGEM per block. (ERA0)
0.75 EGEM per block. (ERA1)
0.5 EGEM per block. (ERA2)
0.25 EGEM per block (ERA3)
0.1 EGEM per block. (ERA4)
0.05 EGEM per block. (ERA5)
0.025 EGEM per block. (ERA6)
Wallets:
– OPAL (This is custom made light/fullnode wallet that will be released at launch with the coin. check the countdown here: )
– Metamask (Popular chrome extension wallet.)
EGEM Links
For more info, come disscuss with EGEM community here:
![Bitcoin [btc] has all the positives of gold without the downsides, says digital currency group ceo](https://ohiobitcoin.com/storage/2019/05/v5AChd.jpg "Bitcoin [btc] has all the positives of gold without the downsides, says digital currency group ceo")
