The post This DePin Project Secures $9 Million Investment From a16z appeared on BitcoinEthereumNews.com.

Andreessen Horowitz’s (a16z) crypto investment arm has spearheaded a $9 million investment in the decentralized physical infrastructure network (DePin) project Daylight Energy. This initiative marks a pivotal advancement in decentralized solutions for the energy sector. It aligns with the growing trend of integrating blockchain technology to revolutionize grid management and energy distribution. Daylight Energy Launches Its Testnet Following the a16z Investment Daylight Energy will utilize the newly acquired funds to enhance its testnet. This testnet pioneers a decentralized protocol that transforms energy grid operations through distributed energy resources (DERs). The project tackles crucial inefficiencies in the current system by harnessing data from DERs like solar panels, smart thermostats, and batteries. Consequently, this facilitates optimal grid performance. Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)? Traditionally, the energy grid suffers from limited visibility into DERs, with data aggregation taking days or even months. Daylight offers a real-time data solution, thereby boosting the grid’s responsiveness to demand and supply changes. This approach improves grid management and also fosters sustainable energy practices by facilitating the effective use of renewable resources. “DERs are often used to reduce load on the electrical grid, or even supply power to the grid, during times of peak demand. Their source is usually an individual household or business that has  no clear incentive to provide that support when it’s needed. Solving this collective action problem could be invaluable for our energy grid,” a16z crypto wrote. Initially, Daylight plans to generate revenue by selling DER data to traditional energy companies. However, the ultimate goal is to enable the creation of virtual power plants. These plants would manage aggregated sets of DERs as a unified energy resource. This strategy enhances power distribution efficiency and supports the grid during peak times. The DePin sector, which addresses various industrial challenges, including computation,…

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Filed under: News - @ August 2, 2024 1:24 am