Voltreum, an India-based blockchain startup, is ready to launch Volt-X, the first peer-to-peer (P2P) energy trading application. The company believes its energy-saving solution will give consumers trading autonomy by connecting renewable-energy grids with the community and central grids.
Volt-X reduces people’s reliance on fossil fuel-based traditional grids. It increases transmission efficiency, ensures fair prices, and helps the planet “breathe.” Simply put, the platform uses advanced technologies, like the blockchain, to fight climate change and help build the future of the renewable energy trading economy.
Currently, the company is gearing towards its seed round sale, due on December 25, 2022.
This Voltreum review looks closely at the company’s swift evolution, Volt-X potential, and ambitious roadmap. Read more about India’s first blockchain-based peer-to-peer energy trading application!
What is Voltreum?
Numerous countries struggle to meet the increasing demand for energy distribution. Unfortunately, poor infrastructures, inefficient operation, and debt-ridden power distribution utilities prevent them from operating on profit. Therefore, they cannot modernize their supply chains fast enough to address growing energy necessities.
Developing economies have it even worse since they cannot attract critical investments. So, their only choice is relying on fossil fuels, thus delaying the implementation of renewable energy sources like solar or wind.
The current renewable energy ecosystem is at a crucial development stage, too. In some countries, consumers can become prosumers by selling some of the excess energy from solar rooftops to distribution companies or other consumers. All they need is a safe platform to monetize and share energy.
Voltreum is a future-focused technology company aiming to democratize renewable energy (RE) trading over power grids and increase RE penetration. Moreover, it seeks to develop innovative, eco-friendly solutions, thus helping create a more sustainable future.
Voltreum’s solution for the current energy challenges is Volt-X – a blockchain-based, peer-to-peer (P2P) platform for transparent energy trading across power grids, including smart microgrids and localized distribution networks.
Volt-X focuses on fair pricing, and with Voltreum’s cryptocurrency, VOLT seeks to enable producers and consumers to transact renewable energy seamlessly.
Volt-X runs on the Ethereum blockchain and uses the network’s energy-efficient proof-of-stake (PoS) system to support P2P trading of clean RE. The platform aims to increase RE use by integrating distributed energy resources (DERs) and battery storage technologies.
Bhakti Vaidya, Voltreum’s co-founder, and information security specialist, commented on the company’s ambitions:
The Voltreum app, platform, and cryptocurrency will help incorporate solar, wind, water, and other sources of renewable energy on the same microgrid, thus facilitating the shift to clean energy that’s available on demand, which has become an urgent imperative on a global scale.
Energy trading platforms face two fundamental problems concerning time and space. In other words, demand surges are not constant and may come in periods of RE scarcity. Similarly, trading renewable energy often meets geographical barrier issues, limiting its space availability.
Volt-X seeks to solve these issues by increasing the availability of RE via P2P trading, regardless of when the demand surge occurs. Moreover, it will employ a borderless trading mechanism to ensure energy reaches where the demand exists regardless of geographical constraints.
Voltreum’s main product increases monetization opportunities for RE prosumers, consumers, and DER owners. This way, it should solve the energy penetration issue and help its far-reaching adoption.
Volt-X aims to solve India’s growing energy issues and demand for clean, renewable energy. However, the company’s plan expands far beyond the country’s borders. The platform will support countries leveraging blockchain technology’s power to enhance their grids’ performance and efficiency.
The company’s ultimate ambition is unlocking crucial blockchain-enabled functionalities for large UK and US-based utility companies. However, these entities must fund the research and testing of blockchain applications on their systems.
Voltreum will incorporate solar, wind, water, and other renewable energy sources on the same microgrid. This way, it should facilitate the global shift to clean energy available on demand. The Volt-X platform and the VOLT token will support true borderless and decentralized energy trading between smart grid-enabled individuals, companies, neighborhoods, and even countries.
Voltreum and VOLT should help build the transparency and equitability of RE trading over microgrids. In time, these changes may help reduce the damaging effects of climate change on the planet.
How Volt-X Works
Volt-X supports P2P energy trading between prosumers across microgrids. In other words, those RE consumers producing energy can buy or sell it for profit. Most importantly, they can do so directly without sharing their gains with intermediaries.
Volt-X works via an app and a browser, the platform’s front end, which is visible to users. Meanwhile, in the background, the platform employs modern digital technologies like blockchain, the Internet of Things (IoT), and Artificial Intelligence (AI) to support smart and seamless RE exchange.
The platform aims to help create a hyper-connected and decentralized P2P system operating on a microgrid architecture with standardized tools and blockchain-based smart contracts. This system is highly scalable and ready to change to meet the community’s energy demands instantly.
One microgrid can connect small neighborhoods or residential units, enabling them to share and exchange locally-produced renewable energy. Moreover, the system will produce a nearly real-time, transparent, and secure form of generating RE on demand. Lastly, it will monitor energy production and distribution to guarantee fairness and equitability in the trading system.
The VOLT Token
The Voltreum-enabled microgrids rely on the VOLT cryptocurrency to support the energy exchange across the Ethereum blockchain. Prosumers can trade surplus RE to other consumers at a mutually agreed price in VOLT.
Next, blockchain-based smart contracts ensure the transparency and security of every transaction. As a result, all Volt-X participants can engage in trustworthy energy trading free of data manipulation.
The VOLT token will have a maximum token supply of 1,400,000,000, with 3% of it available for seed sale.
A P2P Energy Trading System
Volt-X rewards users with all the benefits of using a peer-to-peer energy trading system. Since the platform is entirely decentralized, it does not involve third parties, centralized authorities, or government energy regulation boards. The control and rating of energy distribution are solely in the hands of Volt-X users. This is the democratization of the energy market that Voltreum seeks to build and provide.
The platform seeks to employ smart metering, an essential component of refereeing the RE trading market. This solution is reported to have undergone extensive testing with common architectures, including RF mesh, GSM, PLC, RF, and 3G/4G.
The company provides a detailed explanation of the Volt-X platform infrastructure in its new whitepaper.
Voltreum has an ambitious roadmap that started in the Q3 of 2021. The company spent the second half of that year researching and studying the energy market, its current challenges, and potential solutions. Furthermore, it used that time to recruit and form the Voltreum core team.
In 2022, the company formulated the management plan and product development. More importantly, it reached significant milestones, such as:
Procurement of smart meters and power/load equipment for the PoC
Development of a broker service for establishing communication with various smart meters (GSM, PLC, Modbus, Radiofrequency mesh, SCADA)
Development of Voltreum Core Processing (VCP) engine and backend logic for recording transactions on the blockchain system
Smart contract deployment on the testnet server
Fine-tuning the VCP engine logic to develop a robust and resilient core
Security audit of the VCP engine
Finalizing a list of top features/parameters in line with feedback from key stakeholders (Discoms, Government agencies, end users)
User access management in line with significant data security and compliance standards
Mobile app and web interface UI and UX design
Setting up of social media channels
Roll-out of community management services to build brand awareness
Launching its whitepaper and website
Voltreum is currently attempting one of the major turning points in its evolution – securing funding through a seed sale on December 25, 2022.
For 2023, the company aims to attract more funding through a private sale. Also, it plans to officially list VOLT on a decentralized exchange and strike strategic partnerships for pilot testing of Volt-X. The team will optimize the application depending on its evolution in India and seek global expansion.
Voltreum provides a decentralized solution for smart microgrids, a developing market estimated to reach $63 billion by 2027. The company plans to spearhead the revolution of decentralized trading of renewable energy. This way, it should be an established market player by the time this trend reaches global adoption.
Volt-X is Voltreum’s first solution to the growing challenges in the energy sector. The P2P energy trading system employs a bi-directional process motivating prosumers to save, trade, and share energy with significant monetization opportunities.
The Voltreum application and cryptocurrency hold the key to ‘borderless’ and ‘decentralized’ energy trading between smart grid-enabled individuals, companies, neighborhoods, and even countries, says Rahul Awati, Voltreum’s other co-founder.
The post Voltreum – The First Blockchain-Enabled, Borderless P2P Energy Trading Platform appeared first on Crypto Adventure.
- @ December 14, 2022 1:11 pm