Candela: The Energy Based Cryptocurrency
Candela Coin is an emerging cryptocurrency that is designed to bring decentralization into the solar energy sector and also democratize the solar energy system. Candela’s transactive energy model uses Blockchain technology, microgrids, and IoT devices so people will be able to buy and sell electricity without the use of the already existing electric grid. Candela’s vision includes to establish a truly decentralized solar energy around the world made up of the people, and not the power companies or the middle men (otherwise known as the third party). Candela has established IpT hardware and software for a hitch-free peer-to-peer energy transfer using a community based microgrids for distribution. By utilizing blockchain technology, Candela will enable owners of solar panels to sell their generated energy to users, bringing in the best returns possible for their solar energy. People across the world can transfer solar energy to others in their communities using Candela Coin as a means of exchange. Candela’s decentralized system will not depend on the existing power grid infrastructure. In a situation where there is inclement weather, power outages, or down power lines, the decentralized solar power will still be able to generate and provide the needed electricity to the community.
Mission Of The Candela Coin
The mission of Candela established a truly decentralized solar energy system across the globe made up of the people without the undue influence of middlemen or third party power companies. With this, cities and communities across the world will be self sustainable and have their own independent microgrids. This not just helps the environment alone, but will also help the solar panel owners to have a better stream of revenue than the net metering provides.
Candela Peer-To-Peer Trading And Marketplace
Candela creates a unique energy marketplace that enables prosumers and consumers to trade energy so as to achieve both personal and community energy goals. This marketplace is designed to connect prosumers and consumers directly to their community. The peer-to-peer solar energy marketplace aggregates a bid and ask price set by the users. As for the technical part, Candela has developed an IoT device/smart meter that functions as a distributed computing node and an asset control switch. This smart device allows the designation of certain kWh units of locally produced energy to be marked and offered for consumption by the adjacent local participants using the same component. The transaction is cleared within this system between the meters through a machine to machine management and the app/web interface management of distributed ledger entries.
Conclusion
The integration of blockchain technology into the solar energy sector is truly a breakthrough innovation in the energy system across the world. Candela is an emerging cryptocurrency based ecosystem designed to help democratize the use of solar energy and make energy distribution decentralized and easier to distribute to the demanding consumers. Candela has also built its own coin, Candela Coin. This is a cryptocurrency built on the Binance Smart Chain to power the Candela ecosystem, provide rewards to users, and so serve as a payment token.
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Writer’s Information
Name: Okereke Linda
Forum Username: Okereke
Telegram Usernname: @Okeowo
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BSC Wallet Address:0x2A671eAD059526440A29E18529187106513b892e
