Energy Web Token (EWT), the operational token behind the Energy Web Chain, is the 18Digits community’s second-biggest gainer for week 24. The blockchain-based virtual machine’s token jumped 11,898 spots from last week’s position of 12,515 to rank 617 on this week’s overall chart. In this article, we shall be analyzing the dynamics of the Energy Web Token to help readers understand why the 18Digits voting community helped power the token to second place on the gainers’ list.
What Is Energy Web Token (EWT)?
Energy Web Token (EWT) is the operating token for the Energy Web Chain, a blockchain-based virtual machine that intends to support and accelerate the development of energy-related applications to boost the energy sector. The Energy Web Chain was launched in 2019 by a partnership between Grid Singularity (GSy) and Rocky Mountain Institute (RMI). Energy Web Token (EWT) intends to transform the energy sector by permitting developers the ability to create decentralized applications (DApps). Grid operators, software developers, and vendors, among other entities in the energy sector, could gain from the virtual machine.
How Is the Energy Web Token Network Secured?
The Energy Web virtual machine is based on a consensus known as proof-of-authority (PoA). This means that the blockchain relies on trusted validators to generate new blocks. The PoA consensus is a different validation approach than the proof-of-work (PoW) consensus, allowing faster processing times.
Energy Web Token (EWT) information
The most actual price for one EWT is $2.29, with a market capitalization worth $96,976,568. The Energy-based project token has a circulating supply of 42,441,752 EWT out of a total supply of 68,626,98. The Energy Web Chain team aims to disburse a maximum supply of 100,000,000 EWT tokens. On April 17, 2021, EWT reached an all-time high of $22.67 (Price index from June 18, 2022, according to Coingecko).
What Makes Energy Web Token Distinctive?
RMI and GSy created the Energy Web Chain to provide a flexible blockchain solution for a wide range of energy-related applications. One of the most intriguing aspects of EWT is that it allows companies to create their decentralized apps. Other blockchains, like Ethereum, provide this variety, but Energy Web Chain was built exclusively for the energy sector. The project also released Energy Web Decentralized Operating System (EW-DOS), enabling users to remotely manage and operate their electrical systems.
Note: The analysis contained in this article is provided as general market information and does not constitute financial advice. Doing your own research (DYOR) before investing or engaging an expert would be best.
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