Hey there, my name is Adrian Chamdani and I am currently a student at Duke university. I took the class Cryptoventures offered by Fuqua's Cam Harvey and ever since, I've been intensely passionate about cryptocurrency and the blockchain.
Not a developer. Just a visionary to change the world. Here is an exec summary of it.
What is Enerit?
With the use of the blockchain, it is a new, unique, and world-changing cryptocurrency in which the value is backed by energy assets. Essentially, we are giving people the option to monetize energy assets within a blockchain by creating a credit system that can be easily cross-transferred across many exchanges via the blockchain’s security and capabilities.
Give me an example.
Say, Bob has 500 kW produced over a month from solar energy or has purchased that amount for an electricity utility. He wants to trade 200 kW back into the grid and in return be compensated with Enerit. The amount of Enerit received is determined by the value behind Bob’s 200 kW. Now, with Enerit, that amount can be traded or given to any other person’s property, and can obviously be reimbursed for energy from the grid on call. In the case for solar energy, it is practically the same and even better. Bob’s excess energy (200kW) is constantly streamed back to storage in the grid, but he still wants ownership for the amount sent in. Instead of getting sent a bill, he will receive Enerit. When he gives up ownership of Enerit by exchange, donation, or purchasing a good, the value in Enerit is sustained via Bob’s energy asset’s value—200 kW. Again, if Bob has 500 kW but wants a value of 200 kW in Enerceipt, he would then have to send 200 kW to the grid. By trading the 200kW value in Enerit to Josh, Josh has the ability to view Enerit as a 200 kW value he receives for his property, buy things, or exchange that credit for dollars or other cryptocurrencies. Enerit’s value as a cryptocurrency is uniquely backed by the value in energy, a useful entity, rather than gold for traditional currencies.
How are transactions validated?
Proof of Stake a mining process that utilizes user’s stake (value of assets) to attain proportional blocks and confirm transactions within the blockchain, i.e., validating sender’s credibility to avoid double-spending or fraud. In return, they receive the transaction fee attached to the block. The transaction fee is attached by the senders of a transaction. What’s the importance of this?
Essential to understand the Proof of Importance (PoI) first. Let me explain:
Everyone starts off with an importance score at 0. How do you increase your importance score? The faster you can reallocate a percentage of your energy assets to a different property, and the bigger that percentage is, your importance score increases. Think of it as money velocity within an economy, but with energy and the more active you are, the more important you become. If you re-route your energy asset to select neighboring under-privileged communities, you get hit with additional points for your importance score.
Why would you want to do this? It goes back to the validation process.
To put it all together-- your Importance Score, e.g., how much you contribute to trading volume, determines the frequency of attaining blocks with bigger fees during the validation process (mining).
*Greater Importance correlates with getting more money (Enerit).
How is Enerit special compared to other cryptocurrencies?
This type of cyrptocurrency doesn’t rely on the mining process to create value into the real-world, rather, it uses the ongoing surge of excess solar power or any other type of energy source. Buying Enerits with the dollar means you are buying energy assets. As more and more energy is produced by solar power and any renewable energy source, the abundance of Enerits will go up as well. What stems from this is the ability to avoid a cap on the amount of Enerits there will be, but of course the amount you can buy and sell will be closely tied and regulated to energy production and availability. This would be something we would pay close attention to.
Value to users:
Able to receive Enerit at any time for free by participators of the Proof of Importance. Use your own energy assets as a cryptocurrency that is exchanged across many platforms—something that’s never been done before. Creates a sense of pride for users from their contributions and fosters a unique sense of connection knowing where their Enerit is allocated and can see the effect on the receiver (with their consent to open source asset data).
***A win-win situation for customers as they have the ability to earn Enerits while giving back to the community. A capital return wrapped around an altruistic agenda. Use Enerit as a regular currency that is cryptographically secured. Feel confident in the value as it is backed by energy itself.
Value to providers and grid (e.g. Duke Energy):
Sell a small computer for $10 to users on top of a $5/month subscription fee utilities companies get a cut.
What is this computer? This small computer (modeled after a Raspberry Pi) communicates the metering of energy in and out of the property to the blockchain server.
How is this possible? **For solar producers, they have a net metering device called a Black Dekker that relays information of energy streaming in and out of property to the grid. This small computer duplicates this data to the blockchain server.
When you use Enerit, you are part of something bigger than just using a revolutionary currency… you are part of a movement bringing equality of opportunity to everyone. Let’s change the world togther.
~Currently in the midst of connecting with Duke Energy to try to collaborate. Presently have 2 developers forming a prototype simulator of the ecosystem to bring to Duke Energy. Help is still needed.
Contact Information
Email:
adrian.chamdani96@gmail.com
