Data and the collection of large scale information data sets has been an effective method to discover optimized benefits for many industries. Different environments and sectors of various industries have seen this digitalization of data while others are still trying to optimize for the future.
One sector that is making its way to full digitalization is the energy sector. The energy business is one that needs to be approached with as much accuracy as possible as more and more innovative tech comes available. One blockchain project and company that’s trying to make some transformation in the energy sector is the Pylon Network.
The Pylon Network
With a desire to establish the first decentralized communication protocol of the energy space, the Pylon Network is a blockchain platform designed to help with the digitalization of energy use while tackling the issues associated with legacy or incumbent companies.
The Pylon Network is led by CEO Gerard Bel with experience and education in Energy Management. Simply stated, Pylon believes that a blockchain based approach to energy is ideal as the levels of commitment to clean and sustainable energy are needed.
As stated from their Whitepaper, there are “many actors involved, intermediaries, and transactions – both physical and digital. Blockchain technology offers incomparable advantages in terms of security, traceability and confidence/transparency among the network participants. It is a disruptive tool that offers a path to complete liberalization and decentralization of energy markets.”
The Problem of Legacy Energy Models
For the average consumer, the problems associated with current energy models and companies may not be apparent. The Pylon Network shows us these legacy problems that make things less sustainable, more expensive, inaccurate records, and showcases a lack of transparency.
To start with, there is an overall problem with data collection as the availability of data is usually owned by a few companies and sometimes just a siling entity, making it massively centralized. In addition to this, the access to this data is severely limited, which creates market barriers that invites monopolies and higher prices instead of competitive rates to benefit the consumer.
If companies want to share data or when consumers want to retrieve data this is often a difficult process, if the data is even accurate or present. Data issues result in lacking services to the consumer that mostly benefits the company issuing the data or energy instead of prioritizing the consumer or worst yet, the usage of energy itself.
How Pylon Intends to Solve This
Pylon has worked from the ground up to solve these issues using their blockchain exchange platform. The network is operated by the use of their blockchain algorithm, which is completely open source making it decentralized from the outset. This algorithm is optimized to run fast, scalable, and to use the minimum amount of resources possible.
The Pylon Network also uses a neutral energy data hub which allows for simple, energy efficient, and transparent data sharing between energy models. The network would establish a communication platform for markets to share, transmit, and engage in energy based services which can increase overall integrity, save on costs, and provide customer based efficiency.
There are two tokens associated to the which blockchain platform which help operate the system and rewards its users. One of the tokens, Pyloncoin (PYLNC), is a token used to distribute rewards based on the work of the nodes owned by participants of the network. The second token, called the Pylon Token (PLYNT) was the method used to originally finance the Pylon Network and is used to determine the amount of benefits they receive form the Holder Nodes based on how much they own. These two tokens work with each other to help utilize the network and benefit the users to ensure good operations for the energy space.
Current energy models and companies are at a tipping point with the lack of data in a world that very much requires it for models to function. The Pylon Network proposes an energy solution to not only help solve the issues of these problems, but invites the inherited benefits of blockchain technology.
The Pylon Network is a way to not only take care of issues that have long been present but also pave the way for energy models to have sustainability, higher security, less costly, and be more transparent.
As of the 6th December, Pylon Network will be open for trading on Eterbase Exchange. Trading for $PLYNT will begin at 4pm CEST and will have a BTC and EBASE pairing.
For more information, visit the Pylon Network website.
The Daily Chain
*Disclaimer – Pylon Network are our Media Partners and therefore this content is sponsored by them. The fees paid by this project are used to pay for The Daily Chain salaries, dev work, hosting services, travel expenses etc.. that are required to make this company a success and continue to provide the community with great content on a daily basis.