P2PEP: An Advanced Solution To Monetary Transactions

P2PEP: An Advanced Solution To Monetary Transactions

Energy efficiency is one of the most important approaches to reducing electricity consumption. Information and communication technology (ICT) play an increasingly important role in achieving higher efficiency targets. In particular, smart grids can achieve energy efficiency by integrating information technology and the interactions between suppliers and customers. Smart grids have been used since 2005, when Amin and Wollenberg (2005) introduced the concept of smart systems in electricity networks. Smart grids help in avoiding the problems of traditional systems, such as transmission loss, inefficiency, unbalanced supply and demand in peak time, and interdependency among the components of the network.

The improved flexibility of the smart grid network helps to develop different kinds of renewable energy sources, such as solar and wind power. The smart grid enables households to have their own devices to produce renewable energy and trade their surpluses of electricity. Furthermore households can manage their electricity consumption by using intelligent control systems.

Regarding the outlook of the renewable energy market, a marketplace for energy trading in small volumes is required. The will use Distributed Generation (DG) because of environmental concerns and the limited availability of depletable fossil fuels in the future. By 2030, it is expected that the U.S. Department of Energy (DOE), through the implementation of its research and development plan, will produce 20% of U.S. electricity generation, an estimated 200 GW, from distributed and renewable energy sources. Due to the predicted high penetration of DG in the future, the power industry should be restructured accordingly. In order to facilitate the use of renewable energy sources, it would be better for power distribution systems at the retail level to change to market-based operations.

The market is based on two-way interactions between stakeholders facilitated by internet telecommunication (IT). However some customers may worry about data privacy issues and the remote monitoring of their devices.

P2PEP’s DApp

The P2PEP is a decentralized peer 2 peer protocol that is built on the Ethereum blockchain. Because it has a backend code that runs on decentralized peer 2 peer network, it gives access to anyone, not just to use but to exchange and trade renewable energy. This is irrespective of where you are at any given time.

For the time being, the PEP token is using ENS which means Ethereum name service, but will eventually migrate to be an ERC-223 token from the common ERC-20.
By using ERC-223, the P2PEP ecosystem will have the following inherent advantages, in that it:
  1. Avoids the risk of losing tokens mistakenly when sending contracts that are not meant to allow the withdrawing of tokens.
  2. The often long addresses made up of unselected numbers and letters will be eliminated.
  3. There will be no need of copying and pasting hexadecimal addresses that are often so long.
  4. It provides for token transactions and non-backed tokens are not accepted.

The platform’s cash

  The cash element of the ecosystem is very central and the private blockchain is for the purpose of facilitating the P2PEP platform, also serving as a free, fast and secure handler of electronic cash transactions.

The solution of the P2PEP CASH lies in the fact that it provides an avenue for trading renewable energy. It gives control to the people in the whole process. So, the public can have the freedom and security they deserve when buying or selling energy on the P2PEP ecosystem. This will include goods in different part of the world, using crypto exchanges.

The system will fill the gap created by conventional banks in their failure to safeguard customer’s personal assets of identities.
Security here is guaranteed by building cryptographically proven privacy which will provide for enhanced levels of anonymity.

Usefull Links:       Website | WhitePaper | ANN Thread 

Author Detail:

Profile Link:      Orangeseller
ETH Address:   0x1461C3727dC461EfF7B32751dFf56c51c2218d5E

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