Up until now there has been a similar approach used by governments and energy sector leaders to curb growing energy demands and encourage economy — quotas, limits, sanctions, regulations. Sometimes these measures have brought about success, but only when success is defined solely as “reduces some energy consumption.” What these approaches fail to do is to encourage positive behaviour among energy users; to make users want to reduce their power consumption.

Enter EnergiToken (ETK), a revolutionary new solution package to this very problem. ETK is the creation of Energi Mine, and is a cryptocurrency issued to users of the ETK platform who demonstrate energy-saving behaviours, such as riding low-carbon transport, purchasing an electric vehicle, and making use of power-saving household appliances.

How exactly does the ETK platform work?

The concept is brilliantly simple. First, prospective users join the ETK Blockchain-powered online platform. After that, all they have to do is engage in more eco-friendly behaviours like those described above. Their reward is ETK tokens, which they can subsequently use to pay energy bills, charge up their electric vehicle, or even redeem for cash. What better way to get people into “energy-saving mode” than to offer a profit motive?

People are rewarded for energy saving behaviour

Energy usage is estimated to increase by 28% by 2040 due to the surge in new companies and ever-growing population needs. This means we need measures to ensure the sustainable development of energy management. What’s more, these solutions need to be ones that benefit individuals and companies for success, rather than punishing them for failure.

About ETK’s P2P Platform

Development of a working platform for users to redeem and use ETK has not been an easy task for Energi Mine. It’s a veritable minefield of regulation, special interests and government powers, not to mention existing powerhouse titans of the industry who are not all on the same page when it comes to emerging fintech and the latest innovations. Thanks to the company’s determination, patience and forging of strong links with influential people within the sector, such as energy sector veteran and member of the British House of Lords, Lord Redesdale, the ETK platform is now live and operating in Western Europe. Cryptocurrency rewards are also controversial since many users are skeptical of their use; how widely they are accepted in general commerce. Since the ICO in early 2018, the list of vendors accepting payment in ETK is lengthening. One such vendor is Transport for London (TFL), whose public transport already accepts (and even encourages) commuters to take advantage of the scheme. Where some other cryptocurrency platforms are obscure and hard to define to the average consumer, ETK has a very straightforward and relatable function – pay energy bills, pay for public transport, redeem cash, charge your electric vehicle — it explains itself.

Transport for London is responsible for the transport system in Greater London

Energi Mine continues to work with governments and energy agencies around the world to expand the network and make this rewards-based solution available to more people. The company is led by Omar Rahim, who himself boasts some 12 years or more in the energy sector. He made it quite clear that “the energy sector needs a bold, new solution, and the Energi Mine Blockchain platform is it.” The principal of reward vs. sanction is a strong one, and it’s clear that the former is the only sustainable plan for the future. Unless we can fundamentally change the way people want to use energy, then there’s little hope of a lasting solution, whatever we attempt.

The ETK platform also offers much greater transparency to energy transactions. It is yet another example of how Blockchain technology is helping us to decentralize major industries to reduce overall waste and empower the consumer in a more genuine way. In the current mainstream, excess power used by the consumer is sold back to the supplier at a rate determined by that same supplier. Using the ETK platform, consumers can sell excess to other consumers at transparent market rates.

You can learn more about EnergiToken at their website, and find out just how the innovations of Blockchain are much more than just a simple online ledger.