By Shelly Melancon (Switzerland)
Parity Technologies, run by Gavin Wood, Co-founder of Ethereum who is committed to pioneering Web 3.0 technologies, has partnered with Energy Web, a company committed to seeing energy go green to build an Energy Consortium Relay Chain. Energy Web took to their Twitter handle to announce this four days ago. They were pleased to announce that it would be the first multi-chain network on Polkadot, a brainchild of Parity.
With Substrate, a framework by Parity for network building, firms in the industry will create independent and unique blockchains while allowing partnerships with relevant market stakeholders. Parity has become deeply involved in the evolution of Web 3.0 solutions, most recently in its advancement of Polkadot and Kusama. As a relay chain, it has limited functionality to ensure the independence of the parachains that energy firms will build on it. However, it allows the chains to run parallel while communicating.
Energy Web partners will build and assess new economic solutions based on blockchain technology. The two parties have come out to say that this is a milestone in the relationship between the two companies, which they expect to endure. The present Energy Web Chain currently runs on infrastructure developed by Parity. The two organizations have maintained communication and been working together for years, and the Consortium Relay Chain is a result of this relationship.
Web 3.0 To Drive Innovation
The Energy Web Chief, Jesse Morris, said that the organization is committed to getting more companies involved in the decarbonization process. He noted that the company had been doing so by getting market stakeholders on their platform; however, Morris revealed that he felt the advancements in Web 3.0 solutions would help their cause, and the Energy Sector had to be part of it.
The energy expert revealed that the partnership with Parity utilizing Substrate allowed the firm and its partners to work together and share information with minimal privacy concerns. In addition, Morris stated that the move would bring them closer to effecting real-world changes in their pursuit of transition. Just yesterday, the executive tweeted that Web 3 went beyond NFTs and Play-To-Earn games, as it allowed for efficient data sharing securely.
Gavin Woods, on his part, said he was excited about the partnership as it gave the energy sector exposure to some of the best Web 3 innovations. The Polkadot creator is famous for having coined the term Web 3.0 at the beginning of the Decade and seems committed to pioneering it. In addition, it is interesting to see blockchain technology employing clean energy solutions, considering energy concerns from regulators and environmentalists.
Crypto Energy Concerns
This year, a lot of attention has been drawn to the energy demands cryptocurrency mining brings to the grid and how much of its mining is done with fossil fuels. China this year increased efforts to crack down on Bitcoin mining and blockchain technology as a whole. The government said that they were worried about the environmental impacts. Parity’s partnership with Energy Web is likely to help better this narrative with crypto as a tool for the energy transition.
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