HIVE POWER: Decentralized Energy Revolution Based on the Blockchain Technology

Electricity is the power of today's growth and development. People do not realize the importance of electricity unless it is not there for a few hours. Every day, we use many products which cannot run without electricity. A new kind of actor has emerged in the electrical energy market called prosumer. It produces electricity at his home, uses it as required, and sells rest of it in the market. The logic behind such category of players in the market is the independence from the centralized electrical grid. There are various challenges in the market when it comes to the relationship between the prosumers and the grids.
Many times, the production at prosumer's house exceeds the consumption, and he decides to sell it to the grid. But, many a times consumption exceeds the limits of the production, and he has to borrow from the centralized grid. Problems such as poor power quality, voltage violations, and line congestions have become frequent in the cases of the prosumer driven electrical grid. There is a need for a new and innovative solution to solve these challenges in the industry.
Solution Offered

HIVE POWER is offering the solution for the above challenges by bringing blockchain technology into the picture. Utilizing the power of blockchain technology, buying and selling of power from different decentralized prosumers will be much easier and transparent. Consumers, prosumers, and electrical utilities are the key members of the project. And, optimization of the energy resource and infrastructure will lead to the decentralized and sustainable future of the electrical power consumption.
Distributed energy storage system will play a key role in the market. Local energy communities on the blockchain are called HIVE which consists of a set of Workers and QUEEN, who coordinates the workers. Based on smart contracts, every transaction on the HIVE platform is completed. There are two different kinds of apps; user app and admin app. Designed for the effective electrical energy management, these apps help the consumers and administrators. A smart contract named Beekeeper is utilized on the platform for the transparent interaction between the Administrator and a Hive. Hive administrators also play a major role in the technical governance of the platform.
Ethereum blockchain will be initially used for storing the information related to monthly productions and consumptions. Hirarichal Optimizer for Networked Energy(HONEY) algorithm is utilized for solving the coordination problems in the network. It is primarily based on another algorithm called Alternating Direction Method of Multiplier(ADMM). Coordination phase and actuation phase are two important phase of the HIVE network, which decide the load consumption and forecast for the consumers. The coordination and understanding between the Workers and the Queen are of extreme importance to solve various challenges on the network, such as decomposition problems and network optimizations.
Self-consumption communities and microgrids are the best possible use cases of the solution presented by the platform. Various fees and service charges are implemented on the platform to satisfy the profitable economic model.
ICO INFORMATION AND TEAM
100,000,000 HVT Tokens are created for the project in which 54% are reserved for the crowd sale. The ICO will start from 11th June 2018 and continue until 30th June 2018. 65% of the funds from the ICO will be utilized for the research & development while 15% of the funds will be used for the expansion. The team working on the project is experienced in the fields of computer science and energy management.
Conclusion
The consumption of electricity has been on the steady rise since the technological revolution took place. We have been adding more and more numbers of tech toys in our life. The electrical energy market is plagued with inefficiencies. The centralized grid of electrical energy production requires an innovative solution for the reconstruction of the modern grid system.
Cost efficient energy production is the need of the hour for the sustainable future. Distributed energy system will lead to the better and efficient energy management. People will realize the importance of the energy conservation. Providing people the opportunity to join the decentralized energy revolution is the true vision of the platform. Blockchain technology will enable the modern energy consumption guide for the future. What do you think about the future of the platform?

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