everlasting: Candela Coin

Candela Coin

INTRODUCTION

All across the world the new energy consumer wants comfort, security, a more engaging relationship, and a promising future for energy production. A democratized energy marketplace is the only way to achieve this promise, and the Candela Coin team has developed a key piece of this paradigm shift. With Candela Coin, we are reimagining the customer’s role in, and access to, increasingly open and competitive solar electricity markets. The energy market is currently facing challenges with its centralized conventional power stations and grid that require high costs to maintain. This means higher costs for the consumer. The existing electricity and power model will not be able to keep up with the increasing electricity demand with its centralized grid and infrastructure. Costs will rise dramatically. Consumption is expected to more than double by 2050. A paradigm shift is necessary. A shift to decentralized solar powered microgrids made up of people is what we are building. We want communities to create their own decentralized solar energy.

Blockchain technology can benefit and accelerate the shift to solar energy. It fits perfectly into the renewable energy sector because it allows direct peer-to-peer transactions between users, and offers transparency and local energy self-sustainability. This project aims to create truly decentralized solar energy across the globe made up of we the people, instead of the power companies or middlemen. This will allow peer to peer production and transfer of solar energy. Utilizing blockchain technology allows us to create seamless production and peer to peer transfer of solar energy. We share many things with those in our community. There is constant exchange and interaction with those around us. The one thing we haven't been able to share is the very thing needed to make any of it happen: Energy

This will reduce disruptions caused by incidents hundreds of miles away such as hurricanes and leave you unaffected. While the rest of the city may lose power, your family and community will be okay. Energy decentralization and democratization has come. Embrace it. In this paper, we link the technical value domains to the services that consumers, prosumers and third parties can provide to one another and to the electric power system

ABSTRACT

Ditch the grid with Candela Coin! Candela Coin is a token that allows holders to take part in the groundfloor phase of decentralized solar energy and a blockchain based peer-to-peer energy transfer platform. People across the globe will be able to transfer solar energy to others in their communities using candela coin as a medium of exchange. Blockchainbased peer-to-peer transfer allows users to buy, sell, or store solar power allowing energy to be more accessible and sustainable for the world. Our vision is to decentralize and democratize the consumption, transfer, and production of solar energy. With Candela coin, we remove the need for large monopolies and power companies that control the price and supply of the power we rely on, putting the power back in the hands of we the people.

The age of transactive energy in the sharing economy is upon us, and its wide spread adoption depends on a secure and robust means for rewarding participation. Digitization is coming to the energy industry as many key network, sensor, computing and communication technologies make it possible to drive decentralization of the electric grid and energy market. Tokenization will play a vital role in securely exchanging grid edge data between users and devices, safely opening up the electric power market to broad participation. Peer-to-peer exchange of energy is upon us!

THE PROBLEM

The energy market is currently facing challenges with its centralized conventional power stations and grid that require high costs to maintain. This means higher costs for the consumer. The existing electricity and power model will not be able to keep up with the increasing electricity demand with its centralized grid infrastructure. Costs will rise dramatically. Consumption is expected to more than double by 2050. Many problems we face also include power company monopolies and duopolies, poor service or non functional service during times of crisis, inclement weather, or in developing areas. There are also the issues that stem from government regulations. With the power companies if you don't pay for monthly service your power is shut off. With candela you use what you buy. It's like going to the grocery store. Get power without a power company.

If a prosumer wants to sell their excess solar energy back to the grid, they are given cents on the dollar. Our solution woud allow them to get more money for their excess solar energy as well as reduce the costs for the consumer. Our economies run on energy, but the current energy system is costly and inefficient. Creating useful energy is one of the dirtiest and most wasteful things we do, from mining, refining and burning fuel, to transporting electricity across long transmission and distribution lines. In the US, some estimates show an 86 percent inefficiency in converting and transporting energy into the useful product that powers modern lifestyles and economic productivity. This creates unintended and costly health and environmental challenges, from asthma to climate change, and a significant loss of economic value. It turns out that the U.S. economy is not especially energy efficient. Of the total high-quaity energy consumed to support economic activity in 2010, only 14 percent was converted into useful work. In other words, the American economy wasted 86 percent of all the energy used that year in the production of goods and services. One can easily imagine that waste of this magnitude creates an array of costs that weakens the nation's economic and social well-being. This problem has emerged because in the current power sector business models, utilities use outdated constructs of its consumers as rate payers; missing the opportunity and value only a customer can provide. Companies earn revenue based on producing energy at the center of the utility grid, in large power plants, and pushing it to the grid edge where it “serves the load” as it is consumed. Companies generating and distributing power are accustomed to roughly 10 percent returns on their capital investment. This model locks in profitability for regulated electricity companies, but discourages innovation and saddles consumers with decades of legacy costs.

In newly-electrifying countries, a centralized grid is too costly and sluggish for the needs of the one billion people without energy access today. As demand grows, it also becomes more distributed. It is harder and more costly to predict and balance supply and demand while lacking visibility into millions of new consumer devices and distributed energy resources popping up at the grid edge. These trends are tearing apart existing utility business models and spooking shareholders and analysts alike.

THE SOLUTION

Get power without a power company. We propose that the answer to these mounting concerns is Candela, a blockchain based system that functions across connected hardware (IoT devices), a token system for transactive energy (Candela Coin), and a foundation that advances market design and technology in tandem.

We want communities across the world to create their own decentralized solar energy. Individuals in the community will own their solar panels and can sell their excess energy to others in the community. We envision that people with solar panels, small and large, will all be able to contribute electricity to the Candela system. If a user wants to sell their solar energy back to the grid, they are given cents on the dollar. Our solution would allow them to get more money for their solar energy as well as reduce the costs for the purchaser.

Candela uses an IoT metering device that runs blockchain technology, giving it capabilities not currently available in many energy markets. First, it shows solar panel owners how much energy they’re producing, rather than having them trust the local utility to calculate the amount. The blockchain also enables the direct transfer of energy between users and dramatically reduces the costs of such transactions. The community marketplace solution offers a compelling way for users in a community to buy and sell solar energy. Users can easily make an offer, create a budget, or even sell their own power on the marketplace.

Candela can manage the flow of electricity and the exchange of energy within electric power systems through the formation and delivery of pricing signals, use of predictive analytics and automation of activities, which reflect true cost of local service. This can all happen behind the scenes, at the machine-to-machine level. The system unlocks value to be assembled in new ways and priced appropriately. Transactive energy, properly implemented, represents the fairest allocation of risk and reward enabling new business models that provide services to participants. By rewarding efficiency and flexibility, the system has the potential to activate value for customers and create new ways to manage and invest in the responsive grid of the future, which is beneficial in developed economies, and it can be transformative in newly electrifying ones. Candela can provide a wide range of benefits throughout the electricity market and ecosystem. In addition to clear value for market participants (described in detail further below), Key outcomes include:

Efficient and adaptive market pricing

Improved system reliability and flexibility

Pathway for technological innovation

Improved balance of risk and reward for asset owners

A rich, interactive future for an energy industry serving informed communities

Token info

Ticker: CLA

Platform: Ethereum

Token Type: ERC-20

Available for sale: 95,000,000 CLA (76%)

Total supply: 125,000,000 CLA

Token Distribution