Electrify Review – Cruyptocurrency Guide
What Is Electrify?
The greater part of the total populace is living in Asia and almost 50% of those are associated with a focal power matrix for their power needs.
This is a gigantic marketplace, and as nations increasingly change their power markets there will be a blast of innovation from business people who will use the existing infrastructure to increase private vitality generation and distribution.
We’ve seen this as of now in some Western nations, and when combined with blockchain technology, purchasers will have an increasingly shifted decision of where to get their vitality from. The World Energy Council has just anticipated that in under 10 years no less than 15% of the world’s vitality needs will be distributed using decentralized networks.
As nations around Asia prepare for the progression of their power markets, ELECTRIFY will convey value through our marketplace and distributed (P2P) platforms. With purchasers increasingly focused on clean vitality, and markets becoming increasingly open, innovators are expected to help find approaches to distribute vitality in a productive and intelligent way.
The Electrify Asia project is looking to do only that, and has just propelled with a token that can be exchanged, and an existing infrastructure and offchain marketplace.
The Electrify Asia Team
The Electrify Asia team brings an abundance of involvement in power distribution and technology to shoulder. The CEO and prime supporter of the project is Julian Tan, who already worked at Sunseap Energy and who additionally invested time as a Research Engineer at the Solar Energy Research Institute of Singapore.
Joining him as COO is Martin Lim, another graduated class of Sunseap Energy, where he functioned as a Business Development Consultant. Preceding that he put in 15 years working as Creative Director at an assortment of organizations.
Leader of the Engineering and technology at Electrify Asia is Sean Eu, an IT master with over 20 years encounter developing frameworks and enabling business change through information technology. He was already the CTO of GlobalRoam group, and has held various technology influential positions in the course of recent decades.
Finally, the Electrify Asia project has OmiseGo organizer Jun Hasegawa as the lead counselor of the project. Jun is assisting the project with payment arrangements and blockchain adaptability.
Center Value Proposition
Electrify Asia has as its center value suggestion the decentralization of intensity generation and distribution, in this manner giving buyers a more extensive assortment of vitality sources, and lower prices. This will be acknowledged by bringing the existing Electrify Asia intelligent offchain marketplace onto a blockchain based marketplace.
The Marketplace 2.0 will supplant the current offchain form and enable users of Electrify Asia’s administration to get to the Marketplace online by means of web program and portable applications. The majority of this will be directed on a blockchain, and it gives buyers a few key advantages.
Electrify Asia Marketplace
To start with, it will permit retail clients to buy their vitality at marked down wholesale rates, saving cash. Next, it will give purchasers more decision in their vitality conveyance, opening up more option and clean vitality sources in a P2P marketplace.
The Marketplace will keep running on vitality smart gets that are secured on the blockchain, and the entire procedure will be powered by the ELEC token. The ELEC token, which is an ERC-20 perfect token made on the Ethereum blockchain, will permit makers and retailers alike access the Electrify Asia ecosystem.
With a specific end goal to offer vitality in the marketplace, the makers and retailers will be required to stake ELEC as a store. Transactions charges will likewise be paid by the vitality suppliers in ELEC tokens. Shoppers will make accounts, and will have the capacity to sign in to buy their vitality from makers in the Marketplace 2.0. This will be encouraged by the PowerPod, and Internet of Things gadget made by Electrify Asia to empower makers to log their vitality yield on the blockchain.
The PowerPod is fundamentally a smart vitality meter, that will decentralize the tracking and information gathering related with vitality generation and utilization. The majority of the information gathered will be available by means of the Synergy P2P Trading dashboard.
Electrify Asia Opportunity
Electrify Asia is set for a solid begin with a built up working vitality marketplace in Singapore. This marketplace was intended for big business customers and has around twelve retailers effectively participating to convey vitality. This original marketplace builds up the legitimacy of the Electrify Asia business design, and also a working engineering for the company’s venture into remote markets.
Electrify Asia is as of now benefitting in Singapore from first-mover advantage and an absence of rivalry, which should give them a reasonable way to development in their nation of origin once they effectively actualize the Marketplace 2.0 onchain technology. All that will be required by then is to unmistakably exhibit the upsides of the blockchain answer for the normal buyer.
This shouldn’t be difficult as buyers are relied upon to see savings of 25-30% in the power tariffs contrasted and the Singapore government utilities supplier. This is required to yield a 20% savings on power bills. These decreased rates will originate from retailers will’s identity ready to buy power at wholesale rates and after that exchange to clients at a rebate on the Electrify Marketplace.
This savings gives a gigantic incentive to the two businesses and customers to change to the Electrify marketplace. The way that the power remains on the main network, with no loss of soundness and quality, will be an additional incentive for customers to change over to Electrify.
Another extremely critical favorable position that Electrify Asia has is their association with Tepco, which is the biggest power provider in Japan and one of the biggest on the planet. This would shock no one as Japan has a liberal administrative condition, and an exceptionally open disposition towards blockchain technology.
Electrify Asia Weaknesses
One of the main selling points for the Electrify Asia project is the progression of the vitality marketplace. The glaring issue is that there is no unmistakable pattern in Asia towards market deregulation, particularly in the all the more halfway controlled economies. This could posture significant administrative obstacles for Electrify Asia as they endeavor to enter numerous Southeast Asian markets.
Power Ledger Thailand Deal
Think about the Philippines, where government provisioned power is very solid. Electrify Asia will find it about difficult to break into this market without an administration linked sponsor, or an organization like that built up by Power Ledger in Thailand.
All through the developing scene it is extremely regular to see governments providing power through state-possessed age, or as a team with associate organizations that kick-back to the administration pioneers.
It isn’t likely that these administrations will welcome rivalry in a division that conveys liberal benefits to the legislature and additionally to its government officials. The best way to break into these nations will be through developing associations with high-ranking government authorities.
More open economies appear like a simple zone for extension at first glance, but because of the open idea of these economies, Electrify Asia will in all likelihood observe increased rivalry from other blockchain based vitality marketplaces, particularly if the opposition has effectively gained ground.
One great case of this is Australia, which is being focused by Electrify Asia, but has just observed test cases programs set up by projects, for example, Power Ledger.
Understanding the ELEC Token
The key to powering the entire Electrify Asia ecosystem is the ELEC token, and ERC-20 compliant token created on the Ethereum blockchain. Energy producers and retailers will use the token as a deposit to gain access to the Marketplace and list their available energy for sale.
ELEC tokens will also be used to pay transaction fees on the network. Additionally, there are plans to issue ELEC tokens to consumers as part of a loyalty rewards program. Actual payments from consumers to retailers will remain in fiat currencies, as will the payments made on the peer-to-peer Synergy energy trading platform.
ELEC ICO Token Sale
The ICO for ELEC was completed on March 2, 2018 with a hard cap for the sale of $30 million. 375 million of the planned 750 million tokens were available during the ICO, with a price of $0.08 per ELEC and payments made in Ethereum.
The Electrify Asia website isn’t clear on how much was actually raised, but it does say the ICO was a success, and since the current circulating supply is 411,567,025 ELEC it’s likely the team reached the $30 million hard cap goal.
Out of the funds raised, 52 percent goes toward development, technology, and research. An additional 19 percent goes to staffing, 10 percent to operations, 10 percent to business development as well as partnerships, and the final 9 percent to accounting and legal.
ELEC Price Performance
Since the ICO the ELEC token traded as high as $0.193292 in late April 2018, but the price has been on a steady slide lower since then and as of the end of May 2018 the price of one ELEC token is $0.064992.
Most of the volume in ELEC trading is on KuCoin, so it’s obvious that the token could benefit significantly by being listed on one of the major exchanges such as OKEx, Binance, Huobi or Bitfinex. Liquidity is only average, with less than $500,000 in daily trade volume.
How To Buy Electrify?
While reading this review, you must be thinking about how to buy Electrify. However, this section will help you to know how to buy Electrify and where to buy it. There are various exchanges but we will need to find the one that is reputable. At the moment, you can buy it from KuCoin and Gate.io.
Trading energy on the blockchain is a perfect use case for the technology, and competition within the space will only increase in the coming years. Electrify Asia has a jump on most of the competition, and a large first-mover advantage in its home country of Singapore.
However, the nature of the energy industry tends towards high levels of regulation and government involvement, which could serve to make an energy marketplace a difficult product to bring to consumers.
Electrify Asia needs to leverage their dominant position in their home country to sell the marketplace in foreign jurisdictions. If they can find a way to partner with the existing infrastructure or regulatory bodies in the new countries being targeted they could see success.