Distributed ledger technology of blockchain can solve several problems associated with commodity trading like high transactions costs, low speed, single point of failure, and lack of transparency. According to Renewable Energy World, blockchain could eliminate a lot of the complexities around managing distributed energy resources and introduce a new element of trust and consensus between devices and between people. WaveX was founded with the aim to make renewable electricity accessible to all with the help of crowdfunding. To achieve this, WaveX leverages smart contracts and smart metering technology. Initially, we developed a peer-to-peer electricity trading system. However, through our market research, we found that reduced adoption of solar panels was primarily due to lack of availability of finance to set up infrastructure. Thus, we integrated a decentralized investment platform to our system to enable fundraising and payment of dividends. Our metering system will interact with smart contracts to report electricity consumption and pay for consumed electricity at the end of every month.
WaveX uses smart contract to
- allow users to create fundraising campaigns for financing infrastructure set-up
- allow investors to invest in existing fundraising campaigns
- allow users to pay dividends to investor(s)
- monitor consumption of the financed infrastructure
- automate payment of infrastructure usage if applicable [ through our metering technology ]
Decentralized Investment Platform
As was previously stated, the investment platform allows users to raise funds required to set-up electricity infrastructure via crowdfunding. In return for the initial investment, the consumer will pay infrastructure usage fees to the investor until the investor recoups the initial investment and makes a reasonable profit. Every fundraising campaign in our platform will have a goal amount and a deadline. If a project passes the deadline without achieving the goal amount, investors can get a refund on their investments. Moreover, the fundraiser cannot withdraw money from the contract without achieving the goal amount before the deadline. These built-in algorithms help in reducing fraudulent activities. There are additional administrative measures and verification steps to further reduce fraudulent activities.
In the current version of our decentralized investment platform, we developed a set of smart contracts to enable fundraising and payment of dividends. The web application allows different stakeholders to interact with the smart contracts to raise funds, invest in fundraising campaigns and pay dividends. This version will be tweaked later to enable embedded systems to communicate with the contracts. The application is about to go into alpha testing phase soon.
Here is a working demo of the decentralized investment platform application (DApp)
The demo is currently on ethereum testnet, however, after the beta testing, we will be shifting to Arabian Chain‘s blockchain.
Some of the screenshots of the application: