What is Energy Ledger (ELX) | What is Energy Ledger token | What is ELX token

What is Energy Ledger (ELX) | What is Energy Ledger token | What is ELX token

Energy Ledger Inc. seeks to make ELX the standard software development platform for energy value trade on the blockchain. The goal and intent of creating this generalized crypto-commodity is to (i) create a cryptocurrency that can be utilized by the energy industry to manage oil containers, and (ii) to incentivize the long term storage of crude oil through investment in the ecosystem. The idea for ELX was originally conceptualized in 2018 by founder and CEO of Energy Ledger Inc., William G. Pete, who identified the potential for Crude Oil markets to fall into contango or backwardation due to the lack of a computer system such as blockchain being developed to manage and understand the scarcity of storage for crude oil. As of April 2020, oil indexes such as WTI briefly fell negative because of contango patterns “Oil prices have been trading in a pattern known as contango this year, where spot prices and near-term futures are worth less than futures expiring several months from now” (Salzman, A., 2020) and “But suddenly this week, the super contango pattern shifted into a pattern called backwardation, if only briefly. Backwardation means oil today is worth more than oil in the future.” (Salzman, A., 2020). With this issue coming to fruition, Energy Ledger was formed to prove the concept and eventual execution of a deployed blockchain solution for crude oil storage units. Smart contract process characteristics portend potential business process continuous improvement for supply chain processes. The potential for supply chain business process improvements can be situated in blockchain information that may capture performance metrics in ledgers; linking them to agree upon processes (S. Saberi, M. Kouhizadeh, J. Sarkis & L. Shen., 2019). What is Energy Ledger (ELX) | What is Energy Ledger token | What is ELX token

About Energy Ledger

Energy Ledger Inc. seeks to make ELX the standard software development platform for energy value trade on the blockchain. The goal and intent of creating this generalized crypto-commodity is to (i) create a cryptocurrency that can be utilized by the energy industry to manage oil containers, and (ii) to incentivize the long term storage of crude oil through investment in the ecosystem. The idea for ELX was originally conceptualized in 2018 by founder and CEO of Energy Ledger Inc., William G. Pete, who identified the potential for Crude Oil markets to fall into contango or backwardation due to the lack of a computer system such as blockchain being developed to manage and understand the scarcity of storage for crude oil. As of April 2020, oil indexes such as WTI briefly fell negative because of contango patterns “Oil prices have been trading in a pattern known as contango this year, where spot prices and near-term futures are worth less than futures expiring several months from now” (Salzman, A., 2020) and “But suddenly this week, the super contango pattern shifted into a pattern called backwardation, if only briefly. Backwardation means oil today is worth more than oil in the future.” (Salzman, A., 2020). With this issue coming to fruition, Energy Ledger was formed to prove the concept and eventual execution of a deployed blockchain solution for crude oil storage units. Smart contract process characteristics portend potential business process continuous improvement for supply chain processes. The potential for supply chain business process improvements can be situated in blockchain information that may capture performance metrics in ledgers; linking them to agree upon processes (S. Saberi, M. Kouhizadeh, J. Sarkis & L. Shen., 2019).

The robust ecosystem available for smart contract development within the Ethereum Solidity Ecosystem, and IBM Hyperledger platforms became the catalyst for the development of Energy Ledger’s proposed solutions: i.) A public blockchain on Ethereum for developers to launch open source energy software utilizing the ELX token, ii.) A business, Energy Ledger Inc., whom will act as a consultancy firm for private enterprise blockchains, iii.) Development of tamper proof IoT flow meters & liquid level sensors for containers.

Energy Ledger Hackathon

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We are conducting a hackathon competition with a single 75000 ELX token prize that will reward the best solution for making a simple Dapp that provides a frontend interface for conducting a ‘Sequitur’ transaction (e.g. a transaction that incorporates a data field as per the ERC777 standard) This functionality is the core aspect that will make Energy Ledger a viable solution for transmitting invoice, product, and data sheets within the Oil & Gas, Solar, Wind and Nuclear energy industries.

Ideally a working solution would manifest A.) A field for the transaction amount incorporating uint256 with 18 decimals B.) A field for dropping a file to IPFS for off-chain data storage of an invoice or other data item to be converted to hex code C.) A send button.

Ideally once a file is dropped in, a sequitur transaction with a hex code that converts to a link would appear on Etherscan under ‘_data’ for the specific transaction. Presentation of the A.) Dapp interface B.) Resulting transaction on Etherscan will entitle the first to complete the prize of 75000 ELX tokens!

ELX Tokens & Data Analysis

The primary purpose of ELX tokens is to carry data that pertains to transactions within the Energy industry. The mint, send and burn processes can all make use of a data and operatorData fields which are passed to any movement (mint, send or burn). Those fields may be empty for simple use cases, or they may contain valuable information related to the movement of tokens, similar to information attached to a bank transfer by the sender or the bank itself (Dafflon, J., Baylina, J., Shababi, T., 2017). The usage of these fields can be standardized through including IPFS strings within the Hex Data field of a transaction. This mechanism can be either programmed to execute automatically as needed, or be manually included in a transaction. IPFS hashes data into a simple string that can be included in a transaction to attribute energy industry data.

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