Problem Being Solved
For some of us, buying electricity is simple, one price day or night, pay for what you use. But if you are in a deregulated environment, then you have multiple suppliers that change their price as their demand changes. If you have household solar cells and a battery, then you can make some of your own electricity and use that when expensive. Any individual is allowed to purchase electricity as they need it but the process is complicated. Traditionally each household chooses a middleman to trade on their behalf. These middleman charge significant fees, rarely take solar cells into account and may not always trade in an optimal manner.
How it Works
Under the Hood
Before Grid+ starts selling electricity
Once Grid+ is an established utility
Grid+ will have a number of sources of revenue, once the operation is up and running.
- Markup on wholesale electricity
- Sale of the GSA’s
- Interest in unused BOLT
- Charges on unused BOLT micro transactions
Once Grid+ becomes established and begins to steal market share from established players in a serious way, they will adapt in order to survive. Can a competitor copy Grid+’s technology? The simple answer is Yes (though I am sure, with the details it won’t be simple). There are no major secrets in the techniques used. With the public nature of blockchains, it will be easier that previously to make a look alike product. This will be good for consumers as the profit for the middlemen will decrease as the competition heats up.
Ideal Use Case for Blockchain?
According to Vitalik’s 5 Points how well does this use case suit a blockchain application? Score 17/25, 68%. Great!