Hi, Shruti. Thank you so much for having me here. Yeah, we are glad that you're here on our platform today. So let's take a moment where you can just introduce yourself to my audience, please. Definitely. So hi, everybody. Thank you so much for coming. My name is Jesse. I'm the CEO of Energy Web.
We are a global organization that just works on open source software for the energy transition that we'll talk more about, but I just, for briefly on me, I'm an energy and climate guy and a tech guy second. I've been working on things like electrification and renewable energy
energy efficiency for my entire career and then back in 2017 I was lucky enough to be introduced to a lot of different digital technologies including blockchain and decentralized technology and saw that those technologies could really create a lot of value for some of these big energy companies that
I'd be working with for my whole career and made the decision to get energy web off the ground and see what we could do. So that's a little bit about me and I've been really lucky over the past few years to learn quite a bit more about the technology side of that equation because my background is in energy. Wow, that's so nice to hear, Jesse, about
it. And very interesting, you know, how we're trying to bring in every kind of phase into this entire battery space. Very interesting and we really appreciate your efforts that you're trying to bring in. So can you give us a brief introduction and overview of what exactly energy Web is about?
And what are the specific goals that you have? Energy Web is really focused on one thing, and that is accelerating decarbonization of the global economy. So to put it another way, we help some of the world's biggest energy companies build digital
solutions that decarbonize different sectors of the economy. So for example, with Shell, who's one of our partners, we've worked with them to help them stand up a digital solution to make it really easy to track and trace something that's called sustainable aviation fuels.
So the sustainable aviation fuel is fuel that goes into planes that has far less carbon in it than normal fuel. And so they use technology to help different airlines trust where that fuel comes from. On the other side in terms of just this whole topic of accelerating decarbonization, we help really
large electric utilities form digital relationships with assets like electric vehicles because if you can tell an electric vehicle at very precise time intervals when to charge and when not to charge you can actually use things like electric vehicles to balance
the grid instead of a big fossil fuel power plant. So in summary, and we'll talk more about both those solutions. I just described it in a thing should be we just help provide digital solutions to perform some of these functions that big energy companies cannot perform right now because they don't have the tools to do that. So that's kind
of our DNA is we just work with these really large energy companies to give them tools that will help them decarbonize faster. Wow, it's a really noble thought in fact. It's really nice and I think that's the need of the art as well. So obviously with such a great project there is also definitely a fabulous and a great team
that works really hard to put together all the pieces here. So can you just give like an overview or explain a little bit about the team behind the project and also are there any prominent energy web tree partners like I think you mentioned Shell right now. So any other partners that are supporting the project as well.
Definitely. So on the team side, we're a diverse mix of people from I think 18 different time zones because we're doing work on basically many different countries around the world. And we're kind of a mix, half of us are energy sector experts who really understand the energy transition and climate and how to
that language and some of these enterprise partners. And then the other side of the team are just technology and engineering experts that have expertise in certainly decentralized technology whether we're talking about blockchain or decentralized identifiers and self-stopper identity, but then also web to experience a lot of
the components of these solutions do include cloud solutions. They do include databases and traditional identity and access management solutions. So really the team is a mashup of energy experts and then also technology experts. In terms of partners, partnerships in our DNA, we would be nowhere if we didn't
have enterprises actually using this software. So yes, Shell is a great example. Some other big brands that folks might be familiar with, you know, we work very closely with Volkswagen on everything having to do with electric vehicles and green electric vehicle charging and things like that. We work with some of the world's biggest electric utility.
I'm based in California and the California ISO is the biggest utility in California. They're one of our partners. If you check out our website or any of our socials, you can really see great highlights of all the different projects and solutions we rolled out with these companies all around the world. Singapore Power Group, if we spin over to Singapore,
has been one of our longtime customers. PTT and Thailand is another major oil and gas energy player. So again, the list kind of goes on, but definitely check out our website. Generally speaking, we just work with some of the world's largest energy companies on all of these different topics. Amazing. In any case, I belong to India. So in case you
to penetrate in the Indian market and reach out to the energy sector here. We should talk. Yes, yes, definitely. It's really nice to know and I know the fact when you said that you're working with employees in 18 different time zones. Very interesting. So around the clock something or together is happening. Some part of the work. Oh, yeah. Oh, yeah.
For sure. Very interesting. So what are the problems that energy web is trying to solve? So of course we do understand you've already given us an overview. But just if you have to quickly bullet it like what have the project done to achieve those? Yeah. So there's really two
This is a great challenge that we're relentlessly focused on solving. The first one is about the grid. It's about electricity. I already mentioned it in brief, but here's just a simple way to think about it. Right now, the way we balance the electric grid is to have humans sitting
Sometimes in front of computers, basically turning up and down large centralized power plants. And most of those power plants are powered by natural gas, they're powered by coal. Sometimes you have big hydroelectric facilities, things like dams. But generally speaking, the way we balance the grid is everybody
comes home or goes to their business, they turn the lights on, they turn pumps on, they turn motors on, and in response to that grid operators have to crank up or down these large centralized power stations. The really interesting thing though is that we have some new assets coming online that are far more
efficient and cheap and lower carbon at performing those same functions. The problem is they're distributed. So these assets are things like rooftop solar systems, batteries, the inverters that are connected to those batteries, electric vehicles, electric vehicle charging stations, and the opportunity is if we can never
work together, all of those different millions and eventually tens and hundreds of millions of at-fits, if we can network those together and have them be used to balance the grid, that's a far more efficient solution than having these large centralized power plants performing that same function. And that's what we do, so that's the first problem we're
focused on trying to solve, we give electric utilities the ability to digitally interact with all of those different assets in order to perform that function. So that's the first problem we're trying to solve. The second one is a little bit simpler to explain, and it's really about all of these new green products.
So whether we're talking about sustainable aviation fuel that I described, whether we're talking about carbon offsets, or we've even done some work on green Bitcoin, then I think we're going to talk about these are kind of new emerging product classes and they're pretty cool.
complicated. So what we do is we use Web3 technologies to make it really easy to trace and trust those complex green product supply chains. So that's the second challenge that we're focused on solving is just bringing dramatic levels of transparency and trust to these new green product supply chains.
Very interesting. So Akchaz about to ask you my next question that what are the energy web solutions and products? So I think if I'm if I'm not wrong, so we have electric utilities and the new green product classes, right? Which are basically energy web solutions and products. Something else you want to add for this. Yeah, we've kind of got some like flashier
names for those products that we've kind of put out there. So for the electric utility side, we call our solution both data exchange solution and also a digital spine solution. So we have these are similar words to describe the same thing. So our primary solutions here are around data
exchange and something we call a digital spine for the grid. We just put out a full open source toolkit on that and that's really focused on that grid problem. And then on the other side for these green products, a very simple solution, it's called green proofs. And it just enables market participants to create proofs about
these green products. Yeah. Very interesting. That's really nice and very nice names as well, the way they have been classified and identified. So let's talk about now the token. I think the community will be very eager to know about the token EWT. So what are the utilities and the tokenomics look like? Are they any
prominent use cases in the future that the community should be knowing about. Definitely. So as a starting point, you know, the energy web chain is a blockchain that most of these applications are using. And on that energy web chain, which is basically a Ethereum clone that has a different consensus mechanism that I
I think we'll talk about a little bit later. That blockchain, there are fees that need to be paid to use that blockchain just like on Ethereum. So basically gas fees and other transaction fees to actually use that blockchain, which is the energy web chain. However, what's currently being rolled out is the ability for anyone in the world to
purchase energy web tokens, stake them, and use those tokens to support something that are called worker node networks. And I'll spend a moment on this because it's really important for kind of understanding the fundamental token economic design of energy web. So basically for the solutions that we just talked about,
whether it's the digital spine piece or it's the green proof piece, we're creating an environment where these different networks of nodes can perform useful work for these energy companies. So I'll just take a specific example. For some of these green proof use cases, energy
need to know that electricity is coming from a certain place. So for example, if you're a big corporate and you're purchasing renewables, you actually want proof that those renewables come from specific wind, solar, or hydro facilities. And what these worker node networks enable is instead of that corporate,
looking at a proprietary database and trusting some third party to say, "Don't worry, your renewables are coming from this specific Winder Solar Facility." What these worker node networks do is perform matching between that corporate electricity consumption and these different Wendon Solar Facilities.
So basically you've got a decentralized network of nodes all running a similar piece of computational work in this case matching energy consumption with generation from renewable energy facilities and those nodes are publishing that work and you can trust it because it's a bunch of different nodes performing that work. If you want to run one of
those nodes, you've got to basically buy energy web tokens and stake them in order to be trusted. And then of rewards are paid out to those node operators also via energy web tokens. So that's the fundamental concept of these worker node networks that we're actually deploying now. That's in partnership with
just announced some work with Polkadot that I also think we're going to talk about. But basically if I step back and just talk about EWT, there's really two ways to think about it. Today, Energy Web Tokens are used just to pay these transaction fees on the Energy Web Chain for anybody working in the Energy Web ecosystem. And what's coming and will be deployed this year is this worker node concept.
And that means that individuals be able to take these tokens, stake them against these individual nodes, and those nodes are performing useful work for these different energy companies. And that's tied to those different solutions that I described. Right. Thanks, Jesse, for explaining that. And I'm sure that's going to be
We are very resourceful information for the audience as well to understand more about the token. Well, moving ahead, I recently saw a partnership announcement between Energy Web and Polkadot. Can you tell us more about what the partnership is all about and what are you doing to achieve?
So it ties directly to what I just described about these worker nodes. And by the way, we can put out some, there's some really simple documentation explaining this worker node concept. We'll make sure we put it out on our Twitter and put it back out there for the community to see. So that's a great idea. Yeah. But in summary, this concept of
having these different individual networks of nodes that are performing work for energy companies, we can't do that right now with the legacy energy web chain. And so what we're trying to do with polka dot is we're going to go after a parachain slot on the polka dot blockchain. And what that parachain slot is going to do is enable
all of these different worker node networks to be able to be launched very easily. And so that whole setup with polka dot it's going to use the same token. So we're not creating a second token or anything. Everything we're doing here with polka dot and going after this parachain on the polka dot blockchain is being based around energy web token.
And the way to think about it is we'll have the energy web chain continuing to run and our enterprise partners will still use it. And that's where these tokens are going to be tracked. But then on this new blockchain called energy web X, that's where all of this action on the worker nodes is going to take place. And we're staking against these worker node networks will take place. So we're really
excited to bring this new blockchain to market and maybe the simplest way to think about it for this audience is you know two blockchains one token. Wow that's really really nice and thank you for the clarification and definitely we will look forward for the announcements and the papers written on this so that you know we are able to get more clarity and more the iteration of
whatever you have specified and explained. Well, let's move ahead. We also see that there's another exciting about green proofs for Bitcoin, which you also mentioned a few minutes back about. So green proofs for Bitcoin, which is one of your solutions. Can you elaborate more to our audience about this?
So, energy web sits at this funny nexus between the energy transition and sustainability and crypto. And obviously the flashing red signal about those two things that a lot of press and conversation happens around is the energy
consumption and carbon footprint of the Bitcoin blockchain. Bitcoin uses proof of work consensus, it uses a ton of electricity, and because our electricity system is not running fully unrenewable, Bitcoin does have a really big carbon footprint. So over the years, we had a number of conversations with both on one side, Bitcoin
minors and then on the other side institutional investors who are interested in taking positions in Bitcoin but are nervous about the carbon footprint. And so what we ended up doing is launching this initiative called Greenproofs for Bitcoin and what it does is we've developed a standard that Bitcoin minors can apply to.
And that standard basically says, where are your mining rigs located, how much renewable electricity do they use, and how many Bitcoin have you expected to produce or have you produced over a given amount of time, and based on that information they apply and they get a certification. Basically says that they have gotten this certification.
and that more information about that certification can be found on our website. On the other side, basically we're creating an environment where financial organizations can construct financial derivatives of those certifications. So you might see some financial organizations that want to construct investment products that make it possible for institutional investors to
come in and only get exposure to Bitcoin that was produced by miners that have gotten that certification. So that's what we're trying to do with green proves for Bitcoin. Everything I just described is also of course built on the energy web stack. It uses the energy web token. So that's just a little bit about the initiative and there's a lot more information online. We've certified five initial
miners and I'd say keep your eye out on this space in the next couple of quarters as we're deep in conversation with a number of financial organizations about how they can use it. Wow and we definitely wish a lot of luck and success in that and we'll be very excited to keep learning what's coming. So definitely again, re-itrating to everyone, keep
watching this space because you will get to know a lot more that's happening. So my last question, then I will be picking up some questions from the audience. So we're very curious to learn about energy web chains roadmap for 2023. So can you just like you have already you know covered it in different parts of the discussion we've had so far, but you know
Could you just kind of summarize and share any updates on the project's advancement? The teams resolution to accomplish the goals and what milestones do you think will be achieved within this year before we close 2023? I'd think about our roadmap in two different tracks. There's sort of a
Web 3 component and then there's an enterprise component to our roadmap. So on the Web 3 component, our primary focus here is Energy Web X. So bringing to life this new blockchain, the Energy Web X blockchain, making it possible for individuals to stake energy web tokens against these different worker node networks.
via what we're calling the energy web marketplace. Those are the two primary deliverables we're focused on on the Web 3 side of the equation is getting that blockchain off and running and just making it possible for this entire worker node network concept to fly. We fully expect to get both of those things up and running before the end of the year.
And we're moving just on the specifics of the energy web chain, parachain slot and crowd loan as we speak. So that's really the primary focus on the Web 3 side. On the enterprise side, our primary focus there is launching some of these additional green proof of registries, which we expect to do before the end of the year.
In addition to that, we're actually building a full as a service tool for enterprises. We're creating an environment where energy companies don't have to work with energy web anymore. We're creating an environment where an energy company can log into a website, construct one of these applications that I've described on the
on this call and launch it and basically pay for that solution to be running in the wild, including payment for all these awards for these worker-known networks, etc. So in the enterprise side, we're basically making like an energy web as a service product that will be out there in the wild so that these companies can more quickly launch these solutions
And so, I'm sure it should be a situation where you're already done with this.
and what is planned for 2024, Goldies Kick Challenge, my 23. That's right. It goes. I just hope that happens. And I think I have questions from my side. And let's move on to our next session, Jesse. We have questions from the community who are very curious to know certain things about the project.
So I think the first question I can see is from CEO Paul Car. Can we just help to get him unneutered? So the user wants to know how does energy web blockchain technology enable a more efficient and transparent energy market and what are some of the
potential challenges or limitations to its implementation. That's a great question. Let me start with this. Our tech stack is, and I'd encourage, there's a lot of crypto folks on the sign, right? So our tech stack is not just blockchain. And in fact, if there is an inter, if
If you see projects or companies or businesses out there saying that their individual blockchain can solve all of somebody's problems, I'd encourage you to be very skeptical. Because what we have learned and working with these enterprises for many years is that certain Web 3 technologies can create very significant value for enterprises, but you have to
pair them with other technologies. So our technology stack, which does include blockchain in these different web3 architectures, enables a more efficient and transparent energy market by bringing radical transparency and verifiability to this sector. And just think about the examples I've described. Most of these green products apply
are incredibly opaque. In many cases, you have a business that has a single proprietary database that tracks a bunch of different accounts and who owns what commodity in those different accounts. So all of the trust is contained in that central entity. Our solutions are focused on, you know, what is the
saying that's out there less trust more truth. So basically just bringing radical transparency to where all these different commodities sit, who owns them, who is transacted in them, what is the history of those different commodities. So our whole technology stack is focused on injecting transparency. In terms of challenge
So look, the biggest challenge from our side is that change is very hard, long-term, and slow for a lot of enterprises when you're working on large-scale information technology projects. So the biggest challenge here is that a lot of these systems, these IT systems, they work today.
You know, even though they have their challenges, these enterprises do have working information technology solutions that are out there. So convincing them that moving to kind of a new technology stack can unlock different value for them. It's a compelling value proposition, but it just takes time. These enterprises move slowly. So I'd say honestly, that's our biggest challenge and let me take
is working with these enterprises and moving at their pace of change. True true in fact that's actually a real challenge and Definitely what you said makes sense and thank you CEO Polka for asking us a great question Well the next question is indeed very interesting and we have it from a user core bankator
the user is keen to know, can you comment on why proof of authority is more an attractive choice to the enterprise sector in terms of being a lean energy consumer? Certainly it is a greener option than proof of work which makes sense in your context and agenda.
Great question. So when we started Energy Web, but we, and this remember this was back in 2017, there weren't too many examples of alternative governance mechanisms out there. And since at the beginning of our journey, these energy enterprises wanted to launch these applications onto a blockchain, they were nervous about this concept
concept of governance mechanism whereby you have millions of different stakers or miners that are effectively collectively in control of the network because some of these applications were going to be performing some pretty mission critical functions in terms of supporting these different supply chains and energy systems. So the thinking was
Let's still have a very decentralized governance setup, but let's actually have these energy market participants be the validators of the blockchain and let anybody use the network. So the thinking was with that kind of governance, it can be more nipple in case different things take place in case there are different issues out there and just have the entire technology going on.
governed by that sector, the energy sector instead of a blockchain that was trying to do pansector use cases, etc. So that was really beyond the energy consumption point, which is a great one. That was the thinking was let's just have it focused on a specific sector, was the thinking of the community. Right, right. Very
well put in fact and I can understand the kind of brainstorming that must have gone to get this kind of a model in place. The last question we have is from Crypto Mario who is asking artificial intelligence has now become a trend in the web 3 space. So do you have any plans of integrating the AI into your product in the near future?
Yeah, everybody's talking about AI right now. I wish I'd bought some some Nvidia stock a little bit of a little while ago. Yes, a great question. So I'm extremely bullish on what artificial intelligence can do for the energy transition and we've been looking at it in two different ways from the energy
website. The one is on the user side. How can we use some of these new tools to just make it easier for enterprises to construct energy web solutions? I mean, you've seen how powerful these different chatbots can be to help developers work more quickly. You know, what if we could create an environment whereby organizations
So if you have an energy expert but isn't an IT person and they want to spin up one of these energy web solutions, can we create an environment with them where they can use these AI tools to use a simple text interface to spin up a solution? So that's one way, frankly, it's a little bit more boring to talk about but very useful.
way that we could use AI in our ecosystem. The other way is a bit more transformative. If we look at the grid applications that we're bringing to market in different places, again we call them our data exchange or digital spine solution, you could think of those like platforms for data exchange because what's happening is all of these different companies are
are exchanging data about electric vehicles, about the grid, about what weather patterns are coming in the next few days. On top of that data exchanger digital spine, there is an immense amount of sophisticated calculations and optimizations that need
to take place in order to tell millions of different batteries what they should be doing at different times of the day. That's where AI can come in. So if artificial intelligence can be used to produce the most optimized kind of dispatch algorithms to tell all of these different assets to do what they need to do in order to balance the
That is a massive area for innovation and we want to make sure that this digital spine and data exchange solution is as interoperable and friendly as possible with different AI innovations that are going to be coming online. I would say very quickly. Several of our partners in some of these different markets where we have
data exchange live are already using artificial intelligence to produce optimized kind of dispatch models, et cetera, for the grid. So yeah, very bullish on how it's going to be out there. And we're looking at it every day about how we can make sure our tech stack is supporting it. Very nice. Thank you, group, tomorrow's an amazing
question and of course very well answered by Jessie. I just you know I'm having such a good time actually talking to you on this AMA to the space today. I mean I just hope I you know if time would allow I would have loved to know more and you know make an audience aware of many more things. But then because of time positivity we'll have to end the questions from the community.
Thank you so much for the entire community for submitting us questions. I would like to extend my gratitude to all the participants. I'm pretty sure that everyone still has questions for Jesse and we do recommend you to check out their social media on regular basis because there's a lot in
store coming up. Jesse, any other social media that the community should be knowing about and be following to gain more information about energy web on direct with your team? I don't think so, Shruti. Thank you so much for having me here and yeah, just keep an eye on our socials. We've got lots of announcements coming all the time. So keep your eye out for more. You want to pause?
on any closing comments or any thought for our audience before we close this AMA session today? I'd say, you know, check Energy Web out if you want to see a real project that has a real fundamental non-hype use case for Web 3 for helping businesses really solve business problems. That's what we're all about.
very well said, you know, I must appreciate the way you put this across and I would like to really thank you Jesse Morris for taking the time today to be with us. It was an amazing and a very insightful session. We learnt a lot about energy web from you and we, bit true, are truly honored to partner with you.
And I will ask everyone to not forget to support Energy Web by following them on Twitter. Thank you so much, Jesse again. And just to add, winners of this AMA will be announced on Twitter and trading for EWT is already available on the BitTru platform.
the listeners do not forget to fill the form and get a chance to win EWT. We do have rewards. Stick around and follow us on Twitter and Telegram for the latest news. Once again, thank you, Jessie and thanks to all the listeners for tuning in. Bye for now, looking forward for the next episode and looking forward to hear more from Jessie.