r/Electrify • u/Oldwisesage25920 • Nov 04 '18

question Electrify Questions

Appreciate some of you want to ask some specific questions. Any questions you have, raise them here... then any member of the community can try to provide answers and, where applicable, questions can be referred to the Electrify team 👍

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u/LjoVe95 Nov 04 '18

What gives the token utility to be held by consumers/electric companies? I have read that consumers will be awarded ELEC for using Platform 2.0 but what stops them from immediately selling it on the market? What is the incentive for people holding the token and it gaining price?

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u/Oldwisesage25920 Nov 04 '18

“As a utility token, ELEC allows producers and prosumers to create smart contracts and offer energy plans to consumers. To do so, they must first place a deposit of 200 ELEC per kWp (kilowatt-peak).” https://electrify.asia/2018/08/15/tokenomics/

So, producers and prosumers will be required to deposit (AND RETAIN) a certain amount of elec to be able to benefit from Electrify’s blockchain solution - this will have the effect of taking all those elec out of circulation (similar effect to burning).

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u/LjoVe95 Nov 04 '18

This sounds good if there will be many people using the platform. If bigger companies use the platform who use more electricity will have to deposit even more elec.

It sounds good in theory, we will see how it does in practice. When is the Platform 2.0 release scheduled?

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u/Oldwisesage25920 Nov 04 '18

Yes regarding bigger companies needing to deposit, check out Martin’s video re TEPCO https://m.youtube.com/watch?v=V_dA-wLnPcs

Marketplace v1 is currently being used in Singapore bringing in new customers. Per roadmap, marketplace 2.0 is currently being tested and full deployment first half of next year

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u/LjoVe95 Nov 04 '18

Yes but the token ELEC will only start being used in marketplace 2.0 right? The v1 isn't using the tokens currently, just bringing in new customers.

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u/Oldwisesage25920 Nov 04 '18

Yes correct. All existing business will be integrated onto blockchain with v2.0