Energo Labs is a new network designed for the future of energy production and consumption. The network connects energy producers and energy consumers of diverse need. The energy producers are of varying capacities too. The clean energy produced is first consumed by the community to increase the reliability and efficiency of the energy usage rate. This reduces the cost of consumers and improves producer’s profits via free trading in the decentralized model. Energo is the critical part of the future of smart micro-grids to information, bridge physical and value layer according to the Energo website.
What does Energo do?
Energo has built a series of decentralized Autonomous Energy applications based on smart contracts and the blockchain technology. Two is these series built include:
Peer-2-Peer producing and transactions: Being an energy trading platform that supports auto execution and P2P trading, Energo utilizes the blockchain and smart contracts to connect energy producers with consumers inside micro-grids. This allows them to accomplish P2P energy transactions and at the same time making supply meet demand.
P2P EV Charging Service: Energo’s P2P EV charging platform gives electric vehicles a human-like, unique digital ID and wallet on the blockchain. The Id can be used to finalize electric trading and charging services automatically between stations within the micro-grid.
Energo has two major products the smart meter and the Energo APP. Both products are related to each other since they work on the same platform, but they work differently. Here is how they work.
Smart meter: The Smart meter is an EME 1.0. Energo provides this smart meter to consumers and energy producers because it supports two-way measurement of electricity generation and consumptions. The dual power switch changes electricity supply between energy generated within the public grid and the community. The switch is based on a SIM card to process data communication among nodes.
Energo APP: The APP binds all hardware’s in the Energo system, including the Electric vehicle, smart meter, and the solar system. The process gives your company, home, factory or your car a personal ID on the blockchain network. Transaction rules are set based on the demands of the system and the app automatically carry out energy transactions on the blockchain and provide data analysis for energy usage.
Energo labs team
The Energo team is made up developers, managers, and other experts. It is led by Ray Chu (CEO and Founder) and Cao Yin (co-founder).