MyBit executives have shared that they are in discussions with a major utility company from Central Europe to aid in the development of a peer to peer energy exchange.
Overview of MyBit:
MyBit is an Ethereum dApp (decentralized app) which connects investors of all levels to individuals seeking financing for high-yielding and secure revenue generating assets. Using smart contracts, MyBit securely connects investors with individuals directly without the need for middlemen, brokers, etc. taking a % of your money. Overall, this makes it easier for people to obtain financing and unlocks hundreds of billions if not trillions of dollars in investment opportunities to the average person which were previously reserved for large institutions.
In Short: It levels the playing field so the average investor can gain access to great investment opportunities that until now only major funds/groups had access to.
What does this mean for Energy?
Utility giants are exploring decentralized energy solutions to increase their ability to cost-effectively scale to meet rising energy demands globally. It also enables them to enter new markets with less overhead costs (like infrastructure) to increase their client-base worldwide.
The peer to peer energy model is a more efficient system that removes the need for an intermediary so the process of optimizing energy distribution is easier. It enables energy to be directly bought/sold or otherwise transferred directly from one person to another without having to first travel back to the grid to be stored.
Why is MyBit involved?
Included in the MyBit phase 2 development plan is the ability to enable p2p trading of energy produced at one’s home instead of selling it back to the main energy grid. We see a future with direct p2p transactions that are fully automated through a basic AI-layer to optimize bid/ask and location relativity.
The constraint has been compliance. In nearly every country’s markets, exchanging energy p2p often has tax implications and regulatory such as being considered a public utility by selling energy to neighbors.
By partnering with a major, established player in this industry it facilitates time to market and navigating compliance/regulations. MyBit will be at the heart of the core development, while the utility company will provide decades of expertise in the matter to help create a compliant development path and then use their resources to bring that implementation to market.
What does this mean for MyBit and the blockchain community?
This signifies that MyBit will have a powerful partner as they look to stake their claim on market share in the decentralized energy space. Now they will have the potential to not only leverage hardware, but also the energy itself, increasing their market potential substantially.
More information will be made available as permitted.
Learn more about MyBit at https://mybit.io/
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Disclaimer: This deal has not yet been finalized, but is showing enough positive signs that MyBit has agreed to release this information. This article is not an endorsement of MyBit and does not constitute financial or investment advice.