The unique tokenomics model from Rowan Energy is decarbonising blockchain and saving the world.
The renewable energy industry is undergoing a revolution, thanks to the innovative use of cryptocurrency and blockchain technology by UK-based company Rowan Energy. Rowan Energy has developed a low-powered and low-carbon blockchain that is being used to incentivise the adoption of renewable energy and encourage sustainable living. The company recognised the potential for blockchain and crypto in solar energy peer-to-peer trading but could not find a low-powered and low-carbon blockchain.
When building an energy blockchain, some security features must be considered to comply with GDPR and personal data.
So they decided to build their hybrid Rowan Blockchain (private and a public chain) using their proprietary low-powered Proof of Generation consensus. The Rowan Energy blockchain is designed to create the customer base for a future decentralised energy network where rooftop solar owners can sell their energy peer-to-peer with other consumers. The blockchain runs on a small device called a SmartMiner, installed in homes with solar panels. It counts how much power the rooftop produces and how much is fed into the grid. Solar owners are then rewarded with Rowan Rewards, which can be cashed out directly to their bank account, PayPal, or sent as Rowan Coin (RWN) to a Rowan wallet or transferred to a partner exchanges Probit or LATOKEN. Rowan monitors more than 1MW of solar energy, adding new assets monthly. With this system, miners must generate 1kWh of renewable energy to get permission to validate transactions on their chain.
They are using the miner’s data to mint NFT carbon offset certificates that they sell to businesses and individuals who need to offset their carbon footprint. Using blockchain and NFT standards to create certificates, they build compliance features such as restricting double counting and allowing traceability back to the original assets that generated the energy. These features, coupled with the immutability of a blockchain, make it the ideal system for carbon certificates.
But the key behind its success is Rowan Energy’s tokenomics model.
SmartMiner and Inverter Mining customers are rewarded using a mining pool. This mining pool is fed using Rowan’s tokenomics model. Every customer onboard buys £100 (approx $120) from the open markets and is added to the mining pool, plus every certificate sold is purchased using Rowan Coin, with 25% of the proceeds feeding the pool. These contributions are on top of the usual transaction fees.
In the next blockchain upgrade due before the end of the year, a Rowan Energy NFT carbon certificate will be transferred to the user for every transaction they make on the new multi-token wallet. They are decarbonising the network right down to every device.
This model continually decreases the circulating supply, lowering the amount of RWN the chain needs to reward the energy-generating miners.
Rowan Energy’s CEO and founder, David Duckworth, aims not only to encourage the adoption of rooftop solar but also to change people’s habits and attitudes towards renewable energy. By taking responsibility for generating and consuming their power, people can earn better returns for producing clean green energy.
With more than one million homes in the UK having solar panels, Rowan Energy’s low-carbon blockchain and SmartMiner device offer an opportunity to earn nearly three times as much for self-produced green energy.
The company’s innovative solution to incentivise sustainable living while encouraging the adoption of renewables is changing the game.