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“Electricity is a form of energy that results from the movement of charged particles, typically electrons, through a conductor” Well, this the most simple definition the one can find on the internet. We also know that this electricity is essential for powering homes, businesses, and industries it’s very difficult for majority of humans on the entire planet earth to live without energy.
Electricity can be generated from a variety of sources, including fossil fuels, nuclear energy, and renewable energy sources such as solar, wind, hydroelectric, geothermal, and biomass. It is distributed and transmitted through power grids, and is used for a wide range of applications, including lighting, communication, transportation, and entertainment.
The history of electricity dates back centuries, but the discovery of electricity as a phenomenon can be attributed to Benjamin Franklin’s famous kite experiment in 1752 where Benjamin flew a kite in the thunderstorm and observed that sparks of energy jumping from the key attached to the kite to his hand.
Over the next few centuries, scientists and inventors made significant researches in understanding and harnessing electricity. It was during the late 1800s, Thomas Edison and Nikola Tesla engaged in a fierce rivalry over the development of electrical power systems. Edison was a proponent of direct current (DC) power systems, while Tesla championed alternating current (AC) power systems. Ultimately, AC power systems became the dominant technology due to their ability to transmit electricity over long distances more efficiently.
With the rise of global population from the 19th century to the 21st century that raised exponentially created an increased demand of energy consumption which further leads to an increased production of electricity which leads to several drawbacks in production of energy as well as causing significant environmental and economic impacts.
Here are a few examples, along with relevant statistical data:
Fossil fuel emissions: The combustion of fossil fuels such as coal, oil, and natural gas to generate electricity produces significant amounts of greenhouse gases that contribute to climate change. According to the International Energy Agency, global carbon dioxide emissions from the power sector reached 13.5 gigatons in 2020.
Water usage: Many forms of electricity generation require large amounts of water for cooling purposes. This can strain local water resources and harm aquatic ecosystems. In the United States, thermoelectric power plants (which generate electricity by heating water to produce steam) accounted for 41% of all freshwater withdrawals in 2015, according to the U.S. Geological Survey.
Waste disposal: Nuclear power plants generate radioactive waste that can remain dangerous for thousands of years. According to the International Atomic Energy Agency, there were over 450,000 metric tons of spent nuclear fuel stored at reactor sites worldwide as of 2020.
Land use: Some forms of renewable energy, such as wind and solar, require large land areas for their installations. This can have significant impacts on wildlife habitat and agricultural land use. In the United States, there were over 100,000 utility-scale solar photovoltaic installations covering over 3 million acres of land in 2020, according to the National Renewable Energy Laboratory.
Economic costs: The production of electricity from some sources, such as nuclear power, can be expensive due to high initial construction costs and ongoing maintenance and safety measures. According to the International Energy Agency, the average levelized cost of electricity from nuclear power plants in 2020 was around $155 per megawatt-hour, compared to $40 per megawatt-hour for onshore wind and $60 per megawatt-hour for utility-scale solar.
In a recent survey it was found that the total world consumption of electricity is more than 23,000 TWh of which approximately 80% of this was generated by using non-renewable energy sources, including coal, natural gas, and wood. This is nearly a 91% increase from the net consumption in the year 2000 and the researchers also calculated that if we go on ultilizing the non-renewable resources in the same like how we are using them today then by the end of 2050 there would be no non-renewable sources left on the planet earth.
Therefor it is necessary for each one of us to stop utilizing the electricity from non- renewable resources and set up their “green energy” businesses through blockchain-based platform that will incentivize everyone on the system to use green energy and make the processes and the associated supply chains more efficient and transparent for the end-users, utilities, investors, and regulators.
It is an incentivized energy trading economy on an EVM-compatible L1 blockchain. That will allow the suppliers, distributors, and consumers to earn rewards by executing their part of the use in the Protocol.
Primary Goals of the Dione:
1 Reduce the carbon emissions caused by the energy sector around the World.
2 Facilitate and incentivize retail consumers to run their energy business through blockchain technology.
The protocol core architecture will be based on the principles of Avalanche Technology:
Reasons:
1) Higher Throughout: It is a proven technology with a highly modular architecture and a key focus on resilience that is by allowing more than 5,000 transactions per second without compromising the security or decentralization of the network.
2) Scalability: Can scale to hundreds and thousands of nodes without compromising any other crucial aspect of the network without the use of delegation mechanism.
Better Data Privacy:
The Protocol will opt in for a multi-chain hybrid architecture that implies the L1 blockchain as the primary network which will be permissionless and host on all the public data, while the L0 communication chain along with“virtual channels” or “containers” will store private data under strict access control.
Enhanced transaction security:
For better transaction security, it is important to have as little time to reach finality as possible. Therefore, for every transaction, the network can reach finality in around a second and once the result is committed to the chain, it becomes irreversible which further enhanced by eliminating the longest-chain rule from our consensus.
Low transaction fees:
The transaction fee will automatically be reduced when the resilience of the network is increased and the scalability is enhanced.
However, the thing to be noted is that to keep the network functional and every validator incentivized a balance between the two factors that’s is How much we can benefit the sender by lowering the fee and How much we can incentivize the validators must be ensured.
Friendly Explorer:
For consumers, a Green Certificate program will be launch that would enable everyone to publicly verify the certifications issued to energy providers. These certificates will also be visible on Nebra (our energy trading marketplace).
Low Carbon Footprint:
Since the Proof of Stake consensus require low energy consumption as compare to proof of work therefore, the carbon footprint will be lower than several mainstream blockchain networks. The protocol will also encourage the node operators to earn extra rewards by running their nodes using renewable energy.
Energy Trading Marketplace
This is the central core of the system where the units will be traded by the users, The marketplace will be directly connected to the blockchain at the backend to ensure the entire lifecycle of a unit and activities performed by the users are tracked and visible on an open ledger
The basic apperance would resemble with that of a P2P crypto exchange and facilitate the suppliers and consumers to place sell and buy orders, respectively.
Power Supplier:
The pathway of every electrical unit would initiate from power suppliers who would have to use renewable sources to generate electricity.
It is to be noted that the supplier must adhere to the local regulations, as set out in their smart contracts and these smart contracts would auto execute on triggers defined in the contracts, without any external input.
The amount received from the consumer will automatically be split into the supplier’s, distributor’s, and platform’s share and the system will ensure the wallets are deposited respectively.
To monitor all the metrics of the system in terms of total customers, complaints, power outages, relations with the distributors, and units produced and consumed, everything will be available via a web-based interface.
Distributor:
The role of the distributors would be to handle the entire hardware feasibility of Nebra and they would have a web-based interface to monitor their systems.
Platform Operations: Power Consumer
To start using the system, the entry point for consumers will be via mobile app.
They will be able to connect their smart meter and renewable energy equipment with the system and start trading the units. After collecting the data from the customer, it will be bifurcated into public and private where only the public data will be registered on the L1 public blockchain.
Nebra will also enable the consumers to select the type of renewable energy they want to use and the system will ensure the energy only comes from that source.
Rewards:
The return will be 1% per 30 days of staking, going up to a maximum of 8% for the complete term (i.e. if the mainnet is launched after 8 months, users who staked on the first day will receive 8% in total, in addition to the perks mentioned below).
Extra Perks for Stakers Who Do NOT Withdraw Before the Consolidation on Our Mainnet. That is
Full tax reimbursement (i.e. 2%)
Share of the penalty pool (distributed among all current stakers based on their staked amount)
Subnets:
To maintain the security, Instead, the concept of subnetworks is adopted . Each subnet can be considered a standalone blockchain running with its own set of validators and customized rules that all its validators must abide by.
These are of 2 types :
1. The Core Platform Governance: Only the thoroughly verified individual or organization with the required minimum staked on the platform will take part in governance and decide the overall direction of the system.Which includes the following aspects to governance decisions:
Security and threshold parameters
Addition and deletion of validators
Network-level updates
2 Governance for Projects:
Built on Top of Our Platform: L2 blockchains or dApps created on our blockchain will be allowed to have internal governance which will be completely segregated from Dione Protocol’s core governance.
Electricity has a significant impact on modern society, enabling advancements in technology, communication and to overcome the current problems faced by the energy industry and how to decarbonize the planet Dione Protocol is developing an EVM-compatible L1 blockchain that would help in reduction of carbon footprint and enabling other dApps to be created on the blockchain with a higher degree of decentralization, scalability, resilience, and speed.
Website: https://www.dioneprotocol.com/
Twitter: https://www.twitter.com/DioneProtocol
Telegram: https://t.me/DioneProtocol
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