In operation since 2009, Verv has already made its mark on the energy market with its smart home metre technology, helping to provide households with an understanding of electricity usage. Now it wants to extend its offering with its new platform, VLUX, which recognizes the difficulties people face accessing renewable energy.
At the moment, excess renewable energy from solar power is sold back to the grid but Verv wants to change that. Its P2P platform will allow consumers to generate green energy on a local level and share their excess electricity with neighbours and communities, at an affordable price and in exchange for a token. Using AI, blockchain and deep learning, the idea is that a secure and transparent ledger will allow energy to be traded on a P2P basis.
VLUX token holders are able to host on the platform and form a community where they can trade electricity. Tokens can also be given as a reward to users and are redeemable for goods on the platform.
AI forecasts will anticipate the future supply and demand of energy and therefore allow for energy trading at optimum times. This is done through the use of a hub which stores user generated profiles which are continually updated – this provides information of who will need energy and when. It also provides data on cloud cover to anticipate the supply of solar power generation so green energy can be traded with peers at the best value.
In June, Peter Davies, Verv CEO, said in the London evening Standard: “Every morning, the metre can predict what your energy usage will be that day, what makes this really useful is that this information is fed back to the national Grid which is understanding and predicting what your power can be using the Verv unit.”
The ICO will begin on November 19th and last until December 28th 2018. The total amount of tokens is 100,000,000 and the initial token price is $0.6800. Currencies accepted are ETH.