Energy Web Token Price

What Is Energy Web Token (EWT)?

Energy Web Token (EWT) is the native utility-enabled cryptocurrency powering the Energy Web Chain (EW Chain), an open-source blockchain-based platform built on Ethereum designed to provide a digital infrastructure to build applications that will decarbonize the global economy.

As an enterprise-grade blockchain, EW Chain is a part of a three-layered stack of technologies known as the Energy Web Decentralized Operating System (EW-DOS) that accelerates the development of energy-efficient decentralized applications (DApps).

Using a proof of authority (PoA) consensus mechanism whereby validators need to complete a Know Your Customer (KYC) process, EW Chain provides developers with an ecosystem that’s regulatory-compliant, low-cost, secure, energy-efficient and fast.

Operated by the Energy Web Foundation, EW’s public blockchain aims to transform the energy sector through improved traceability, decentralization of grid operation and a democratic energy market.

EWT Price 

Energy Web Token’s price gained traction from the start, and has experienced its share of volatility over the years. From its initial price of $0.60 in March 2020, EWT gained momentum, rising by over 10X to hit a high of $7.55 on June 17, 2020.

In July 2020, EWT was listed on KuCoin, making its tokens available on a major exchange. Following this news, EWT’s bullish rally continued from July 13 to peak at $12.96 August 21, 2020.

In the following weeks, EWT’s price corrected, dropping to a support level of around $6 toward the end of October. After a brief price increase in November, EWT retraced back to its support zone of $6 in December, where it remained till the close of 2020.

EWT was mostly bullish in 2021, pumping right from January 1. News of Google’s €1m grant to Energy Web drove the token to its highest price yet of $22.67 on April 17. EWT then experienced two other surges in 2021, up to $15.04 in August and $14.16 in December.

The crypto crash in 2022, however, caused EWT’s price to tumble to below $5.

What Is EWT Used For?

As a utility token, EWT has economic value designed to benefit its holders. Intrinsically, EWT has two main use cases (though it may also be used for staking), as follows:

• Security — EWT is used to pay for gas fees on the network, which helps prevent misbehavior by those who are executing transactions.

• Compensate validators — Validators on EW Chain are rewarded with EWT for operating nodes that are used to confirm blocks on the network.

EWT Tokenomics

Energy Web Token has a max supply of 100 million, of which 90% (90 million) were allocated to the operation of the EW Chain, while the remaining 10 million will be released over 10 years as block validation rewards.

The token allocation following the genesis block of the EW Chain was as follows:

• EWF Operating Fund — 10.9%

• EWF Endowment — 10%

• EWF Community — 37.9%

• Validator Block Rewards — 10%

• Founder Tokens — 10%

• Affiliates — 21.2%

Who Is the Founder of Energy Web Token? 

Energy Web was co-founded in 2017 by the nonprofit organization, Rocky Mountain Institute (RMI), and blockchain developer Grid Singularity (GSy), together with 10 other founding affiliates.

Read more: Energy Web Token: Decarbonizing Crypto With Blockchain

How to Store EWT

Wallets that are compatible with EWT include MetaMask, MyCrypto and D’Cent Wallet. You can also store EWT in Ledger and Trezor hardware wallets.