One of the biggest discussions taking place on a global scale is energy production and integrating renewables into an electrical grid dominated by carbon fuels and nuclear power.
The Energy Web Token (EWT) is a project that is growing in popularity as it aims to integrate blockchain technology into the energy sector. The project also plans to help develop applications and establish a decentralized energy exchange.
Cointelegraph Markets and TradingView data show that the EWT price rose 65% from a low of $ 11.38 on Feb 28 to a new steady level of $ 18.78 on March 3, with a 24-halves record volume of $ 8.66 million.
The main event that led to the EWT’s price hike was the March 1 listing on the Kraken Stock Exchange. Kraken is currently the fourth largest cryptocurrency exchange by volume and has provided EWT with the largest trading market to date.
EWT’s trading volume has increased 265% since its listing on Kraken and the price continues to rise today as members of the public speculate about which exchange will list the next EWT.
The EWT announces the introduction and use of the contract
Another source of optimism for the EWT is the announcement on February 25 that efforts will soon be reinvigorated for token holders in the form of blockchain-based decentralized service level agreements (SLAs) that will be used to create an automated contract that will provide services to the network. With an incentive share to provide high quality services.
According to Energy Web Commercial Director Jesse Morris, the voltage engine built for the EWT represents a “new kind of cipher model.”
“This is the key to unlocking tens of thousands of service nodes (supported by the ecosystem) that provide low-cost and reliable IT services to network operators. Business line application configuration no longer requires vendor locks or requests for quotations.”
VORTECS data from Cointelegraph Markets Pro began to provide an optimistic forecast for the EWT on February 27, ahead of the latest price rally.
The VORTECS score, excluding Cointelegraph, is a mathematical comparison of historical and current market conditions derived from a set of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
As shown in the chart above, the VORTECS valuation of the EWT peaked at 67 on Feb 27, about 60 hours before the price started to breakout from $ 12.91 to the current price of $ 17.91. At the time of writing, the EWT has scored 80 points in favor of VORTECS ™.
It is possible that the debate about renewable energy and integration into the global economy is just beginning, and the Energy Web Chain could gain the decentralization advantage in the energy industry for the first time.
By increasing incentives for token holders, along with new initial public offerings, EWT is well positioned to become a leader in the blockchain energy market, and this will definitely attract new investors.