Parity Technologies Partners Energy Web To Leverage Substrate in Energy Sector Management

Parity Technologies Partners Energy Web To Leverage Substrate in Energy Sector Management

A new partnership will empower innovation in the energy sector with the disruptive power of Polkadot and Kusama pioneering the real-world implementation of "parachain-as-a-service" concept.

Parity Technologies partners with Energy Web

According to the official announcement shared by Parity Technologies, a leading Web3 development studio, and the creators of Polkadot and Kusama, it has entered into a partnership with Energy Web, a global non-profit designed to advance energy management in a carbon-neutral way.

We are thrilled to announce our partnership with @ParityTech to build the Energy Web Consortia Relay Chain in 2022. The Energy Web Consortia Relay Chain will be positioned as the first multichain network connected to @Polkadot. More information here: https://t.co/ar9JFxu8RF pic.twitter.com/kV4Vopp7UW— Energy Web (@energywebx) December 20, 2021

Within the new partnership, the two will launch Energy Web Consortia Relay Chain on Substrate. It will be the first-ever implementation of the "parachain-as-a-service" concept set to solve real-world economic problems.

The new Relay Chain will allow participants of open energy markets to run their own sovereign and decentralized solutions for energy sector enterprises.

As such, Consortia Relay Chain becomes the first-ever multi-blockchain network set to go live on Substrate's infrastructure framework.

Jesse Morris, CEO of the Energy Web Foundation, explains why his non-profit chose Parity as its strategic long-term infrastructure partner:

There is a massive amount of innovation happening in other Web3 ecosystems, such as Polkadot and Kusama, and we want to make sure this innovation comes to the energy sector. By working with Parity to bring the Consortia Relay Chain to life, we can give our members access to new innovations like on-chain governance, native interoperability, robust scalability and other features that Substrate and Polkadot enable.

Testnet of Consortia Relay Chain kicks off in Q1, 2022

The upcoming Consortia Relay Chain is a crucial milestone on Substrate's way to massive adoption, as stressed by Parity's founder, Dr. Gavin Wood:

We see this partnership as a great opportunity to help enterprises in the energy sector get hands-on with some of the most advanced decentralized technologies in production—namely customized runtimes and flexible governance mechanisms for all kinds of blockchains, private, public, hybrid or otherwise.

The solution will be developed from scratch as an opt-in solution; a completely new token will be launched as a building block of its tokenomics.

Parity Technologies also becomes a validator of the current Energy Web Chain. In the coming weeks, Consortia Relay Chain will go live in testnet. The first testing version is set to launch in Q1, 2022.

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