The year 2017 was a stupendous year for the blockchain technology and the tokens based on the blockchain technology. The year 2018 promises to be equally exciting with a proliferation of numerous blockchain-based projects, which aim to address some of the real world challenges.
One such blockchain based project, initiated by an already established company, which is currently running an ICO is Energi Token (ETK). The project if implemented as per expectations has the potential to revolutionize the energy sector and change the way the energy is traded and consumed.
What is ETK and how it works?
ETK is a blockchain based token issued by a UK based company Energi Mine, which aims to decentralize US$ 2 trillion global electricity market and create a platform that rewards energy-saving behavior. Interestingly, the company already has existing clients and manages over US$ 140 million worth of energy trade for large companies. The company’s turnover in 2017 was approximately US$ 0.5 million.
ETK gives life to the idea of getting rewards for pursuing an energy-saving behavior, which could be as simple as taking a public transport to work or buying an energy efficient appliance. According to an example in the Whitepaper, if a commuter uses a public transport, the local authority, may reward the commuter by giving ETK. The ETK, which would have a financial value, could then be used by the commuter to pay directly for domestic energy bill or charging Electric Vehicle. Similarly, a corporate could be rewarded for reducing its energy consumption, which the company can use to settle energy bills. There are other use cases too which can occur. For example, an energy utility company could give ETK to their customers as a reward/ loyalty scheme, which can be redeemed for paying future energy bills. Similarly, manufacturers could give away ETK with their energy efficient appliances to incentivize customers to purchase energy-efficient products, with ETK acting as a discount.
The ETK is an ERC 20 token thriving on Ethereum blockchain. The way ETK’s business model is defined naturally calls of a valued-token that can be exchanged when required.
What Problems EnergiToken is trying to Solve
How Energitoken plans to disrupt the Energy Industry?
The ETK founding team is highly experienced, led by the CEO, Mr. Omar Rahim, who has 12 years of experience in the energy sector. Mr. Alain Richardt is the CTO and is the lead Ethereum engineer specialising in the blockchain, cybersecurity and artificial intelligence. There are several other notable technical advisor, which can be found on the ETK’s website.
ETK ICO or token sale started on November 17, 2017, and is expected to end on February 28, 2018, unless the US$ 15 million hard cap is reached first. A total of 1.5 billion ETK tokens are being distributed in the token sale and 2.3 billion is the total supply of ETK that will ever be available.
Here is what the final breakup looks like:
Total token supply: 2.3 billion (2,307,692,310) ETK, of which:
65% are being sold in the token sale
20% retained by ETK team and their advisors
15% have been left as the reserve, which will give the company, the Energi Mine the option to allow corporate partners to purchase tokens.
62% of the funds received in the ICO will be used for development, while 24% will be spent on sales and marketing and 14% on administrative and legal costs.
How To Buy ETK Cryptocurrency
Since it is an ERC 20 token, it is advisable to purchase the token using My Ether wallet. An investor will have to register on their website https://www.energitoken.com/ and after verifying the email address would need to fill out the form and send the desired amount of ETH from MyEtherWallet.
Step 1: Create your account first - Sign up Now
Step 2: Complete your KYC verification
Step 3: Create an Order ID.
Step 4: You will get an address. Send ETH to the same address.
Step 5: Wait for the ETK tokens to be manually added.
BONUS: They are giving a bonus of 10 percent which would be over in next 24 hours. If you still have not purchased and are you planning to, you better hurry up, before the sale gets over. The minimum investment is 0.5ETH.