The purpose of this paper is to explain the design and technical implementation of the Echoin ecosystem. It is our goal to utilize blockchain technology to establish a new, decentralized energy trading market that will address current issues in the energy market. The current energy supply chain is long and complex, with egregious transaction costs. The efficiency of energy production and transportation is low, costs of energy payments and settlements are high, and energy transaction data is not fully utilized. The goals of the Echoin public chain are to reduce energy transaction costs, improve energy supply and demand structures, and improve energy data utilization.
In order to achieve these goals, Echoin public chain has proposed a series of blockchain-based solutions aimed at creating an industrial chain optimized for the energy industry. These technical solutions include:
1) Using a DPoS consensus governance mechanism;
2) Using trusted oracles to aggregate energy data, including energy IoT data;
3) Using Plasma sidechain technology to support high frequency trading in the microgrid market and ensure the privacy;
4) Optimizing the virtual machine to encrypt and decrypt identities and private data on the blockchain at low costs;
5) Issuing a stable currency for the settlement of the energy industry chain via trusted oracle machines and decentralized exchange technologies; 6) Developing efficient algorithms for virtual machines to support energy data analysis and data exchange within the energy market;
7) Developing cross-chain technologies to support automated trading between Echoin assets and other public-chain assets, thereby improving Echoin’s integration with the peripheral energy industry.
Echoin has developed a strategic cooperation with world’s largest online energy retailer www.czb365. com (“CZB 365” or “CZB”), and Echoin will provide services for more than 10,000 gas stations and 200,619 charging piles in the ecosystem of CZB 365. CZB 365 has established partnerships with China’s TOP 100 commercial vehicle platforms. Currently, China’s public charging piles integrated into the system of CZB 365 account for 75% of the total public charging piles, and CZB 365 covers 306 cities and 30 million commercial vehicle end users. Moreover, CZB 365 will be the first application in the Echoin ecosystem. These 30 million users will jump start the Echoin ecosystem.
The Echoin ecosystem will connect millions of Energy-IoT nodes with tens of millions of users, generating tens of billions of operational transactions. Meanwhile, Echoin plans to sign cooperation agreements with numerous international energy trading companies. The future of Echoin will rely on the trillion dollar energy market.