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Web 3 blockchain technology

Former Revolut executive Alan Chang thinks web3 can solve the energy crisis

Tesseract, the startup co-founded by former Revolut chief revenue officer Alan Chang, plans to use crypto to help solve the UK’s energy crisis.

Tesseract plans to buy and build renewable energy sources to sell directly to customers with crypto providing a new payment method.

Energy

This financing model also means that energy users can pay directly to energy producers instead of going to one of the huge intermediaries at the heart of the existing installation.

“We’re bypassing middlemen by going directly to customers,” said Chang, who officially left Revolut last week. “By doing this, we not only increase margins, but we sell energy much more competitively than anyone else.”

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Worldwide, energy prices have soared due to disruptions caused by the war and pandemic in Ukraine. As upcoming legislation aims to improve the situation in the UK, household energy bills have continued to rise and some analysts predict they will reach £7,700 ($9,000) a year without further government support.

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Chang believes the opportunity to offset very high energy bills could arise through Tesseract’s use of blockchain technology. The start will symbolize the sale of energy, meaning users will be able to buy and hold a coin equal to a certain amount of energy. Chang explained that owning these tokens will allow users to lower their energy bills.

Web 3 blockchain technology

Launched on mobile with a closed beta until the end of the year and a public launch next year, Tesseract users will be able to purchase their tokens in-app with the click of a button, while those who want to hold the tokens will be able to purchase their tokens. Buy tokens within the app. its own unattended wallet will be able to do this.

Chang said that the token itself will likely be an ERC-20 built on top of the Ethereum blockchain using a compatible Layer 2 solution.

It wants to make the project as decentralized as possible with the aim of listing it on both decentralized and centralized exchanges. But that doesn’t mean it’s an investment product, he said.

“We will initially be the sole issuer of these renewable energy tokens, but eventually we would like to invite more renewable energy companies around the world to join this network,” he says. “We want to create a truly decentralized renewable energy network.”

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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