Digitalization has fundamentally changed our lives – today, we are living in a so called “digital era”, with digitalization affecting every aspect of our daily routine. With its emergence several years ago, blockchain technology has been almost as ground-breaking as the introduction of the digitalization era itself. It allowed us to transition deeper into the future by unveiling a whole new aspect of the way online transactions are carried out.
The technology first revolutionized the financial industry by proposing new innovative ways for exchanging data. The traditional issue with multiple transactions relying on one medium, which, if compromised, could lead to substantial loss of data, was resolved – blockchain technology allowed us to split the network into nodes, thus rendering data corruption and theft virtually impossible.
However, blockchain technology became famous only after the rise of the first cryptocurrency, Bitcoin. Since then, Bitcoin has been the subject of worldwide interest and discussions, making it one of the most heated topics of debate for the last several years. The hype surrounding Bitcoin was enough to convince the world that cryptocurrencies can become the new universal payment method that is borderless, secure and incorruptible – today, thousands of cryptocurrencies exist, with some building upon the Bitcoin concept and improving it in terms of speed, cost and flexibility.
Studies suggest that by 2025, over 25% of the world’s wealth will be comprised of digital currencies. There is one further reason for their expected widespread adoption – the need for a unified payment method that can be used in borderless transactions without a medium such as banks. With transaction costs being lowered with every consecutive blockchain solution introduced to the market, it is expected that this payment method will become a reality very soon.
Before we can arrive at the point where only 1 digital currency will be usable across multiple industries though, there is the one company from the energy industry that plans to become a pioneer in the sector and offer it a universal, blockchain-based energy currency, which will be usable for energy trading on the open markets. We are talking about LCG Energy.
LCG Energy – a brief history
LCG Energy is not merely a start-up or a newcomer to the energy industry. The company is one of the few licensed electricity providers, energy traders and contractors on the German and Austrian market. Founded in 2009, LCG Energy quickly established itself as one of the companies on the competitive German market that offers energy at approximately 20% below market prices due to their high expertise in energy trading and contracting with the help of Smart Meters.
Today, the company is serving the demands of over 50.000 customers in the D-A-CH region, has subsidiaries in 5 countries across Europe and is planning the expansion to the whole continent until the end of 2021. With a revenue of over 90M EUR for 2019, LCG Energy is on the verge of becoming the first experienced electricity provider to adopt blockchain technology and help the industry transition to the future.
The blockchain initiative of LCG Energy consists of the creation of a full-fledged energy ecosystem, powered by a blockchain-based platform and an energy token, as well as a complex blockchain integration with Smart Meters, electrical meters that have seen widespread adoption over the course of the last 10 years.
The LCG Energy ecosystem will offer its participants to obtain a wide array of energy-related services and products and use the LCG token as a secure and universal payment method. Initially, in its first development stage, the platform will offer direct customers of LCG Energy to pay their utility bills with the LCG token and invest in renewable energy projects with high expected ROI. With the introduction of its later stages, the partner network of LCG Energy of over 1000 suppliers and companies will add their services to the ecosystem, allowing for more use cases for the LCG token.
However, the company does not plan to stop there – with the integration of Smart Meters to the LCG platform, users will be able to directly connect their Smart Meters to their accounts on the platform and receive advanced metrics about their consumption. With the help of advanced AI and AML (automated machine learning) algorithms that are based on energy efficiency practices the company has discovered over the last 10 years, LCG Energy will be processing the data acquired by the Smart Meters and offer completely automated creation of energy optimization suggestions.
What is more, with the development of a tailored-made software, the Smart Meters will allow customers to directly acquire energy on exchanges with their LCG tokens, a revolutionary concept that has not yet been implemented anywhere. The company has already started negotiations with some of the leading european energy exchanges and with the development of the needed APIs that will bridge the connection to the LCG blockchain platform.
The LCG Energy ICO
A unified currency for the energy industry will inevitably lead to better accessibility to energy and ease of use for the investors, as well as lower costs due to the lack of fees that are traditionally imposed by financial establishments and intermediaries.
LCG Energy is currently conducting an ICO with a 35% bonus on all investments above 1.000 EUR. A total of 2.500.000.000 tokens will be released, with 80% of the funds acquired through the token sale allocated for the purchase of energy on the open markets and investments in renewable energy projects. This mechanism will secure the price of the LCG token by backing it with assets which do not suffer from the volatility of the cryptocurrency market.
The private sale and the bonus will last until the end of October, after which the ICO will transition to its pre sale phase. Learn more about LCG Energy, their blockchain initiative and ongoing ICO on https://lcg-group.de/.