Review on Energy Web Token by Stephen Toluwani
Energy Web token is an ecosystem that is well suited for Dapp Protocols.
If you take a cognizant look at the technology that Energy Web token is implementing, you will understand with me that this project is trying to offset the carbon footprint of other power intensive PoW cryptocurrencies like Bitcoin. Energy Web token, EWT for short, through the use of a Proof of Authority mining model that requires basically, staking of EWT or delegating it to Masternodes. This is more energy efficient and yet, the network is very secured, no instances of a 51% attack has ever been recorded nor a bypass ever occured.
The major utility I can concur with for the Energy Web project is the DAPP creation features and due to its low fees, I can also add payment system as a utility for the EWT. For it's main use case, Energy Web takes up the semblance of the Ethereum Virtual Machine for the creation of its own Dapps, tokens and smart contracts. To create one's work with Energy Web is easy as anything you could think of (even as a beginner programmer, it was pretty simple for me) plus, its very cheap. Transaction fees on this blockchain is very low and makes it worthwhile.
Currently, there is no much number of Dapps created on the Energy Web ecosystem which I don't know where to appropriate the blames to as the project is old plus they have had different series of marketing campaigns and individual members shilling. I would really love to see many of the Dapp Protocols I use get ported to Energy Web ecosystem due to its cheapness and scalability. It's noteworthy to point out that the project was also not able to complete the Blockchain trilemma as Decentralization was left out of the triangle with most Validators being big companies.
Pros
- The project is pretty much old and has established a presence in the Crypto Community
- The token trades on many major exchanges with good volumes and liquidity due to the relative popularity
- Stuffs like DEX, Smart contracts and other Dapp Protocols can be easily build on Energy Web ecosystem due to the low fees and ease that comes with the creation as it resembles the EVM in creation
- Uses a Proof of Authority which is energy efficient and reduces carbon footprint of other projects
- Low fees associated with the EWT makes it okay for payments
Cons
- Wallets that support the coin are very low in number, hence the need for their own wallet
- No much Dapp protocol has been built on EWT. The ones there are very little and low in popularity even within the Energy Web community
