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Our energy system must quickly decarbonize, yet the challenge to maintain the balance of supply and demand still remains. Our mission is to provide a decentralized marketplace for trading flexibility electricity services toward the transition to a smart, flexible power grid.
The main 3 parts of this project are
The solidity contracts take care of market betting and keeping track of the ongoing flexibility delivery. When electricity is due to be delivered, the zkMeter creates ZKP of data location commitment and the triggering of the actual electricity delivering event. After all the contracted electricity is delivered, it creates another proof of the data itself and some metrics that would validate if bid requirements were met. The system is also capitalizing on the locked escrow from both parties required for the bidding by inserting those escrows on Aave for yield farming, with the profits to be distributed for the participants.
The number of features we wanted to implement meant that we didn’t have the time required to integrate all of the code together so running the project is currently not possible, although we are going to connect it very soon!
New technologies are changing the way the electricity system works. As the electricity system relies more and more on renewables, the system has to become more decentralized and interactive as well as having a bi-lateral flow of electricity (one from the power generation factories and the other from the small and medium scale renewable generators).
The bi-lateral flow of electricity drastically affects the delicate balance of electricity supply and demand, to the case where the network operator must rely on the demand-side to shift their energy patterns in order to maintain the balance of supply and demand.
Many electricity generators and consumers have the potential to reduce their demand for electricity during peak periods or, conversely, the ability to increase energy supply using existing, on-site power generation assets. Where there are known constraints on the electricity distribution network operators (DNOs) wish to enter into contracts with these consumers which will allow them to utilize this demand and generate flexibility in return for financial payment.
Hitting net-zero requires significant investment in low-carbon generation, demand-side technologies (electric vehicles (EV), heat pumps, etc.) and electricity network capacity. Flexible demand will have a significant impact on system capacities and operation.
Our mission is to provide a decentralised environment where the network operators can contract flexibility services from small and medium-scale electricity asset owners. Through this environment, a flexibility asset owner will have the ability to monetise its flexible power through a transparent, secure, and dynamic system.
The network operator (DNO) is able to deploy competition smart contracts. These reflect a sub-network inside the grid where they are expecting to contract flexibility services. For each competition deployed, the DNO can then set up power service windows, which reflect exactly which flexibility service the DNO would wish to contract and metadata regarding the capacity required, days of operation, etc. On the other side, an asset owner (flexibility provider, FP). The FP registers their energy assets that have been mapped as NFTs (ERC-721). This mechanism is placed as the NFT stands for a unique representation of each flexibility asset. The NFT flexibility assets then bid for each service window opened by the DNO if they are whitelisted to be doing so (based on their geographical location). The DNO then manually has to select the winning bid.
The decentralised model of Flexergy incentifies higher revenues for the asset owners through yield farming. Both the network operator and asset owner are required to lock in a financial escrow (the network operator is locking in the funds used to pay for the flexible services, while the asset owner is locking in the funds that will be lost as penalties if it does not deliver). This mechanism increases the revenue of the asset owner by 2% – 5%.
Currently, the asset owner is required to provide a live data stream API from its flexibility asset back to the network operator to monitor the power delivery. Flexergy challenges this approach and provides the asset owner a layer of data protection through the use of IPFS and Zero-Knowledge Proofs. Through this mechanism, the asset owner will be able to prove its delivery to the network operator without having to publicly send any sensitive information regarding the asset energy profile on-chain.
All the architecture and functional design of the project are fully compliant with the UK Energy Regulation. All the metadata implemented has been carefully considered and agreed with UK’s top 5 DNOs (SSE, UKPN, SPEN, WPD, ELNW).
Built by Karol#4597 (& team) on Discord
For more info click HERE
Flexergy हमारी ऊर्जा प्रणाली को शीघ्रता से डीकार्बोनाइज करना होगा, फिर भी आपूर्ति और मांग का संतुलन बनाए रखने की चुनौती फिर भी बनी रहेगी। हमारा मिशन एक स्मार्ट, लचीली पावर ग्रिड में परिवर्तन की दिशा में लचीली बिजली सेवाओं के व्यापार के लिए एक विकेन्द्रीकृत बाज़ार प्रदान करना है। डिस्कॉर्ड पर Karol#4597 (और टीम) द्वारा निर्मित
Flexergy Enerji sistemimiz hızlı karbonsuzlaşmalıdır ancak arz ve talep dengesini koruma zorluğu hala devam etmektedir. Misyonumuz, akıllı ve esnek bir enerji şebekesine geçişte ticaret esnekliği elektrik hizmetleri için merkezi olmayan bir pazar sağlamaktır. Discord üzerinde Karol#4597 ve ekibi tarafından oluşturulmuştur.
