GRID: The Solution for a sustainable Blockchain
Andynaija
INTRODUCTION
Grid aims to expand the use of green energy in blockchain technology and to provide every company or individual the opportunity to “go green” as soon as WEB 3.0 is universally used. #Grid’s GRN smart contract will also distribute tokens in a fair, equal and sustainable manner, which will curtail excessive wealth accumulation and prevent any particular group from having control over it for its own benefit. These characteristics of #Grid mean that #GRN is becoming an increasingly viable alternative to current [dentralized](https://grngrid.com/#) systems used today by many large corporations. The #Grid Platform also includes several special features such as an integrated payment and escrow system, swapping pools, and encrypted chat functionality between users. No permission is required for this functionality and the validation is decentralized so it ‘s not reliant on any single person or corporation .
#Grid is creating a power network for people who happen to own solar panels. Grid’s native token, #GRID, is like airmiles for individuals and companies that decide to recycle their own electricity by paying others at the same time when their own devices are not in need of it.
Grid offers multiple means on how to use the #GRN token. Apart from staking, users can purchase the #GRID token and use it to pay for their energy needs. It also serves as a mean of incentive for validators while they earn GridCoin when they contribute to strengthening and securing the [Blockchain](https://t.me/grncommunity). The #GRN token has further utility in that it can be amalgamated by an energy company created by #Grid leadership as another effective mean of promoting its renewable energy service offerings.
OBJECTIVE
Grid’s objective is to revolutionize the way renewable energy conversion is conceptualized and implemented in blockchain technology by providing a unique platform which will accelerate the adoption of [renewable](https://twitter.com/grngrid) energy use by companies and individual people alike, and leading the way towards Utopian-backed goals set by several future-oriented organizations such as the UN. The progressive distribution of #GRN for validation supports sustainable development (e.g. rewards low cost renewable energy producers like solar investors) and discourages wealth build-up (by promoting grid power use instead), thus positioning #GRN as a viable alternative to existing centralized technology.
ENVIRONMENTAL SOLUTIONS
The #GRN Grid smartchain is based on renewable energy. Therefore, the digital currency does not yield on a harmful effect to the environment. The smartchain is going to be activated by verified partners of #GRN Energy. These partners are selected and comply with the international laws when it comes down to energy management.
To encourage the use of renewable energy, #GRN has launched a ‘green certificate’ scheme. Participating companies can exchange their non-renewable forms of energy for green certificates — also known as GRNs. Any company that produces sustainable forms of energy can join in and earn these valuable tokens whether it’s an individual, business or community. The verification process is completely free and open to everyone anywhere in the world without any restrictions. This way businesses do not have to pay to get verified through external agencies, saving time and money. It’s a fully decentralised system, so no gatekeepers are involved; it’s truly innovative!
#Grid allows users to set up main validators who run the validation protocol on their computers. These nodes will help keep this decentralized system strong by approving transactions and being rewarded for doing so! Because even small amounts of stake can make a difference, it’s important to know where your stake is going when electing your validator. So choose one that is reputable, reliable and trustworthy to run your software with you in the network!
SECURITY AND DECENTRALISATION
The blockchain industry relies on validators without a clear penalty system. This exposes consumers and institutions to risk, such as the notorious 2017 attack where all Ethereum’s assets were stolen. The lack of active security and a transparent penalty mechanism are primary impediments that prevent blockchain adoption. This is important because, in PoW systems like Bitcoin, all of the hash rate is in the hands of four huge distributors only.
One of the assumptions of Proof of work is that to get more hashing power, you need to have more money. Often times this assumption isn’t true and many people have managed to use consumers’ CPUs to mine Bitcoins faster than everyone else by taking advantage of “pools”. In fact, the top four Bitcoin miners control over 53% of all hashing power which can be disastrous for the entire #cryptocurrency scene.
Proof of Stake assumes that token holders have both the incentive and the power to validate activities on staked platforms. The concept considers that validators can validate transactions as long as they possess a sizeable stake in the network (Vitalik, 206). However, this fairytale assumes that bad actors can’t exploit opportunities when **** hits the fan and that they didn’t get their tokens through deception or an attack. If this was true, then projects would be perfect! And P of S is currently actively discouraging decentralization because it’s encouraging wealth concentration because validator rewards are linked not only to how much money you are willing to risk, but also how much of your stake you are willing to share with everyone else in order to allow transactions to take place. This means wealth will concentrate throughout certain key hands and new validators will be faced with high stakes costs
Existing blockchains are typically classified into three categories;
FIRST GENERATION
Bitcoin and other similar currencies were the first of their kind, requiring a more secure and efficient transaction system. These currencies can be regarded as the frontier of #cryptocurrency development, setting the framework for those that would follow in their footsteps.
SECOND GENERATION
There is a second generation of blockchain systems which allow developers to create decentralized applications by providing both better throughput efficiency and support more crypto-assets. But while they used PoW in the first generation — with the exception of Neo — the recent PoS implementations result in increased scalability and a potential 2,000X improvement in transaction per second capacity compared to Bitcoin, for example.
THIRD GENERATION
Third generation blockchains, such as Solana , are constructed on top of the previous two generations and address several scalability difficulties. For instance, Solana boasts a theoretical speed of 50.000 TPS . By expanding bandwidth and lowering expenses, this generation enhances the utility of blockchain for the common customer
GRID FEATURES
GRNPay
You will want to pair this great feature with other smart apps that is compatible with EnScrypt and Exnode. If you use EnScrypt, it can hold the information of this app and notify the user when payment is received.The Exnode can handle currency conversions for people who don’t have a #GRN wallet. This is why GRNPay does not have an option for currency conversion , but if you are using EnScrypt or EXNode, then it does not matter.
ExNode
ExNode is a #Grid integrated exchange service that runs on the blockchain. Users can either stake or swap their tokens to any (stable) currency of choice on #Grid, without ever needing to make a transaction to the ExNode contracts directly. Staking involves creating a fee which may be higher or lower depending on the #GRN token and whether you are staking based on #GRN tokens or any supported third-party tokens once implemented. This way anyone can stake EXNode by simply temporarily forking over some #GRN tokens in order to enjoy all of the benefits that staking provides.
EnScrypt
EnScrypt will allow users to attach a message which they can then send with every transaction or as standalone messages. These messages can include invoice numbers, payment reference codes and friendly notes.
TOKENOMICS
Green ($G) will serve as the native token on Grid and will primarily be used for:
1. Shopping on the Grid (NFTs)
2. Staking rewards and validation
3. Voting for features
ROADMAP
Starting in Q1 of 2023, grid token will be usable on the grid network until 30% of storage capacity is utilized. Whilst #GRN remains pegged to USD and continues to be run on the ERC20 network, it’s flexibility allows for usage across other blockchain platforms without sacrificing stability. The combination of utility and transferability will allow for use as a form of payment within the ecosystem. Once #GRN reaches a certain capacity threshold, we will have introduced #Grid, our bridge between blockchains which gives us an opportunity to test and iterate until our core offering is completed by 2026.
CONCLUSION
Grid boasts a sustainable approach to the ever-expanding blockchain industry. With #Grid, users can make use of other platforms’ utilities while only paying for what they plan to use specifically! That way, Grid users don’t have to pay for anything that isn’t necessary for their specific needs. Additionally, traditional billing methods are also a thing of the past. Now, users on Grid can simply set up their accounts to automatically draw from an “escrow pool”, which utilizes encrypted ledger technology and an integrated payment system developed by the planning group Geeq. An escrow pool is basically a bank where one can open and deposit money without needing any physical storage space or any account numbers because everything is protected by cryptographic code.
PROJECT LINKS
Website: https://grngrid.com/#
Telegram: https://t.me/grncommunity
Twitter: https://twitter.com/grngrid
Discord: https://discord.gg/bDPK9Vf24R
AUTHOR
Bitcointalk username: Andynaija
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=3442177
Proof of Authuantication: https://bitcointalk.org/index.php?topic=5390302.msg59649275#msg59649275
Telegram username: @andynaija
BSC Wallet Address: 0x9D28700095AcEb9259613740DCBFEb716B35474a