Global Grid’s aim is to create a proof of work algorithm which allows the producers of green energy to also generate a new crypto currency (BitSun) which not only permits solar electricity producers to extract more value from generated solar energy through a dedicated digital currency, but also to use that currency to allow producers to retail their energy to the end consumer of the energy thereby eliminating the need for a retail level within the economy.
As the price of Bitsun coins appreciate, through more users trading the energy produced on Global Grids Energy exchange, staking Bitsun coins will result in an additional and significant revenue stream for solar, wind and hydro power producers, resulting in an incentive for renewable energy investors to install more generation capacity.
In order to enable the amount of green electricity production to be used to “mine” new BitSun tokens, there needs to be a method to ensure the amount of electricity generated is publically verifiable, secure and immutable (once created the data is unchanging over time or unable to be changed).
The method we are developing to ensure the data which is used to generate new BitSun tokens has all the attributes mentioned above, is to create what is called a “hardware oracle”. A hardware oracal is a hardware device which fulfils the need to bridge the gap that separates the world of blockchain code and real-world events. An oracle, in the context of blockchains and smart contracts, is an agent that finds and verifies real world occurrences and submits this information to a blockchain to be used by smart contracts. This agent can be software, hardware, or human. Once developed these hardware oracles can be used to verify real world data for a variety of industries and create a greater adoption of smart contracts and blockchain technology. The hardware oracle currently under development by Global Grid will take the form of a solar P.V. data logger, with trials on the security, immutability and consensus ability of the device to be tested at our upcoming Hackathon scheduled for mid-2018.
Renewable Energy Data Logger Specifications
GOAL: develop the hardware to record and transact immutable data (kWh) generated from solar energy and other forms of renewable energy data to and from the block chain. Although the initial design will be created for solar cell applications, the technology can then be applied to data originating from hydropower turbines, wind turbines, and other renewable generation and storage facilities. These secure writing devices or Hardware Oracles, are the gateways from the physical work to the blockchain realm.
Data logger functions
To attach directly to solar panels and wind or hydro turbines
Draw power (DC) directly from renewable energy sources
Storage for one month of energy production data recorded every 60 seconds, up to 12 hours per day
Record kWh of energy produced, temperature, barometric pressure, humidity and light intensity.
Communication chip to transfer data
GPS chip to record location and time of day energy data is recorded
Each device to have a device unique ID (DUID)
API interface
Anti tampering with private and public key security
- Encryption and decryption allow two communicating parties to disguise information they send to each other. The sender encrypts, or scrambles, information before sending it. The receiver decrypts, or unscrambles, the information after receiving it. While in transit, the encrypted information is unintelligible to an intruder.
- Tamper detection allows the recipient of information to verify that it has not been modified in transit. Any attempts to modify or substitute data are detected.
- Authentication allows the recipient of information to determine its origin by confirming the sender’s identity.
- Nonrepudiation prevents the sender of information from claiming at a later date that the information was never sent.
The data generated from the solar mining will be anonymized and open sourced and which will create a global data bank of environmental data attributed to local, regional, national and global renewable electricity generation.
Data logging of renewable production and storage will enable greater scope for DER aggregators to be able to generate more accurate predictive supply, storage and consumption models and thereby ensure greater grid stability and better use of demand response assets (Negawatt Program) during times of peak energy demand.
The data generated will also provide renewable energy investment companies and governments accurate and timely data on generation; storage and distribution of renewables so that they are able to identify areas of renewable undersupply and make better investment and regulatory decisions.
The ultimate benefit of the solar coin mining (and eventually wind, thermal, hydro etc.) will not be in the value of the coins generated it will be in the renewable energy that has been created and the ability of the data provided to refine our understanding of how, where and when electricity is generated, stored and used and its function in ensuring a clean, cheap and reliable energy future.
