Lition is an ethereum project, which almost no one knows exists. This project is already doing its part to help people in Germany to gain access to cheaper energy. Lition was launched earlier this year and is already a licensed energy supplier in Germany.
Some of the customers come from major cities such as Berlin and Munich. Lition is built on top of the ethereum blockchain and allows people to use its decentralized energy market. With Lition, customers have a direct contact with energy producers of all sizes.
The company states that currently, more than 700 households are using their platform to purchase cheaper energy. If we look at it from a wider perspective, Lition is trying to modernize the concept how global energy works the same as bitcoin tried to do to the financial system. The company believes that by getting rid of unnecessary middlemen, the clients will save a lot of money.
When we look at the traditional cases, we can see why the company wants to change how things work. The energy suppliers start by selling electric or solar energy to the intermediary. These intermediaries are often giant multinational corporations. The intermediaries afterwards are forced to buy the energy of their choice from the giant corporations.
According to Richard Lohwasser, the CEO of Lition these giant corporations have way too much influence. They also offer almost no diversification in the options for energy and people are forced to buy what they offer. This is why he wants Lition to take them out, entirely.
If the huge corporate lobbies aren’t successful in shutting down the project, it could have immense implications. People from all over the world would be able to be connected directly to the energy providers. The energy people purchase will be cheaper and will be of their choosing. If successful, customers will enjoy about a 20% decrease in their energy bills. Additionally, power plant revenues will be up by around 30%.
Lition has to think about the environment as well
Lition is also a modern company and looks out for the environment. Something, which we were forced to notice in the last decade, giant corporations do not even consider. The company has a strong emphasis on “green energy,” which is safer for the environment, but more expensive for the consumer. Lition will allow users to choose between 3 categories of energy: biomass, wind, solar. Additionally, customers will be able to choose their provider, but this choice is 90% the cheapest one.
Once customers are done with the request for their energy and provider, the can pay Lition in EUR. This is detected by a smart contract and the user receives the energy automatically.
Thanks to blockchain technology, the process of buying energy directly is incredibly simplified. Because of current licensing, customers willing to use Lition, must be located in Germany.
Of course it’s not all sunshine and rainbows as Lohwasser would want. He stated that while he’s very pleased with the amount of freedom the ethereum platform offers, but the speed of the responses is very, very bad. Additionally, the costs for using the platform are quite an obstacle in the way of the company.
They are always looking for something better, but it’s a well-known fact that all blockchains have their drawbacks and advantages. This is why Lition is teaming up with SAP, one of the world’s largest software companies. The goal is to build a unique, hybrid system, which will combine the best aspects of both public and private blockchains. Lition will handle the consensus layed, while SAP will be working on the smart contact layer.
Needless to say, this project will require funding. Lition believes that in order to build this unique public/private blockchain, they will need a lot of help. That’s why the blockchain will be designed for more than just energy uses and Lition will launch their own ICO as soon as possible.
You can also check out:
- Kraken Bug Allowed the Purchase of Bitcoin Below Market Price - Sep 17, 2019
- Real Estate Tokenization Partnership Between Harbor and iCap Equity - Sep 17, 2019
- First Crypto ATM Now Finally Operational in Venezuela - Sep 16, 2019
- Inner Mongolia Regulators Demand That China Bans Mining Farms - Sep 16, 2019
- Rookie Traders and Why Bitcoin Trading has a 95% Failure Rate - Sep 13, 2019
Know more than others on any Blockchain Party!
Join more than 5000 others to receive the breaking news and weekly summaries! No ICO spam, we promise.