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Wavex is a platform that enables the trade of electrical energy between two entities. Wavex utilizes blockchain technology and smart contracts to carry out transactions between the sellers and buyers. Wavex contributes to the government’s vision and polices of a sustainable and renewable energy. This platform will encourage the citizens in implementing renewable energy and contribute to the aggregate vision of a more clean and sustainable energy. Civilians, upon investing in this technology, will receive monetary compensation by participating in the energy market. Wavex also helps meet to ever increasing demand for electricity by incentivizing people to generate their own electricity and trading it for monetary gains. [Team Pitch : https://www.youtube.com/watch?v=YENqayU_WCk ] This platform includes hardware side and software side. Software side involves blockchain technology, database, communication protocols, web services and hybrid mobile phone application. While, hardware side includes microcontrollers with actuators and sensors to connect to the grid to make it possible to trade electricity. Backend server manages user details and etherium credentials. Publish-subscribe based communication protocol is used for interaction between hardware and backend servers. Once the user sets up the system and logs into our platform, they will be able to trade electricity immediately. Upon listing a sell offer by user, it will be visible to all other users from the market place. If a user wants to buy electricity from a seller, multiple levels of checks are made prior to the transaction - including the availability of money in his wallet, availability of seller's hardware, measurement of units both parties agreed to trade and measurement of electricity transmitted. During the trade a smart contract is made and when the transmission of electricity is completed, 95% of the revenue goes to the seller and 5% goes to Wavex platform as a commission.
Kate Rushton - 1928d
RaginiEHarris - 1031d