What is Electrify.Asia (ELEC)?
Future of ELEC Cryptocurrency and know how to buy ELEC

#1 - What is Electrify.Asia?

Electrify.Asia: The Basics

Electrify.Asia is an Asian venture that aims to create a transparent, decentralized power production system, that is, a liberalized marketplace that gives its users the freedom to choose their own electricity retailers and the way they want to utilize energy.

Electrify.Asia Development

  1. The official Electrify.Asia website was launched in March 2017, and by October of the same year, the transaction volume was greater than $5 million.
  2. The ELEC token ICO took place in February 2018, during which it managed to raise around $30 million.
  3. The beta launch of the Electrify Marketplace 2.0 and e-wallet has been planned for the third quarter of 2018, while the beta launch of Synergy and Powerpod has been proposed for the fourth quarter of 2018.
  4. Core team members of Electrify.Asia include:
    1. Founder and CEO Julius Tan
    2. Founder and COO Martin
    3. An extensive list of advisors, including Jun Hasegawa, Shirley Wong, Dr. Licheng Liu, Dr. Yang Dazhi, and Foo Ming Qing.

 

#2 - What are the benefits of Electrify.Asia?

Electrify.Asia Technology

  1. Electrify introduces an online contracting and payments portal, hence aiming to eliminate the traditional manual paper based contracting and the practice of cash payments.
  2. Electrify Marketplace 2.0, Electrify’s business platform, will enable hosting of retail energy smart contracts. In addition, users, such as home owners, will be able to purchase electricity from a vendor or small scale energy producer of their choice.
  3. The Marketplace will be driven by Synergy, a peer-to-peer energy trading platform. Synergy will help connect producers and consumers, allowing users to directly deal with the retailers, hence cutting out the middlemen. Transaction costs reduce because users don’t need to bear any middleman fees.
  4. Thanks to smart contracts, users will benefit from automatic execution, and the consequential increase in transaction speeds.
  5. Consumers that wish to purchase electricity can be homeowners, electricity retailers, or even MNCs and small businesses. Merchants involved in the system include those that produce energy on a small scale, for example through rooftop solar installations and wind turbines.
  6. The team has developed an IoT based smart device that accurately tracks and audits the energy production from a small-scale producer. The device measures and enables P2P trades via smart contracts, logging the energy produced onto a blockchain. Producers taking part in this system will be given a renewable energy certificate.
  7. The Electrify eWallet has also been created for facilitating payments using smart contracts, letting consumers pay for their use of energy.
  8. Peer-to-peer trades are based on the mechanism of Contract for Difference settlement.
  9. Synergy will also work on developing power grids on a global scale.

 

#3 - How to buy and store ELEC?

How to buy ELEC?

  1. ELEC tokens can be purchased via cryptocurrency trading platforms such as KuCoin,HitBTC,Gate.io, DDEX, EtherDelta, IDEX, and IDAX, in exchange for BTC.
  2. CoinSwitch is your one-stop destination for viewing all the possible rates provided by various major exchanges. It is the largest cryptocurrency exchange that also suggests the most favourable trading option, helping you make the most out of your investment!

How to store ELEC?

  1. ELEC tokens can be stored on Electrify.Asia’s eWallet, the address of which is available on Electrify’s website.
  2. As ELEC is an ERC-20 compliant token operating on the Ethereum Blockchain, it can be stored on any Ethereum-compatible digital wallet. Popular choices include MyEtherWallet, MetaMask, Mist, imToken and Parity.
  3. Hardware wallets such as Trezor and Ledger will perfectly function as an ELEC wallet as well.

 

#4 – What is the future of ELEC?

  1. As of July 2018, you can purchase a single ELEC token for $0.021268. The market cap is $9.3 million and the total circulating supply is 750,000,000 ELEC.
  2. It has however, had a rough 2018, losing more than half its value between March 2018 and July 2018. But then again, the period has been one of a bearish trend for the cryptocurrency market in general.
  3. Being a new player in the cryptocurrency market, the price of an ELEC token is not significantly high. Don’t let that fool you though; it has been predicted that its price will rise up to about $0.075 by 2025, which is an increase of more than 250%!

Price Graph

Also Read: Complete Analysis of Electrify.Asia | Live Electrify.Asia (ELEC) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

0.027099

0.028708

0.027099

0.028415

54,514

11,831,564

Jun 01, 2018

0.074532

0.095414

0.071657

0.077762

1,648,490

30,674,730

May 01, 2018

0.149509

0.150457

0.135850

0.145004

773,323

53,396,928

Apr 01, 2018

0.058384

0.059059

0.051848

0.055317

905,203

15,871,602

Mar 16, 2018

0.084110

0.088941

0.077201

0.080982

387,846

21,129,950

 

#5 - How is ELEC different from other cryptocurrencies?

  1. Given that ELEC is among the newer tokens in the marketplace, its price is significantly lower than other tokens.
  2. Electrify.Asia is driven by smart contracts and Synergy, a peer-to-peer trading platform.
  3. ELEC tokens are pre-mined, hence you cannot obtain them by mining.
  4. The system ensures that there is increased transparency between the users and the electricity retailers, making sure that users are aware of the retail energy prices, the energy sources and the carbon footprint.
  5. Singapore’s Open Electricity Market liberalisation in 2018 presents an opportunity for the company to put this project to the test.
  6. ELEC tokens can be utilized by energy producers and retailers to access Electrify. Loyalty rewards have also been introduced for consumers.

 

#6 - Should you invest in Electrify.Asia?

  1. Electrify.Asia brings with itself a clear, concise goal, and a plan to put it to action. Its expansion into the countries of Japan, Philippines and Australia will take place after the fourth quarter of 2018.
  2. If you want to contribute to Southeast Asia’s pioneer project to find solutions to issues such as lack of transparency, barriers to clean energy, and consumer credit risk, when it comes to the energy marketplace, you may want to consider investing in Electrify.Asia.
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