Created on 21st February 2021
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Our solution makes all the players of the power suply network including power plant, distributor and consumer periodically submit their energy transfer reading to the blockchain. Here, the energy transfer is mimicked in the form of tokens of the smart contract and is transferred, is paid for and is destroyed as real energy among the players in the blockchain.
One of the most central problem to our project was to mimick the energy units. We knew about ERC20 token, but it is not exhaustible like real energy. But after a little bit research we struck against quite new ERC777 which could be destroyed and perfectly fitted into our project framework where tokens would be created by power plants and transferred against ETHER to the consumer, who could destroy it after using the energy.
Another problem was to compensate middle-man distributors for their service and the power losses they faced, which was also solved after we came up with following relation:
Factor to increase cost for distributor = (Ideal Loss (%) + Distributor Service Cost (%) ) -[ [ (Actual Loss (%) - Ideal Loss (%)) if > 0 else 0 ]] * Penalty
This also penalizes the distributor if it loses too much energy.
Technologies used