Rowan Token is the native cryptocurrency of the Rowan Energy project. According to the whitepaper, the token works on the Rowan Energy blockchain, which is a side-chain of the Ethereum network. The token is based on the ERC-20 token standard. The token can be seen as the backbone of the Rowan Energy system.
Rowan Energy is a project that intends to make renewable energy production as valuable for a person as it is for the environment. According to the website, the project seeks to earn users’ extra income from solar panels installed at their premises. They intend to generate such income without changing electricity usage or discontinuing the subsidy provided to the user. The project intends to make people recognize the importance of renewable energy. The project aims to integrate blockchain technology into already available infrastructure to enable owners of rooftop solar panels to sell their energy to other consumers via peer-to-peer way.
According to the whitepaper, the current system for rewarding households with solar panels installed on their rooftops is uneconomical and old. Further, there is no way to track the energy produced by such solar panels. Also, blockchain technology is not up to the level to encourage green energy solutions as it takes a lot of energy to validate a transaction. Therefore, the Rowan Energy project came into the picture.
The project allows users to sell their energy via peer-to-peer way at a reasonable rate, thus ultimately increasing the income of the energy provider. With the help of the project’s custom-built blockchain, a user intends to know when and where electricity was generated and how much it was consumed and distributed on the grid. The blockchain on which the project works uses a proof of authority consensus mechanism protocol that is a low-carbon emission mechanism.
The users will get RWN in return for providing energy to the consumers. Such energy trade intends to take place over the public exchange that seeks to increase the demand. Users can also become validators, start mining on the blockchain, and earn RWN as an incentive. The users then exchange RWN for other cryptocurrencies or can hold them for future growth.
