Qtum, also known as Quantum, has partnered with green-energy producer, Energo, as an innovative step in the cleantech industry. Last April, the China-based coin, which functions similar to ethereum, went live to announce its collaboration with Energo Foundation Pte Ltd. The partnership disclosed that Energo will be using the Qtum blockchain platform to improve its operations, which implies another step closer to the mainstream adoption of blockchain technology.
First Gen-De La Salle University blockchain project
According to Energo, the decision was made following an agreement made with First Gen, the largest clean energy producer in the Philippines. First Gen co-hosted the “Blockchain + New Energy Workshop” event held at De La Salle University in Manila, Philippines. The First Gen-De La Salle University blockchain project was a milestone for being the first microgrid project of its kind.
In a statement, Kaikai Yang, CEO and founder of Energo Lab Foundation, said,
“Through combining the decentralization of blockchain with solar cells, energy storage, and other hardware, we hope to accelerate the power reform in off-grid areas and devote itself towards making clean electricity more accessible to residents in remote areas in the near future. We are delighted to partner with De La Salle University University on this case and wish to forge more partnerships with leading players in the cleantech industry.”
What is Energo?
Energo is a China-based energy company, world-renowned for being keen on the transformation of renewable energy for public utility using decentralized technology. In line with its goals, Energo was able to donate 10-kilowatt (KW) solar system to De La Salle University, which helped the school save about Php 1.2 million on electricity payables. As of the moment, Energo is ranked 23rd in Asia.
Qtum-Energo collaboration will involve the production of clean energy by Energo Lab’s use of the blockchain in measuring, registering, and settling clean energy transactions in local microgrids through a decentralized system. This blockchain application is expected to raise awareness, bring good name, and promote real-world application and usability of cryptocurrency in the sector, which will ultimately improve the cryptocurrency and blockchain industry as a whole.
Qtum market performance
As of the moment, Qtum has $574 billion in market capitalization and total circulating supply of 88.7 million Qtum. Looking at the price action, Qtum appears to be in a major downtrend since the announcement of the Energo partnership. This is partially due to Bitcoin’s continues downtrend since December 2018. As of press time, Qtum is priced at $6.46 trading over US dollar and 0.000912 BTC trading over bitcoin. The charts show no strong support, which could mean that Qtum could reach lower lows in the coming days, and recovery is slim.
Apparently, the negative news from bitcoin’s downward price action is stronger than the positive news from mainstream adoption. Despite this, investors are optimistic about a recovery once bitcoin goes back to an upward rally. The real-world application for Qtum is one proof that cryptocurrencies can have practical applications.