Blockchain Ecosystem

The system framework on which Corrently is based is defined by two components:

• The public Ethereum Blockchain and
• The STROMDAO Fury Network

The Ethereum Blockchain is used to publicly display the current ownership of CORI Asset Tokens. So at any given point in time everyone within the Blockchain Network can precisely tell who is owning what part of a renewable energy generation facility (REGF). Each of our customres will create their own Ethereum Account by which they can purchase and transfer CORI Asset Tokens. For neither of the transactions any form of approval from STROMDAO is needed. Moreover STROMDAO is never the owner of CORI Tokens but the owner of the REGF and esentially the electricity customers exchanging Corrently´s for CORI´s are. Therefore even if STROMDAO would cease to exist as a company each CORI Token owner would still be an owner of his amount of CORI´s. As the transactions of ownership are made within the public ethereum blockchain transaction fees (in Ethereum those fees are called "gas") do apply for each transaction. However it is the only way to ensure that ownership can be guaranteed regardless of a companies success.

Any transaction that is not linked to the ownership or transfer of ownership of CORI Token is handled within the Fury Network. This Network is based upon is a coinless Proof-of-Authority (PoA) implementation of the Ethereum blockchain protocol (github.com/energychain). Since its establishment in 2017, a transaction volume of already 347 MWh was recorded in the Fury Network. It has been established to maintain irrevocable consensus on complex flows of energy and therefore acts as a single, decentralized market communication bus for settling and clearing transactions between energy market participants.

Since the network is unrestricted, anyone can deploy their own node. However, the PoA consensus mechanism allows transactions to only be verified by authorities. This form of internal governance does not only significantly reduce the energy consumption per transaction verification but also decreases the verification time. To become an authority node, one has to be voted in by another authority node. The energy sector market logic is encapsulated in smart contracts as entities on the blockchain.

Smart contracts are based on the ERC-20 Ethereum Token Standard. Business Objects have been created to handle entire business procedures such as billing processes. With over 56,000 downloads to date, the business object is the world's most successful project for the use of blockchain technology in the energy industry. Smart software components which have also been developed by STROMDAO are bridging the gap between digital infrastructure and the renewable energy generation facilities (REGF). Each of the REGF that first go through a due diligence process by STROMDAO (see chapter “CORI Token”) will be equipped with a smart meter infrastructure connected to the Fury Network. Therefore each Kilowatt hour feed into the grid can be precisely tracked. This tracking as well as the described management of energy flows in real time and the smart meter operation are domain specific tasks carried out in the Fury Network instead of the Public Ethereum Network due to performance reasons.