Glossary

  • Bitcoin: Bitcoin is a digital currency that is not backed by any country’s central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment.

  • Blockchain: blockchain is a new paradigm of organization. It’s an incorruptible ledger that allows users to establish connections without the need of a middleman or third party, and recording all transactions in a decentralized database.

  • Peer-to-peer: a P2P architecture divides tasks or workloads between peers. Peers are equally privileged, equipotent participants in the application. They are said to form a peer-to-peer network of nodes.

  • Ether: Ether is, like bitcoin, a digital asset that doesn’t require a third party to approve a transaction. It is a form of payment made by the clients of the platform Ethereum. We will find a more in-depth explanation in the next units.

  • Litecoin: litecoin has largely been described as the “silver” to Bitcoin’s “gold”. It appeared two years after Bitcoin (2011), improving some technical aspects like the average time necessary to process a transaction. Its value proposition is the same.

  • Ripple: Ripple is a digital currency that utilizes blockchain technology and the concept of digital tokens to simplify global banking. Major Banks and financial institutions can adopt Ripple’s system and use it to effectuate economic transactions in a more efficient way.

  • Solar Coin: SolarCoin is an alternative digital currency that provides an incentive to produce more solar electricity globally, by rewarding generators of solar electricity. SolarCoin is intended to shift the cost of electricity, thereby reducing the payback time of a solar Installation.

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Blockchain in the Energy Sector

EIT InnoEnergy