Global Blockchain Mining Corp (CSE:FORK) (OTCMKTS:GBCHF) said Monday that its partner Ammbr Foundation Pvt Ltd has established a partnership with Texas-based Illum Applied Technologies which will see the Ammbr mesh network used to support a blockchain-based energy trading marketplace being developed by Illum.
The Vancouver-based blockchain-focused company has secured a deal to administer the crowd sale for Ammbr Foundation’s proprietary crypto token AMR on the Singularity Exchange.
The token is the crypto asset for a blockchain-based network, which was developed by Ammbr Foundation Pte Ltd (Ammbr), for the automated buying and selling of Internet bandwidth.
Illum's marketplace will enable homeowners who own residential energy storage batteries to engage in energy trading through an automated exchange platform powered by blockchain technology. Battery owners will have the opportunity to charge their batteries when power is cheapest (typically at night) and use the stored power either to reduce the load on the grid or sell power back into the grid.
Illum CEO Michael Beitler said his company was “proud” to be ushering in the “future of the electric grid” with its strategic collaboration partner, Ammbr.
“Our partnership, with the use of Ammbr modular mesh routers, will give Illum the ability to create a cryptographically secure, smart city mesh or fabric over the cities where Illum, through its subsidiary, Virtual Power Plant, LLC, can deploy homeowner-owned, decentralized battery based microgrid electric systems," said Beitler in a statement.
Blockchain-based energy trading
Aside from the “positive environmental effects,” battery owners on the Illum network will have the benefit of “profiting from energy trades,” an opportunity that everyday homeowners have never had, pointed out the company. The networked group of batteries will also give battery owners access to wholesale energy prices, enabling users to save on energy costs.
With Illum operating on Ammbr's wireless mesh network, the network will benefit by having a greater user base between participants using it for Internet access, energy trading, or both. As there are other parallel use cases for decentralized utilities management outside of Internet access and energy, this development foreshadows even greater usership on the Ammbr network.
"We have long speculated that telecommunication services and electrical power are utilities, that are conceptually distributed in the same way,” said Ammbr's CEO Derick Smith. “Therefore, the tools should integrate and provide users with a consistent experience, especially in terms of the economic aspects. The partnership with Illum is giving us the material opportunity to demonstrate that."
The crowd sale for AMR on the Singularity Exchange is now entering its third week, with participation levels rising, said the company.
“It is exciting to think about what the world will be like with Ammbr's network being able to bring Internet access to all corners of the world, but it is even more exciting to think about what impact it will have for utilities such as electricity to be distributed in a similar way," said Global Blockchain CEO Shidan Gouran.
Global Blockchain Mining Corp is engaged in mining blue chip cryptocurrencies through the deployment of hardware and associated infrastructure. Investors through their investment in Global Blockchain get exposure to cryptocurrencies.
Contact Uttara Choudhury at [email protected]