In this article, I will introduce the UK project called 4 NEW.
4 NEW is a project to solve the problem of power consumption for exponentially increasing mining by waste generation.
Electrify Asia is a similar project tokenize electricity, but the 4NEW is characterized by taking a problem-solving approach beyond tokenizing its own power plant etc.
Overview of 4 NEW
Overview of 4 NEW
ICO information and token metrics
4 NEW ICO information
|Issue number||300,000,000 KWATT|
|Procurement amount||the amount||75 million USD|
|ICO rate||1 KWATT = 1 USD|
KWATT uses ERC 20 as the KWATT token in the ICO stage, but it is stated in the roadmap that the block chain of 4 NEW in 2018 Q 2 will shift to KWATT coin as soon as completed .
Although 300,000,000 tokens (coins) are issued at the ICO stage, additional issuance will not be made in the future.
All tokens that have been unsold during the sale period are incinerated (burned).
Below is details of token usage and future use of revenue.
By holding a 25% token in the team, it seems that the team will use it as part of the revenue source in the business model and reinvest 35% within.
4NEW characteristics and business model
In this section, I would like to introduce the features and business model of 4 NEW.
4 NEW background
As mentioned above, 4 NEW is concerned with the power consumption associated with mining and its future increase.
Even today, the amount of electricity consumed for mining is the same value as Singapore where electricity consumption is 43 th in the world .
This table shows the power consumption of Bitcoins and Ethernet, and the annual electricity consumption is still 60.66 TWh, 17.26 TWh, still bigger than Colombia and Cuba in the country.
Furthermore, it is expected to continue to increase exponentially in the future, and it is predicted that by next year it will reach the level equivalent to the 20th largest country in the world .
The solution proposed by 4 NEW for this problem is the generation of sustainable energy by waste power generation .
Waste power generation generates clean water and organic substances from waste, but we will utilize the energy generated by that process.
Features of 4 NEW ① World first – peg currency with hash calculation ability
KWATT which is a 4NEW coin (now a token) is a coin pegged with the world’s first hash calculation capability, one coin represents a constant hash calculation capability.
Coin holders have the right to continue to use 1 kilowatt per hour of power for mining throughout the year just holding coins .
However, with this model, it becomes difficult to maintain the correlation between the coin and the hash power every time the difficulty of the Bitcoin is adjusted, for example.
For this reason, coin and hash power have their own fractionalized algorithms, which reduces the possibility that coin holders will suffer disadvantages every time difficulty adjustment.
Features of 4 NEW ② completed power plant
As mentioned in the roadmap to be described later, 4 NEW has two already completed power stations in two places .
Each power plant can generate 10 megawatts (10,000 kilowatts) of electricity per hour .
In addition, the white paper states that the power generated by the third power station in the year will reach 1 billion kilowatts.
4 NEW business model
As described above, 4NEW states that granting permanent mining dividends per kilowatt per coin holder.
The reason why this model is sustainable lies in the multiple income sources of 4 NEW.
First, in waste power generation , revenue will be generated in the waste collection process .
You can earn revenue by doing a service to recover the waste that becomes the energy source for waste generation.
Secondly, it is the sale of clean water and organic substances produced as a by-product of waste power generation.
4NEW uses the energy generated in the process of waste generation as the mining power, but ultimately it produces clean water and organic matter.
Thirdly, the utilization of generated electricity is also a source of income .
The generated power will be sold to a utility called the UK National Grid or used to maintain our own mining farm.
4NEW structure and future potential / use case explanation
4 NEW Block Chain Usage
With the advent of block chains, it became possible to scale indigenous products and values worldwide that do not have the form of electricity or the like .
By using block chain technology, 4NEW will be able to token (coin) the energy generated at its power plant, split the power of the power plant, and move it anywhere in the world.
Also, we have succeeded in making consumers themselves decisive for their prices by pegging tokens (coins) and electric power from the situation that power has been oligopolized by a few players so far.
By using distributed ledgers, you can record sales of all services and products on the block chain and record all transactions that can not be tampered with and can be audited.
[User] Customize Portfolio
By holding the KWATT coin, the user explained that the right to receive the mining revenue for the associated hash calculation capacity occurs.
4 NEW allows users to choose which coin’s mining right to use hash power .
Also, among the coins that can be mined, the top 20 and the necessary hash rate for mining are automatically ejected and displayed on the portfolio selection screen.
Revenue generated by this mining process is also automatically transferred to 4 NEW wallet.
4NEW’s future potential
Mining using ASIC and GPU shows mainly the mining of coins corresponding to PoW consensus building algorithm.
Although Ethernet seems to switch to PoS algorithm, it is expected that the resources spent for mining will continue to increase in the future as well as the prediction of the above-mentioned power consumption.
Although it is described in the white paper, for these reasons it will be difficult to think that mining using ASIC, GPU, etc. will be completely gone during the next few decades .
If the current mainstream mining model will continue for a while , this model can be judged as having a relatively long life .
In addition, when a new higher-performance ASIC is circulated on the market, it is unlikely that the 4 NEW is clearly stated to re-invest 35% of the revenue, so it is unlikely that performance will be delayed is.
4NEW problems and concerns
In order to judge the good or bad of the project, it is important to know the problems and concerns firmly.
Limited use of coins
In 4 NEW, a coin called KWATT has been pegged with hash calculation ability (≈ power), and by having it, we were able to earn a mining reward with 1 kilowatt per hour of electricity.
However, from the user who is seeking profits, the purpose of keeping coins is only the mining fee that can be obtained throughout the year.
As a corporate mission, sound power consumption of mining by production of sustainable energy using tokenized electric power is sounded, but this may not necessarily match user’s motivation .
As for what is the problem, as a result, what users can obtain is very similar to models such as cloud mining and so on, stake type products exceeding the profitability and ROI of the next 4 NEW are coming out There is a concern that the liquidity of the token will be lowered .
Introduction of team members
Next I would like to introduce the main team members of 4 NEW.
【CEO】 Sandeep Golenchha
|I am good at considering the growth strategy of the business from a numerical point of view and deriving the advantage.|
|He graduated from King’s College London|
|Jainex||9 years 11 months|
|Kudos||2 years 6 months|
【Founder / Chairman】 Varun Datta
|He has served as Chairman at each of the three continents of Southern, Europe and North America.|
|He graduated from California State University Berkeley|
|Four Seasons Capital||4 years|
|Gordium Healthcare||2 years|
|4 NEW||10 months|
【COO】 Peter Teasdale
|He has over 35 years of career in energy and environmental sectors.|
|Harper Adams graduated from Agricultural College|
|Land Energy||9 years|
|Catfoss Group||1 year 11 months|
|RYEPOWER||2 years 3 months|
【CMO】 Charlie Terry
|Digital marketing specialist.|
|He graduated from Sussex Downs College|
|Bond Group Investment||6 months|
|Four Seasons Capital||11 months|
|CEEK Marketing||3 years 2 months|
【Tech Lead】 Stephen Fiser
|He has extensive experience in web design and is now active as a block chain engineer.|
|Bachelor’s degree in Arkansas|
|Blue Bear Digital||4 years 8 months|
4 NEW roadmap
|March 2017||Completion of power station ①|
|October 2017|| Completion of power station ② |
First launch of presale started
|November 2017||End of pre-sale first|
|2018 Q2|| Planning for new power plants |
Introduction of the first mining rig to the site
Launch of a mining rig integrated power station
4 NEW block chain development / integration
|2018 Q 3||Rig with power generation function|
|2018 Q4||Performance improvement on site|
|2019 Q1|| New power plant construction start |
Expansion plan on a global scale
As you can see on the roadmap, two power stations have already been completed at this time.
In addition, ICO ‘s first presales began.
The development of the unique block chain of 4 NEW is completed, and the KWATT token which was the ERC 20 token will shift to the KWATT coin .
In order to realize the above-mentioned business model, we focus on building a sustainable model by introducing a new power plant construction plan and mining rig.
2018 Q3 ~
We plan to start construction of new power plants and expansion to the world.
By completing the third power station, the electricity that can be generated at 4 NEW will exceed 1 billion kilowatts per year.
Compared with similar projects
There are several competing projects such as Electrify Asia, WePower, and Power Ledger in the 4 NEW that tokenize power.
By keeping the difference from these competitors in mind, I think that understanding of the 4 NEW project will deepen, so it is a good idea to keep invisible.
Difference from Electrify Asia
As with 4 NEW, Electrify Asia makes tokens of energy to make it possible to buy and sell.
However, Electrify Asia poses problems for traditional power traded processes and is trying to build a new P2P retail market .
4NEW is an impression that what we are aiming for is a bit different vector, because we do not buy and sell electricity at P2P, but to generate electricity for sustainable mining.
In addition, although each of them is tokenizing electricity, Electrify Asia can freely price the electricity between P2P and conduct electricity trading, while 4NEW has the hash calculation capability of its own mining farm It will be the value of the token (coin) associated with the token (coin), so there is a big difference in the mechanism of the token (coin).
Taking these points into consideration, we can see that it is difficult to think that Electrify Asia is a competition of 4 NEW because each market is different.
Click here for details: Electrify Asia official website
Difference from WePower
Although WePower can be thought of as a similar project in terms of energy production, the vector is very different to call it competitive.
WePower is a conceivable platform tokenize renewable green energy and allow those who generate these to easily trade their energy using smart contracts .
Up until now, companies that generate electricity from renewable energy do not have standardized prices and frameworks, and since there are geographical restrictions on the buyers, it is difficult to freely buy and sell the generated energy It was a situation.
However, we can tokenize the energy generated by the platform provided by WePower and utilize Smart Contract, you can easily trade your energy with people around the world .
For more information: WePower Official Site
Difference from Power Ledger
Power Ledger, like the two projects above, is hard to believe to be a 4NEW competitor, but because it relates to energy tokenization and its transactions, I decided that it is a similar project.
Power Ledger is a project aimed at realizing trading of P2P on renewable energy via a distributed platform without a broker .
For more information: Power Ledger Official Site
4 NEW Summary
In this article, I thoroughly commented on and compared the 4NEW project which converts the hash calculation ability (≈ electric power) into a token (coin) thoroughly.
We think that we can pay attention in the future also from the fact that our own power plant has already been completed.
For more information If you want to know 4 NEW, you may want to check out white papers and official websites etc!
Author: Shota 【Coin Desk News】 – Source Post: https://crypto-times.jp/ 4new /
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