Energy Web Token (EWT)
The Energy Web Chain's native token
Last updated
The Energy Web Chain's native token
Last updated
The Energy Web Token (EWT) is the native utility token of the Energy Web Decentralized Operating System (EW-DOS). Tokens are used in EW-DOS to pay for gas fees on the Energy Web Chain, and for staking to secure the Energy Web X blockchain as well as Worker Node Networks. You will need EWT in your digital wallet (we recommend using MetaMask) if you want to make transactions or use applications or smart contracts that are deployed on the Energy Web Chain main network.
Like other public blockchains, the Energy Web Chain uses EWT as a utility token to access services and orchestrate stakeholders within its blockchain system. In the context of the Energy Web Chain, EWT compensate validators for processing transactions, and are used to pay for transactions - for example, registering a new asset or organization in Switchboard.
Utility tokens like EWT are different from other digital assets in the blockchain sphere such as coins, non-fungible tokens, and stablecoins. To learn more about the distinctions between these assets, see this article, The ultimate cryptocurrency explainer: Bitcoin, utility tokens, and stablecoins .
Energy Web X will leverage and complement the existing Energy Web Chain by introducing new technical capabilities that streamline the deployment and operation of Worker Node networks.
To maximize the security of every Energy Web solution using worker nodes, EWT will be required to interact with worker nodes and Energy Web X. Most notably, Energy Web Tokens will be required to:
Reward worker node networks: worker nodes are software packages that need to be run by individuals and/or businesses. In order to attract entities to run worker nodes, enterprises will need to include rewards, paid in EWT, that compensate worker node operators for their work.
Operate worker nodes: in order to become a trusted party to run worker nodes, individuals and/or businesses will be required to stake EWT. Staking requirements and reward schedules are mass customizable—enterprises launching worker node networks can configure different thresholds and award schedules at their discretion.
Validate Energy Web X: Energy Web X validators will need to stake a significant number of Energy Web Tokens in order to become validators on Energy Web X.
For clarity, instead of launching a new token with the Energy Web X blockchain, Energy Web X will be powered by the existing or EWT. Users have the ability to “lift” Energy Web Tokens from the existing Energy Web Chain onto Energy Web X. Lifted Energy Web Tokens can then be used for the functions described above. With this mechanism in place, EWT holders will be able to “lower” Energy Web Tokens back to the main Energy Web Chain at their discretion. Over time, token holders will be able to lower EWT to other layer one blockchains (for example, main net Ethereum) making Energy Web solutions interoperable with any blockchain ecosystem.
You can buy EWT on any of the exchanges listed here. You can also bridge EWTB ERC20 tokens acquired on Ethereum mainnet back to EW Chain by following this guide.
