Energy Web Token (EWT)
The Energy Web Chain's native token
The Energy Web Token (EWT) is the Energy Web Chain's native utility token. Tokens are used in EW-DOS to pay for gas fees and escrow for utility-layer services. 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.
Most public blockchain's have a utility token that is native to that blockchain. A utility token is a digital asset that is designed to access services and orchestrate stakeholders within its blockchain system. In the context of the Energy Web Chain, utility tokens compensate validators for processing transactions, and are used to pay for utility services performed on the blockchain - for example, registering a new asset or organization in Switchboard, or validating a certificate in Origin_._
Utility tokens 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 .
In the context of the Energy Web Chain, utility tokens serve two primary purposes:
- 1.Compensate validators for honestly and efficiently processing transactions on the Energy Web Chain; each transaction has a defined gas price and gas limit.
- 2.Pay to use the decentralized services that run on the EW Chain’s utility layer. These services run on smart contracts and therefore have a transaction cost (gas fees) for execution.
You can read more about Energy Web tokens as payment for utility layer services in this Medium article.
You can buy EWT on any of the exchanges listed here or on CarbonSwap. You can also bridge EWTB ERC20 tokens acquired on Ethereum mainnet back to EW Chain by following this guide.