The Klaytn Foundation is driving the transition to decentralized clean energy with blockchain technology

• The Klaytn Foundation marks this year’s UN World Environment Day by signing an MOU with Crypto The workers DAO and Prometheus Space Power are teaming up to fight climate change and transform the energy grid by adopting Klaytn’s blockchain technology.
• The three organizations will incorporate blockchain technologies and real-world energy financing solutions to promote a new clean energy value chain that will enable small, clean energy producers to create a more efficient and decentralized green power grid.

SINGAPORE, 5 June 2023 /PRNewswire/ — To mark the 51st World Environment Day, the Klaytn Foundation, the non-profit organization established to globalize and decentralize the ecosystem of South Korea’s leading Layer 1 blockchain Klaytn, signed an MOU with Crypto The workers DAO and Prometheus Space Power for a joint project to effectively respond to climate change and accelerate the energy transition towards decentralized renewable power generation.

Working together with Crypto Workers DAO, which leads several ESG projects aimed at mitigating issues of global warming and unemployment in underdeveloped countries, and Prometheus Space Power, a leader in energy metering and supply management technologies for consumer-centric green energy conversions in Europethe three organizations will incorporate Klaytn’s blockchain technology to create decentralized digital asset financing solutions for renewable energy production and supply.

This will help to transform the energy industry, which is currently dominated by large central suppliers, into a new arrangement where small energy producers and end consumers, such as local communities, cooperatives, decentralized autonomous organizations or individuals, can participate in and benefit from.

With global dependence on fossil fuels still high and the necessity of carbon neutrality becoming more significant, the Klaytn Foundation has sought ways to contribute its trusted blockchain technologies to global projects designed to reduce the human carbon footprint. In addition, the Klaytn Foundation and the two partner organizations expect the decentralized business mechanism for renewable energy to improve the reliability and efficiency of the energy grid, by overcoming the limitations in plant capacity expansion and profitability, and the astronomical maintenance costs associated with centralized energy producers.

The three organizations will try to build a sustainable, community-centric energy production and profit distribution system to promote decentralized electricity production worldwide, and contribute to the fight against climate change. The details of the joint ESG project carried out by the three organizations are as follows:

• R&D on reliable data infrastructure technology for renewable energy development
• Technology development for on-chain tokenization of renewable energy
• Establishing a framework for the development of renewable energy through chain financing
• Development of a blockchain consensus layer combined with distributed infrastructure for renewable energy
• Tokenization and distribution of carbon credits generated through the process of generation and consumption of renewable energy
• Co-development of community projects for renewable energy in the USA, Europeand developing countries
• Creation of a financing mechanism for decentralized renewable energy development in underdeveloped countries
• Support for the global solidarity of energy independent societies

“The Klaytn Foundation has prepared this partnership to use Klaytn’s blockchain technology to drive real change in the climate crisis and energy independence,” says Dr. Sam Seo, said the Representative Director of the Klaytn Foundation. “This project will help Klaytn diversify its digital asset portfolio through various ESG activities, including projects to tokenize the economic value of renewable energy produced around communities or guilds in the future, while creating practical examples of how blockchain can be used to improve quality of life.”

“This partnership will enable us to implement a new strategy for energy development in underdeveloped countries alongside energy transition in developed countries,” said Jung Hyouk ZhangFounder of Crypto Works as DAO and CEO of Barago. “The energy development business is one of the biggest job creators in underdeveloped countries. We expect this partnership to be an important opportunity to reduce employment issues in these countries.”

“We hope this partnership will set an important milestone for technological convergence between the power semiconductor technology-based ‘off-chain system’ and the ‘on-chain system’ of crypto economy, which is used to finance the energy properties,” said Chinui Kim, CEO of Prometheus Space Power. “I also expect that this joint project will accelerate cross-investment and redistribution of surplus power among energy communities spread across EU countries, such as as Andalusia i Spainwho is currently working on consumer-centric community projects for energy independence.”

About Klaytn

Developed by leading Korean IT company Kakao, Klaytn is a global Layer 1 public blockchain designed to power tomorrow’s on-chain world. With the lowest transaction latency among leading blockchains, enterprise-grade reliability, and a developer-friendly environment, Klaytn provides a seamless experience for users and developers that is second to none. Since the launch in June 2019, Klaytn has accelerated blockchain mass adoption across a wide range of use cases from DeFi to the metaverse, gaming, and even the Bank of Korea’s CBDC pilot project. Today, it is one of the only globally competitive Web 3.0 ecosystems developed in South Koreaand generating more than 1 billion transactions from over 300 decentralized applications.

About the Clayton Foundation

The Klaytn Foundation was established in 2020 to expand the ecosystem of Klaytn, a global Layer 1 blockchain platform, and has since been actively collaborating with its Governance Council members worldwide. The Klaytn Foundation facilitates the adoption and development of new technologies to ensure that Klaytn fulfills its role as an open, reliable and sustainable blockchain platform for developers and users. It also facilitates decision-making to ensure that the ecosystem continues to expand optimally in the rapidly changing blockchain landscape. In line with its long-term governance roadmap, the Klaytn Foundation plans to fully implement the decentralization phase of the Klaytn blockchain in 2023 and beyond.

About Crypto Workers DAO

Crypto Workers DAO is an on-chain DAO that develops, designs and invests in Web 3.0 marketing, gaming and energy projects that have the potential to create jobs in underdeveloped countries. It is currently based in Korea, Vietnam, Malaysiaand The Philippines. It also has a Korea-based subsidiary called Barago that develops and maintains the Guild Wallet, a gas-free crypto wallet.

About Prometheus Space Power

Prometheus Space Power is a system design company for clean energy with advanced power measurement and control technologies based on power semiconductors. With abundant experience and a broad network in the mobility, aerospace and military industries, Prometheus Space Power is an industry leader in the measurement and control of clean energy. Their solutions range from renewable energy production and storage equipment to consumption measurement and control of power consumption, all designed to promote consumer-centric climate change and transition, the company formed a Korea-based supply chain consortium to lead a global project designed to spread the energy independence community in Andalusia, Spaintogether with Spain’s Andalusia Energy Agency and its partner Solar Sovereignty Partners Espança.

SOURCE Klaytn Foundation