Blockchain start-up plans to transform energy plants
July 24, 2019
Singapore blockchain start-up NewX Energy aims to create a tokenised economy that transforms traditional electricity plants into multi-service providers that can support smart homes and provide financial and other services to smart cities. The venture is led by Christien New (pictured), chairman of Bintan Power Plant in south-east Asia.
NewX Energy plans to offer services ranging from banking and shopping, as well as build a smart city ecosystem. For example, the venture will create a loyalty programme for its energy customers that will integrate with online shopping, payments and other services via USDN and NXE tokens.
The company is also planning to introduce credit and debit card, as well as financial services in remote, unbanked regions.
"The founding team's vision is to deliver exceptional value and improve user experiences in the energy sector and beyond," said Christien New. "Blockchain and tokenisation can improve efficiencies in power generation and smart city ecosystem."
Indonesia, for example, has one of the lowest electrification ratios in south-east Asia with one in four residents having no access to power. Electricity is lacking due to significant demand, as well as market inefficiencies. The latter has led to higher electricity rates. Market inefficiencies include strict government control and lack of access to funding as well as lack of transparency.
Blockchain and tokenisation can create efficiencies and improve user experience in the local market and beyond. In the energy market, blockchain can provide third-party liquidity; decrease costs due to smart contracts and elimination of middlemen; enhance security; and improve transparency.
NewX Energy plans to remove barriers to public investment in power generation, as well as change how energy is developed, distributed and financed. Moreover, to develop basic services in unbanked regions, the venture will introduce a dual-token model consisting of a loyalty token called USDN, as well as utility token called NXE. The USDN token is pegged one-to-one to the US dollar. NXE is a utility token for the NewX Energy ecosystem. NXE will power one or many virtual mining machines of users.
With USDN, a user can earn tokens for purchase of good and services; earn electricity discounts and shopping vouchers; and stake for rewards including NXE and Bitcoin. NXE investors can hold the tokens long term to earn additional NXE or mined coins. NXEs are also used to power blockchain nodes and create network consensus on transactions.
NewX Energy's dual-token model is used to create stability within the ecosystem or local economy. And a reward-based coin is used to secure and govern the network.
The company is planning to launch an energy investment fund in Singapore, USA, Russia and the Middle East.
Christien New holds two masters degrees in international business and finance. He possesses experience in government-to-government projects and initial public offerings.
Kenneth Lee is chief technology officer of NewX Energy. He is also founder and CEO of Four Directions, a technology company in Hong Kong. Lee has IT experience, and provides ideas on blockchain, as well as technical guidance for various companies. He is president of Hong Kong E-Sports Association, and serves as executive director of Hong Kong Internet Industry Association.
Novy Kottalewala is chief operating officer. He was involved in several projects in Australia such as organics and health food products with Prema Group as Asia and Paciﬁc business development manager. Later he moved to Indonesia where he worked for multinational and local insurance companies. His last position was associate director. He holds director positions at several investment companies in Singapore.