Energy Ledger Price (ELX)

Energy Ledger (ELX) is a cryptocurrency that strives to serve as a software development platform for energy value trade on the blockchain. The primary objective of ELX is to provide a digital solution that can be utilized by the energy industry, particularly in managing oil containers and incentivizing the long-term storage of crude oil. The ELX token is part of a broader ecosystem that includes a public blockchain on Ethereum for developers to launch open-source energy software, a consultancy firm for private enterprise blockchains, and the development of tamper-proof IoT flow meters and liquid level sensors for containers. The ELX token is issued by ERG Foundation Limited in Mauritius, while the consulting arm of the company is Energy Ledger Inc.

Energy Ledger operates within the Ethereum Solidity Ecosystem and IBM Hyperledger platforms, providing an environment for smart contract development. The ELX token is used within this ecosystem to facilitate the launch of open-source energy software. Energy Ledger Inc. also acts as a consultancy firm for private enterprise blockchains, offering expertise and guidance in the development and implementation of blockchain solutions. Additionally, Energy Ledger is involved in the development of tamper-proof IoT flow meters and liquid level sensors for containers, which strive to enhance the management and understanding of crude oil storage.

Energy Ledger seeks to address several challenges within the energy industry. One of its primary use cases is to manage oil containers and incentivize the long-term storage of crude oil, thereby addressing issues related to contango and backwardation in crude oil markets. Energy Ledger also aims to improve supply chain processes by capturing performance metrics in ledgers and linking them to agreed-upon processes. Furthermore, the ELX token can be used by developers to launch open-source energy software on a public blockchain on Ethereum. Energy Ledger also envisions the development of tamper-proof IoT flow meters and liquid level sensors for containers, which could change the way crude oil storage is managed and monitored.

The concept of Energy Ledger was conceived by William G. Pete, the founder and CEO of Energy Ledger Inc. He identified the potential for crude oil markets to fall into contango or backwardation due to the lack of a computer system such as blockchain being developed to manage and understand the scarcity of storage for crude oil. This issue became evident in April 2020 when oil indexes such as WTI briefly fell negative because of contango patterns. In response to this issue, Energy Ledger was formed with the intention to prove the concept and potential execution of a deployed blockchain solution for crude oil storage units. The company that issues the ELX Token is ERG Foundation Limited in Mauritius, and the consulting arm of the company is Energy Ledger Inc.

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