Weekly Report – Week 10
Tech & Spec
The dust has settled so let’s look at the hype regarding Samsung’s blockchain incorporation into its latest phone: the Galaxy S10. You can download and install the wallet from the Samsung Galaxy Store. The wallet is only compatible with Ethereum and other ERC20 tokens. Four decentralized apps (dapps) are supported. The phone offers a secure way to store cryptocurrency keys, and this “Blockchain Keystore” has three features: payments to merchants, digital signatures and cryptocurrency storage/transfers. I don’t think this is worth the hype like “huge news for crypto going mainstream” but the Wallet together with the Keystore will help and simplify things for the newcomers (source).
That was the tech. Now for the spec, and I mean speculation. It comes pretty conveniently right after I wrote about my enthusiasm for Elon Musk and his adventures. According to some “rumors”, SolarCity is losing market shares at a rapid pace. One of the reasons might be the fact that Tesla is going all-out on becoming a major carmaker. SolarCity has also failed to deliver on big promises since its acquisition in 2016 for $2.6 billion and Tesla continues to shave costs by minimizing workforce, close almost all of its stores and move to online sales for all of its products, from cars to batteries to solar shingles. Elon is known for taking risks, and for him it’s calculated ones, and Tesla says reports are greatly exaggerated. Considering the reviews that the cars are getting, I think we just let this play out and see what happens. Elon is doing great work and it would be more than amazing if all his endeavors would deliver the same results (source).
Power With Heat From Underneath
Wind and solar are probably the first ones when we think about renewable energy. Heat can be a great source of energy too and everybody knows that we have hot molten lava right under our feet, ergo we are literally standing on a massive energy source. Humans have been taking advantage of the heat coming from underneath for a long time and “cavemen” thousands of years ago did the same thing people do today around hot springs: keeping warm. While the focus has shifted and people have turned hot springs into businesses, the more interesting part is using geothermal energy on a global scale 24/7.
Unlike fossil fuels, geothermal energy is a renewable resource, meaning we will never run out of it. The Earth will emit heat as long as it exists, which should be billions of years into the future.
So far, the big move underground has been lacking due to technology. Geothermal power plants for example need access to extremely hot water, and while Iceland and Indonesia can utilize active volcanoes nearby, more options are needed elsewhere. Luckily more and more are done in this sector and the future is looking burning hot. Click on the link below for a more comprehensive read covering the pros and cons as well as more information about the current projects.
The Big OG’s
The oil and gas industry. It’s like a secret cult that nobody knows anything about, even though they are public organisations and affecting all of our lives on a daily basis. The fossil fuel business has been burning the candle from both ends fueled by power and greed for a long time without a second thought. Climate crisis, green energy and sustainability are some of the reasons why tides might be turning and now even blockchain might have something to add. There is a small chance that the old guard might be thinking about the inevitable end of pumping up black stuff and slowly starting to convert the existing infrastructure to green facilities. Once there is enough push from governments, I believe the conversion from black to green will be swift and profitable for everybody. The old OG’s might as well end up being the big leaders in the renewable energy market after all. Time will tell.
Vakt is a blockchain commodities trading platform backed by majors such as Chevron, BP, and Shell. I see this as a small step in the grand conversion but an important one nevertheless. More on the story follows below.
Yes, again. Every week there is something new to mention regarding the possibly biggest renewable energy market on the planet. It feels like I’m not the only one seeing the possibilities, hence the push from all sides of the globe to this continent in particular. Now even the EU wants to invest 33 million USD as a multi-donor in the “Electrification Financing Initiative Nigeria Window.” This is a sustainable energy investment fund. The European Union has also committed 50 million USD to agribusiness in and around Nigeria (source). The EU is the continent’s most significant trading partner so there is yet another reason for the investments. More on the story and the upcoming Nigeria Energy Forum (NEF) can be found below.
Btw, don’t forget to check out our private interviews on our website if you’re interested in further details about various blockchain companies in the energy sector.
The next weekly report will follow shortly after so don’t wait too long before checking in again. In the meantime, have a nice day!