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Partnership announced amidst Verv’s VLUX token pre-sale.
Machine learning startup Verv, currently conducting an Initial Token Offering for its VLUX token, has announced a partnership with blockchain-based data sharing ecosystem, Ocean Protocol, as it looks to create a new data marketplace for energy and beyond.
Verv’s VLUX token will facilitate the trading of energy via the Verv energy trading platform which allows those with renewable technology (like solar panels) to sell green energy directly to their neighbours at an affordable cost. Having just executed the UK’s first physical peer-to-peer trade of energy on the blockchain during one of its live trials at a social housing community in London, Verv is primed to pioneer a new era for energy.
But there’s more….
Verv is looking to create a new marketplace for energy data, in partnership with data sharing ecosystem Ocean Protocol, that is safe, secure and fully GDPR compliant. The new marketplace is set to allow users, should they so wish, to share their data from the Verv trading platform’s IoT hub with third parties, in exchange for money off of their electricity bills in the form of VLUX tokens. Ocean Protocol will provide the platform whereby users can share their Verv data in a secure and encrypted manner.
Through the partnership, Ocean Protocol will facilitate the creation of Verv’s own data marketplace, empowering consumers to take control of their data, where it goes and monetise it in exchange for money off their energy bills.
Verv’s peer-to-peer energy trading platform is based on its AI-based smart hub (IoT device) that can obtain a comprehensive and real-time overview of the electricity consumption of a home. This hardware is what sets Verv apart from the other players in the energy trading space.
The high frequency at which it can sample home energy allows it to unlock vasts amounts of big data, not previously tapped into. Verv wants to give their customers the opportunity to sell that data and benefit financially from doing so. This includes data around consumption, renewable technology, purchasing habits, suppliers and home appliances, some of which extends beyond just the energy industry.
Verv’s goal is to create a data marketplace where consumers are empowered to have full control over their data and are given the opportunity to monetise it should they choose to share it. Ultimately, Verv knows that the data provided by its smart hub and energy trading platform is extremely valuable to third party manufacturers and strongly believe consumers should have the opportunity to benefit from that in a way that’s fully GDPR compliant.
Ocean Protocol has recognised the exponential growth of the world’s data and the opportunity to unlock it with its blockchain-based ecosystem. With a particular focus on AI, this seemed like a natural partnership between the two companies. Ocean uses blockchain to allow data to be shared and sold in a safe, secure and transparent manner.
By integrating Verv with the Ocean Protocol ecosystem, Verv will not only have the opportunity to use their data trading system but also create a new-form marketplace focused on the consumer.
“Verv is developing AI technology that uses data to save energy and costs for homeowners, while supporting sustainability and smarter homes. We are excited to work with them to build a data marketplace that uses the data availability and service verification proofs of Ocean Protocol,” said Bruce Pon, Founder of Ocean Protocol Foundation.
“We see further synergies to integrate their technology into our Singapore development sprints, so that a vibrant ecosystem of data providers and consumers can share data securely,” he added.
As part of the collaboration, Bruce Pon of Ocean Protocol will also be joining the Advisory Board for Verv.
Speaking of the partnership, Verv CEO & Founder Peter Davies said, “Ocean’s aim is to unlock data, particularly for AI. At Verv, data is absolutely core to the quality of our service offering which is why we are so intrigued by their proposition.”
He added, “Ocean Protocol will facilitate a multitude of data marketplaces, one of which will be the Verv energy marketplace for electricity data. This will allow our consumers to have control over their own data, who they give it to and allow them to benefit financially from sharing it with third parties.”
To find out more about Verv’s renewable energy trading platform and how it combines machine learning, AI and blockchain, click here to watch their video.
Learn more about Verv and the VLUX token:
Official Website: www.vlux.io
About Verv & the VLUX token
London-based Verv, the trading name of Green Running ltd, specialises in advanced AI and machine learning in the energy sector. Verv is on a mission to improve access to low carbon energy and has developed a peer-to-peer renewable energy trading platform, based on its AI-based smart hub, that combines machine learning functionality with blockchain. Verv has just launched its VLUX token in an Initial Token Offering in order to enable access to its energy trading platform and new data sharing marketplace, with the pre-sale now open.
For more information, please visit vlux.io.
About Ocean Protocol
Ocean Protocol is an ecosystem for sharing data and associated services. It provides a tokenized service layer that exposes data, storage, compute and algorithms for consumption with a set of deterministic proofs on availability and integrity that serve as verifiable service agreements. There is staking on services to signal quality, reputation and ward against Sybil Attacks. Ocean helps to unlock data, particularly for AI. It is designed for scale and uses blockchain technology that allows data to be shared and sold in a safe, secure and transparent manner.