We’re pleased to announce that we’re now launching VLUX (VLX) tokens for the Verv blockchain-based energy trading platform. Currently implementing the UK’s first blockchain-based peer-to-peer (P2P) energy trading community on London social housing using the Verv platform, we’re creating VLUX tokens in order to enable access to the system and take it to the next functional level.

The integrated P2P energy trading system that Verv has developed combines deep learning artificial intelligence technology with blockchain. Our goal is to allow consumers who have renewable energy assets (ie rooftop solar) and battery storage to sell surplus power directly to neighbours on the platform via the newly launched tokens. Critically, the aim is to improve access to low carbon electricity for those who cannot currently afford renewable technologies.

“We’re adding another layer of intelligence to energy trading using AI and Machine Learning technology. With a focus on reducing the electricity bills of lower income households in particular, our aim is to facilitate an energy system where cheaper, greener energy is readily available,” said Peter Davies, Founder and CEO of Verv.

Verv’s energy trading platform is facilitated by the Verv smart hub which obtains a comprehensive and real time overview of electricity consumption of a home. The Verv hub is then designed to use machine learning to create a user profile for each home based on its historical consumption behaviour.

The Verv hub is also being built to have AI applied to satellite generated cloud cover and opacity data, so as to forecast how much solar energy will be generated at points throughout the day.

A combination of all of this data will allow the hub to anticipate the supply and demand of energy, thus aiming to ensure energy is traded at the cheapest times.

Now launching a pre-sale for the VLUX Initial Token Offering (ITO), we’re looking to accelerate growth of the Verv platform as we work on two government backed P2P energy trading projects with the aim of empowering residents to generate, store and trade their own energy. The long term goal is to create communities that are completely self sufficient on renewable energy.

One of these trials underway in Hackney, London, in collaboration with Repowering London, will produce results to help support UK’s Office of Gas and Electricity Markets’ (Ofgem) research into blockchain and make way for a potential further roll out of the energy trading platform across the UK and beyond.

“We’re on a mission to pioneer a movement towards a low carbon economy where affordable energy is the norm.The VLUX token is a link we need in order to provide consumers with a fully integrated, cross-border P2P energy trading solution,” said Davies,

The VLUX token (VLX) is an ERC20 token which leverages the Verv home hub’s high speed sampling of electricity as well as AI to interact with the blockchain platform we’ve developed and create an efficient and scalable peer-to-peer energy trading framework.

We’re looking to raise approximately £25 million (~U$35 million) in an Initial Token Offering (ITO) that will begin with a pre-sale on 20th March and follow with a main token distribution sale on May 28th 2018.

We plan to allocate funds raised in the ITO to research and development of the Verv energy trading platform, continued development of the technology, customer education and anything we can do to reduce consumer energy bills.

For more information about the ITO, please head over to vlux.io and join our Telegram group for updates!

We can’t wait to share the full whitepaper with you very soon, for now check out a preview here.