The Energy Web virtual machine operates under a proof-of-authority ([PoA](https://coinmarketcap.com/alexandria/glossary/proof-of-authority-poa)) consensus. This means that the blockchain relies on trusted validators for the creation of new blocks. The PoA consensus is an alternative validation method, and it allows faster processing times than the proof-of-work ([PoW](https://coinmarketcap.com/alexandria/glossary/proof-of-work-pow)) consensus.

The Energy Web Foundation plans to release a maximum supply of 100,000,000 EWT tokens over ten years after the initial release date. Currently, there are 48,638,535 EWT tokens available on the market for trading. Out of the total supply, 14,093,276 tokens were distributed to the Energy Web Team as an endowment. Another 10,000,000 ETW tokens were given to two founding organizations; however, there is a waiting period until June 2021, when these tokens will become tradable. A further 4,061,709 tokens were dedicated to a community fund, which should continue increasing over ten years.

When creating the Energy Web Chain, founders RMI and GSy were looking to launch a versatile blockchain solution for a wide range of applications in the energy sector. One of the main selling points of EWT is that it offers enterprises the opportunity to create completely customized decentralized apps. While blockchains like Ethereum also provide this diversity, Energy Web Chain was purposefully designed for the energy sector. Considering the fact that the Energy Web Chain is created with enterprise use in mind, it supports state-of-the-art scalability and data privacy. The foundation also recently released a stacked tech solution called Energy Web Decentralized Operating System (EW-DOS). It allows users to control and manage their electrical systems online. The Energy Web Token is currently placed at one hundred and second place according to the CoinMarketCap token [ranking](https://coinmarketcap.com/currencies/energy-web-token/) as of February 2021.

Energy Web Token is a joint project between Rocky Mountain Institute (RMI) and Grid Singularity (GSy). Rocky Mountain Institute ([RMI](https://rmi.org/)) is a leading name in research and development in the energy sector. As a prominent think tank, RMI has participated in many revolutionary projects in the energy sector. By creating the Energy Web Chain, RMI wanted to employ blockchain technology’s decentralized power to allow actors from the energy sector to develop new decentralized solutions. Grid Singularity ([GSy](https://gridsingularity.com/)) brought blockchain expertise to the project. As a blockchain developer, GSy was the powerhouse behind the creation of the Energy Web Chain. With renowned experts, core [Ethereum](https://coinmarketcap.com/currencies/ethereum/) blockchain developers, experienced energy executives, and energy regulators, GSy was an integral part for EWT to launch.

Energy Web Token (EWT) is the operational token behind the Energy Web Chain, a [blockchain](https://coinmarketcap.com/alexandria/glossary/blockchain)-based virtual machine designed to support and further application development for the energy sector. Energy Web Chain was launched in June 2019. The Energy Web Foundation is the non-profit enterprise behind the project. EWT aims to bring diversity to the energy sector by allowing developers to create decentralized applications ([DApps](https://coinmarketcap.com/alexandria/article/how-to-access-dapps-on-your-mobile-phone)). The virtual machine has the potential to benefit actors from all areas of energetics, including grid operators, software developers, and vendors.