Rowan Rewards — Rowan Energy Users Questions answered by our CEO.
For the purpose of giving more information about Rowan Rewards, Rowan Energy, Recently we were hosted Ask Me anything by a couple of renowned groups and Our CEO Mr. David Duckworth answered all FAQ questions raised by normal users related to Rowan Energy and Rowan Rewards.
Q1. Introduce your self and Rowan?
Ans- Yes of course — My name is David Duckworth — I am the CEO and founder of Rowan Energy. Originally from a technical background consulting for large financial organisations such as Barclay Capital, deutsche bank and I got introduced to bitcoin and blockchain by my father in law in 2014 — he now takes all the credit for any success ive ever had. In 2014 i built an enterprise sized bitcoin mine that was a whopping 25th/s — this took up an entire room! (but now could site in the corner in a single machine)
Rowan Energy was formed out of two of my big passions, blockchain and saving the planet. — I started on my own at my kitchen writing code. Then I built a peer to peer energy trading platform that i entered into a competition at Cambridge Uni — and the busines grew after.
We are currently in Phase 2 of Rowan — where our back infastructure was built and a poof of concept was completed as part of phase 1. Phase 2 there is onboard as many sRoof top solar owners as possible
Rowan Energy is a new kind of energy company that re-writes the rules for the current market. We found it (and still find it ) unacceptable that youwould sell your roof top solar back to the grid during the day when you where at work for 0.05p per KW/h (about 0.07USD) then when you came home you would buy it bac for anything up to 0.25p.
Our platform reads user generation data and mintes Renewnable Energy Certificates from that data, this combined with the powerful tokenmonics of crypto means we are able to offer 0.25 p per generated KW/h. Five times more than anyone else in the market.
We are currently in the live pilot stage where actual customers are getting our customer built smart miners installed into their home — these are real,nomal non-crypto people getting mining hardware in their homes and wallets on their phones. a massive step for crypto mass adoption.
2021 will bring 2 more pilots — one that introduces other technology such as wind and biomass generation and the second is an agreement from a uk local government to install hardware into 179 houses as a retro fit project. Once we have our customer journey perfeted we will go live. We have partners installing 350 panes per day4
Q2. What is Rowan Energy and what does it have to offer to the Crypto space? How is Rowan Energy TOKEN going to revolutionize the crypto industry?
Ans- Rowan Energy is the first foremost energy company with four phases. The first phase was to build the infrastructure we needed to meet our own standards and ethics. We need a low-powered blockchain that was therefore low carbon. we could not justify burning large amounts of energy to function. — plus we wanted our miners to be Raspberry pi based.
The second phase (which we are in now) is to launch our first dApp that rewards owners on rooftop solar for generating clean energy. There is a fundamental problem with the current system. You generate energy during the day and get paid 0.05p per kW generated than when you come home from work you buy it back fo the grid for 0.15p. The return on investment could take you 30 years but with our platform, we bring the best of both crypto and renewables together to offer 0.25p (ish) per KW. This will encourage the adoption of rooftop solar again which I great for renewables.
The third and fourth stages involve bringing those customers on our reward program as full energy customers. Otherwise, they lose their rewards. Rowan can become its own distributed power plant… we will then enable peer to peer trading with other consumers. Allowing our customers the ability to trade energy with each other. And the fourth stage is where we close the loop. I don't want to go into it too much yet but it involves EVs. As for the crypto community — I think what’s important to understand is that we are not your usual cryptocurrency. We are not desperately trying to get more token holders as our business I privately funded. Investors come as they can see our business case is self-fulfilling. So they can get into a real business with real assets and customers.
Secondly, our solar customers will have Rowan Wallets on their phones and miners in their houses. This is huge. ‘normal’ non-coiners holding tokens and validating transactions. It goes some way to mass adaption. And because of the current climate, we are being hounded by national newspapers do run stories on us. It’s crypto integrated into society like never seen before. We are not here to revolutionize the crypto community we are here to snatch the corrupt energy companies' customers away creating a transparent and fair system. Rather than making profits for fat cat shareholders.
Q3. What is the role of Rowan Energy TOKEN in the ecosystem? And what are it unique properties?
Ans- There are two roles for that token we have a second tokenized certificate coming out over the coming weeks but I’ll explain RWN first. RWN: This is used as reward points for solar users. They generate 1kw/h of energy — our transaction node places a buy on the exchange and we reward the member for their energy. RWN also used for gas. Solar users get limited function with the reward point. They can either cash out via ou debit card, PayPal OR they can donate it to charity. In the future and depending on laws they will be able to save it in a sort of staking program we run called the Rowan Vault. — they cannot get tokens from other members or sell or buy them from the exchanges. This is to avoid getting spanked by money laundering laws
We are a minable token on a POA blockchain. We updated the infrastructure to support mining for our second dAPP. We do not have any plans on our roadmap to mine RWN though. These are premised tokens. Our newest product is a tokenized renewable energy certificate (REC). These come in two halves a similar token like RWN that is tradable on the exchanges. The second half is a special smart contract that has some awesome custom features. You can only get the second half called a ROC(Renewable Obligation Certificate) if you own REC. These ROCS were based on the ERC721 token. But we added the features we needed. 1. It can only be transferred once, it can hold much more data than a regular token and it self burns after 12 months. This is because they are used to offset carbon (each one is worth 0.5kg of carbon). That industry was predicted by the financial times to grow by 100x in the coming years as governments hand out large fines for unmet carbon targets
Q4. What can you say about the security Level on Rowan Energy platform especially your blockchain and how strong is your audit?
Ans- So our blockchain isn't permissionless meaning you can't just join the platform and start mining for example This was important as our blockchain will hold customer data and that needs to be GDPR compliant.
We took the competition element out of mining also — so it doesn’t matter how many ASICs our CPUs you have you get the same reward as everyone else.
Other considerations were customer related fraud, for example, we did not want them moving their miner to the feed-in stream of their house and claiming for the energy they did not produce — so we had to come up with a solution to protect us from that. Plus there where encryption for the miners to protect our IP and also the internet traversing traffic needed end-to-end encryption.
As for the rest of our estate, we have full pen tests on our whole estate by two separate third parties, twice a year. PLU we have an in-house guy who helps us out. He is the head of IT security for a large private investment bank in London. So he knows his stuff.
Q5. How is Rowan Energy Ecosystem looking to solve problems related to Interoperability, Scalability & Adoptability?
Ans- So I have already answered this partly. Scalability is for now not an issue. We handle currently up to 219 transactions per second. This is can be throttled by miners slowing down the meter readings if need be. our platform isn’t really designed to work with other people's platforms — we developed our infrastructure for us. So Interoperability isn't really relevant. I guess the closest thing is we have a smart meter partner called passive systems we integrated into their current meter and are compatible now with their 52k userbase. The other one is the charge syncs battery. We are integrated into a solar battery coming out next year. As for adaptability — we've used terminology such as reward points instead of tokens so muggles can understand it. Our solar partners have between then 250k solar systems installed for retrofitting The biggest installer — installs more than 300 a month. Adoption is not going to be an issue. As for supplying miners, the install partners have agreed to purchase them upfront
Q6. So how about users data. Hope safe is it?
Ans- So crypto uses first.
We don’t hold any crypto users' data except username and password and even then you do not need to confirm your email.
If you lose your 2fa or your password you need to create a new account and import your wallet using your private key. We do not hold anyone private keys
Although during a pen test we were able to see users use some shocking passwords. This is being addressed with a minimal requirement and is on our dev roadmap — you cant brute force the login anyway as we have capture in place and EVERYONE is forced to have 2fa
Solar users are slightly different — these are required as we need to hold data such as name and address and the smart miner needs to be installed.
But for the debit card, we hold AC (associated codes) meaning we never have anyone's credit card numbers.
The data held on the chain is Meter ID, grid reference, the technology used for generation and is stamped time/day. Plus the engineer's initials and ID code who installed the meter to help with the guarantee of origin.
This is secured on the chain and encrypted. This means that if a GDPR request comes through we can delete the private key and remain compliant.
But we have a decent contract in place stating they sell us their data in return for Rowan Reward points — so technically we own that data — but you never know what laws will come out of this in the future.
Q7. As we know Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some advice why they should buy and hold this token/coin in the long term?
Ans- The tokenomics of our project has been very carefully planned.
The key to the price increase isn’t creating a buzz around your token in order to inflate the price
it's about buying pressure on the markets. Our products create their own buy pressure
Each miner will generate on average (over a year) 20 KW/hof energy per day
this generates £5 (or $5 worth of buy pressure each day per user.
An energy company with 50k users is considered small, that's $250k worth of tokens being bought each day. But we also have a safety net built into the platform.
Our miners cost currently £999 each to buy. £250 of that buys tokens as a bond for the rewards (in case we get ahead of ourselves or grow too quickly). It’s like a buyback built-in and is paid for by the solar owners. we expect to sell about 350 a month from q3 next year. That another £87500 uy pressure per month. The figures speak for themselves. There are of course other incentives to hold the token of course. We have staking at 0.10% per day and then a fiat staking platform ( that protects you for the mark fluctuations) called the Roan Vault.
Q8. That’s such a great opportunity ,I just wonder How do you promote/persuade green energy to communities in Asia Pacific region with most of the countries in that area use fossil fuel like oil and coal as their prime energy source?
Ans- We build our communities mostly through partnerships. As we prove our business model in the UK and then the USA, the rest will follow. We have a lot of interest in Africa too.
Q9. Viewing it more as a renewable energy company, Can this Blockchain be adopted by other major RE technologies like Wind, Biomass, Thermal and DGs apart from only Solar PV, to help integrate & address RE problems via single Platform?
We have a partner called Biosus who is on board for our pilot.
hey, have wind, solar, and biomass generation. the only rule for us is the plant must be less than 50kw/h. We are trying to decentralized green energy and have no tie for the fat cats.
Q10. It is difficult for us to understand the difference and similarity of a block chain company and green energy company, please explain.
Ans- well We also have an Oracle database. But we are not an Oracle company. A blockchain is a tool, not a product. People use blockchain like a hammer looking for a nail.
With our platform blockchain was a perfect use base as the certificates needed to be immutable you are crypto for the sake of crypto then something In’t right.
Q11. What does the name “RowanEnergy” mean? And where did you found the name from?
Ans- A Rowan is a type of tree, I was given an RWN tree by my daughter for my first ever fathers day present. So I named the business after that tree.
Q12. As the community-supported green energy Blockchain, what is the vital role of the community for the development of Rowan Energy? What kind of support from the community that you need inorder to share succes for Rowan?
Ans- Honestly? It’s patience.
We are not a pump and dump token.
Everything is carefully planned out. We have built a self fullfiling token economy. with smart miners directly adding buy pressure to the exchanges.
As our business grows they will see results. But we are heavily technology-based and need the time to run our pilot — make the customer journey watertight. The smart miners need to be so simple even my 500 yo (or something ) dad needs to be able to set it up. I won't settle for anything less than perfection.
Q13. What is business model of your project? How it works ?
Who are your potential customers and which markets are you targeting on?
Ans- Thanks for the question — if see the questions above you will see we have a four-phase rollout
We are targeting the smaller generator and we aim to take the whole market by offering 5x as much as they currently get for their solar.
Q14. RowanEnergy is based in London, first world countries are a long way ahead in the use of green energy in comparison with developing countries, can RowanEnergy through its products breach the gap and empower developing countries to use massively green energy as well and make it sustainable for them?
Ans- I find the developing countries have a clean slate to work with. 1st world countries are so tied up in their big fish mentality. The rulers of the future are not these countries. I met a guy in Malawi who installs single panels solar for poverty households who only use gas or oil for light. it's affordable and saves them money as the fuel is pretty expensive. We would reward that household for that energy potentially changing their lives. I've visited and lived in other countries around the world but India and Africans are the most initiative and business-minded and driven people. Don’t underestimate them.
Q15. HACKATHON and BUG BOUNTIES are used to clearly examine Smart Contracts and identify any unsuspected Security breaches, do your have plans for HACKATHON or BUG BOUNTY so as to check the security of your smart contracts?
Ans- We already have several greyish hat hackers that come along and tell us about something stupid I missed. But yeah I can see that being something I would like to support in the future.
Q16. Who do you see as Rowan’s biggest competitor(s) in solving this problem and how is the main strategy of Rowan network/energy different to their approach?
Ans- So the obvious one I Energy Web Foundation. But there are some massive differences. They are a SAS company that builds and sells software to other businesses. I was lucky enough to have a conf call with their dev and senior management team right at the start of RWN. The large $100k to join their network.
Their customers have done nothing with their code which i frankly very good.
We built our platform for us. And after only 18 months or so we are going to live in people's houses.
But out of all that — I find two things totally unacceptable.
1. they got into bed with oil companies like Shell and Esso
2. They created a bridge token for uni swap. Meaning they support a carbon belching chain for profit. smh
Q17. How RowanEnergy manages to provide transparency to users to gain their trust?
Ans- If you buy green energy from a large utility company like let's say EDF. You buy energy that is greenwashed. They buy energy certificates on MASS from suppliers and greenwash their energy pretending (legally pretending) that their energy is green. Our platform enables our users to go to their dashboard and see where their energy is coming from in REAL time. no other company offers this as it would should a diesel or coal power station.
Q18. what are the ways that #ROWAN ENERGY generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Ans — We have several income streams — firstly our smart miner takes generation readings from our customer's homes. We own that data and mint a REC (renewable energy certificate) from that data — each 1kw/h of energy is worth 0.5KG of carbon and can be bought to offset your carbon footprint. This certificate in the UK is traditionally called a ROC. But our certs will be dual-use — where they will also be a guarantee of origin. Meaning that when our customers trade energy they actually are buying renewable energy certificates — we eliminate the greenwashing side of retail energy as our customers can see in almost real-time where their energy is coming from, via our dashboard.
The second stream is the miners themselves. These retail at £999 with approx 50% profit line. 35% of these profits go to buy tokens from the exchange.
The third is as an energy company we will not profit from buying and selling energy. But from the transactions.
Q19. couldn’t find your any of rivals combining energy — blockchain & crypto. Do you know any? If not, would it be a problem for you?
Ans — Oh they are there but there isn’t anything quite like us. The most obvious one is EWF. I had the pleasure of a long conference call with them right at the start. Their code I really good and their team very knowledgeable. But they are a SAS company selling blockchain services. we are building everything for ourselves. There was a reason 1. Each large energy company may not want to share chains with their competitor. 2. if they update their code and it's incompatible in some way we have no access to change back. If we want to update the chain we need permission from 20 other energy companies. we needed to be the master of our own destiny.
But the two biggest issues I have with them are 1. They got into bed with big oil firms that are unacceptable. 2. They bridged their low carbon token with an ERC20 to list on various exchanges.
Q20. It is unfortunate that some projects remain half way because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do you plan to make this project Rowan Energy sustainable for its development?
Ans — Let make something clear from the start. We are not reliant on selling tokens to make our project a success we are privately funded with institutional money. Blockchain ad crypto is a fundamental part of our core technology but we are not a blockchain business. We also have a few Oracle databases but we are not an oracle business.
So many businesses use blockchain as a hammer looking for a nail.
A blockchain is a tool, not a product. We are an energy company — the first of its kind. We utilize blockchain and crypto to our advantage.
Q21. Collaboration and partnerships are one of the cornerstones to making DeFi more widespread, Can you share some of the partnerships you have formed with existing blockchain foundations recently ROWAN ENERGY ?
Ans — We have not formed any partnerships with blockchain foundations. But here is a sample of some of the partnerships we have formed.
2.Ecocute solar installers
5. Larkfleet Homes
We have partnerships with North American companies and also Polish and french businesses too.
Q21. This year about to end. What is Rowan Energy biggest achievement in 2020? and what targets does Rowan Energy need to achieve in 2021?
Biggest Achievement in 2020: We released the first version of our custom-built POA blockchain. It was important for us to build our own blockchain as we could not justify being on a public chain that contributes millions of tonnes of CO2 into the atmosphere. We also have gotten signed agreements with several businesses in the UK and around the world. These include a large smart meter provider that our platform is now integrated with. They have more than 50k smart meters already installed that we can hook into. We also have two major solar installers who install 350 rooftops per month (I wrote per day further up — that was a typo) they have a potential customer list of 350k already installed systems that has the potential for retrofitting of the smart mining device
Next year's targets? Sign up at least 100k reward customers. Each customer adds (on average over a 12 month period) $7 worth of buy pressure per day. Then our energy license will be complete — and we will ask each rewards customer to move their production provider to us. Otherwise, they lose the rewards. Then we a launch a pilot of our virtual power plant — and then our peer-to-peer energy trading platform.
For more detail on our concept visit us —
Rowan Rewards— https://rowanrewards.com/
Rowan Energy Blockchain — https://www.rowanenergy.com/