Tuesday, January 1, 2019

Restart Energy - A Story of Early Bitcoin Adoption Within the Energy Industry

2018 may have been a bumpy year within the crypto scene, but despite the unnerving price volatility all of us have witnessed - one thing remains true as it always has - adoption is, and will continue to be key. And within the blockchain space at least, companies that have been early movers should not just be supported, but also celebrated. And Europe’s fastest growing energy company Restart Energy, have been at the forefront of Bitcoin, blockchain, and cryptocurrency adoption, since almost day one.

In a recent article over at the Restart blog summarizing the team’s many achievements in 2018, RED’s CTO, Vali Malinoiu, highlighted that while 2018 may have been the year that the RED team entered the crypto-space themselves, with their own energy-backed cryptocurrency, MWAT - the story of the team’s involvement with, and adoption of, cryptocurrency, and Bitcoin in particular, began much earlier.

In terms of involvement in the early years of Bitcoin, CTO Vali Malinoiu, was a part of the scene before most of us had likely even heard of it. Recounting tales of how in the early days “Bitcoin would randomly vanish from a user’s wallet on occasion, and no one minded overly-much”, and of how “some websites would give out BTC for free as a welcome gift to their users and you could still mine BTC with a cheap college freshman PC”. With Vali himself even contributing code to Bitcoin’s architecture during its infancy. Helping to pave the way for everything that has been, is, and will be, within the now lively and burgeoning financial and technological revolution of which we are all a part.

Fast-forward to 2017, but to before Restart Energy conducted their own very successful sell-out ICO in the form of MWAT, and the RED team were already quietly positioning themselves at the forefront of cryptocurrency adoption, when they began allowing their customers to pay their utility-bills using Bitcoin. Making Restart Energy the first energy supplier in Europe to do so, while also educating their 30,000+ customers who may not all have been aware, as to what this “Bitcoin” thing was all about, and as to how they could get involved.

A short story through the history of Bitcoin with the RED team that leads us to where we now find ourselves, at the cusp of a blockchain facilitated energy revolution. And at the dawn of of a world in which energy consumers and prosumers will be able to trade energy freely between themselves, person-to-person, decentralized, and free from much of the incumbent fees and red-tape associated with the now archaic systems, that the revolutionary RED-platform, built upon SWAZM, seek to replace.

And whether you’re an MWAT maximalist, a Bitcoin maximalist, or somewhere in-between - the RED team’s foresight and hard-work in paving the way towards cryptocurrency adoption within the energy-space should be strongly applauded. And while this blog-post focuses primarily on the times that lay behind us - as we enter 2019, it should be obvious to all, that this is a story that is just getting started. And that each and every one of us will play our part in telling it, and shaping its narrative, moving forwards. MWAT, Bitcoin, crypto, and all…

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