The advent of blockchain technology has disrupted and is still disrupting many industries and sectors around the world. Today, we have different blockchain projects bringing innovation to finance, transportation, security, supply, and the list goes on. The ESP blockchain project is one of these projects and seeks to disrupt the education system, decentralized finance (DeFi), and renewable energy.
The blockchain market size stood at $2.01 billion in 2019 and is projected to increase to $69.04 billion by 2027. It means the market will experience a compound annual growth rate (CAGR) of 56.1% within the forecast period. With such an economically viable marketplace, more projects are launched every day as developers seek to have a share of this huge market size.
However, there are quite a few projects with innovative three-pronged solutions to education, DeFi, and renewable energy. ESP blockchain project appears to be one of a kind, prompting a dive into the project for more exposition.
The ESP Blockchain project
The ESP project is built on the Ethereum blockchain, although it plans to migrate to Ethereum 2.0 for better scalability and low cost. The abbreviation “ESP” stands for Education and Solar Projects. Although the project is majorly centered on education and solar energy, there is more to it. At the very heart of this ecosystem, there is an indispensable need for currencies to make payments. This is where the project has its main focus.
The project has both closed and entirely decentralized use cases. ESP project seeks to offer a frictionless payment method that saves time, reduces cost, and optimizes effort better than the traditional approach. The project doesn’t just want to have a token like other projects. It seeks to have a native token that local exchanges will support in the future for its targeted uses cases. They also seek to have a global system supporting flows between different blockchain networks by leveraging swap gateways.
The E$P Token
The E$P token is an Ethereum-based ERC-20 utility token with its own smart contract functionality. You can view the token code on GitHub, and Certik has also audited it. The initial token supply is 500 billion, but the maximum total supply after burning is 50 billion tokens. 12.5% of the maximum token supply will go to seed purchasers.
The token smart contract will enforce a transaction tax and can be verified directly on the blockchain network. 90% of all the interest generated will be used to buy back and burn tokens in circulation. Doing that reduces the total supply, thus increasing the intrinsic value of these tokens. There are multiple use cases of the ESP token, and they include the following:
The E$P token or ESPcoin will serve as a means of payment for school services, supply chain payments, and student wallet funds. This approach will reduce payment cost for international students that were previously using traditional payment processors.
As the world increasingly focuses on renewable energy sources, the project will leverage the DeFi initiative while using its E$P utility token. The token is also designed to support the energy and solar ecosystem by helping in residential and small commercial deployments. With the DeFi initiative, environmentally-friendly projects will be provided more access to lenders all over the world. An average house with solar power saves approximately 7 barrels of oil per year. In other words, about 3000kg of carbon (iv) oxide is removed from the environment.
A means of payment
The E$P token can serve as a means of payment while leveraging the ECR network to reduce inflation and ensuring price stability. It also hopes to provide security for point of sale transactions, thus helping government agencies to track those evading tax.
The E$P blockchain project is theoretically good, but the implementation is where the work lies. With the constantly evolving blockchain space, time will tell whether the relatively new ESP project will be a success. For more information about the project, kindly see their whitepaper.