5/1/20243 min read

Virtual Power Plant

A virtual power plant is an energy management system that centralizes decentralized energy equipment through ICT and software systems to achieve a smarter and more flexible approach to energy management.

Starpower is an emerging decentralized virtual power plant project that combines technologies such as IoT, blockchain and artificial intelligence to provide dispatchable energy equipment resources by connecting energy equipment such as air conditioners, water heaters and storage batteries. At the same time, Starpower will collaborate with Arweave to ensure transparency and traceability of all data and work together to create a sustainable environment and reduce carbon emissions.

Like other DePIN programs, Starpower also introduces a Token incentive model to encourage users to connect their power-hungry devices to the network. Both individuals and organizations (companies, shopping malls or schools) can join the Starpower network.

In addition to preparing the software provided by Starpower, users need to purchase an official (ARM TrustZone technology-based) smart plug or an officially recognized third-party smart plug to connect their power-consuming devices to the network, and Starpower will issue $STAR incentives to the users based on the power data and the response of the connected devices. Currently supported devices include common household and commercial appliances.

About Starpower

Starpower plans to ship its first product, the Starplug, a plug-and-play smart socket that captures data on household electricity usage and realizes real-world data authenticity with privacy protection through TEE (Trusted Execution Environment). As a first-of-its-kind product, Starplug will not only help users understand their household electricity consumption for better planning, but also provide data for future VPP networks by aggregating the electricity consumption of thousands of households to support the rational supply and distribution of electricity.

Starpower said it is working with Uber's machine learning algorithm team to use AI to enable more efficient energy use and dispatch.

With the data in place, Starpower's second step is to launch Starbattery, a home energy storage battery that can help users reserve some of their power for use in emergencies when there is sufficient generation and stable power supply. In addition, Starpower has also planned products such as electric car chargers, which will be gradually launched in the future.

Starpower hopes to connect home appliances to Starpower network through hardware or software, and then connect them to clean energy power plants and large-scale energy storage devices after the initial formation of a large-scale network to form a VPP network in the true sense of the word. As Starpower says, "Starpower is an information flow hub between global distributed energy resources (DER) and local VPP service providers, Starpower collects DER data from all over the world and provides it to VPP service providers after comprehensive analysis, enabling them to efficiently trade and manage power in local grids and optimize resource allocation. trading and management, optimize resource allocation, reduce energy costs, and potentially drive large-scale adoption of renewable energy.Starpower enhances grid intelligence, improves energy efficiency, and facilitates the refined operation of the electricity market, achieving a win-win situation for both economic and environmental benefits."

In Starpower's plan, both its designed Starplug, Starbattery and future devices that can be connected to the network through smart hardware or software will be rewarded with tokens for their daily operation.Starpower says that providing substantial financial incentives through STAR tokens directly rewards participants who contribute energy resources to the network that increases the attractiveness of participation; second, tokenization simplifies the participation process and lowers the barrier to entry, making it easy for more participants to join the virtual power plant network; and lastly, the dynamic adjustment of the value of the STAR tokens responds sensitively to changes in the market and ensures that the compensation is fair and attractive, thus incentivizing continued participation and driving the growth of the network.

Future Plans and Outlook

Starpower's vision is ambitious and its plans are clear and pragmatic - the test network is scheduled to be launched in Q2 2024 with more than 10,000 network devices connected to the network at the same time; in Q3 2024 Starpower's team plans to establish business revenues, academic collaborations, commercial collaborations, governmental collaborations, and 10,000 network devices connected to the network. In the third quarter of 2024, the Starpower team plans to establish business revenues, academic collaborations, business partnerships, government partnerships, and a community of 100,000 users; and finally, by the fourth quarter of 2024, it plans to launch the main network and distribute $STAR.

The total number of $STAR is 1 billion, and in terms of token distribution, 15% will be allocated to the core team, 15% will be allocated to investors, 7% will be allocated to foundations, 5% will be donated to nonprofit organizations working on climate change issues, 3% will be airdropped, and the remaining 55% will be allocated to builders who contribute to the network established by Starpower. In addition, the Starpower team is fortunate to have an interdisciplinary team of professionals to design the Token reward mechanism for them, attracting more users to participate, thus further driving the business and increasing the value of $STAR, which in turn attracts more users and realizes a positive flywheel.

(Content sourced online, contact for removal if copyrighted)

Don't miss any chances, Join Depi for more DePIN Info!