The EtherDelta Exchange has undertaken the first ZeroCarbon token transaction including 100 tokens at USD0.50.
UK energy supplier Bulb Energy who were searching for ZeroCarbon tokens to pay the transaction fee after winning the business of one of our trial household consumers, the tokens were purchased on behalf of them.
The Zero Carbon Project was the seller of the tokens, who sourced the tokens from their liquidity reserve.
The establishment of the reserve was done to meet the early requirements for ZeroCarbon tokens in the scenario it is being found now, where there is an over-demand for ZeroCarbon tokens relative to supply.
Although the transaction is the main requirement of the Bulb Energy’s to get success in the Zero Carbon Market trials announced in an earlier Medium article.
Along with the transaction for Bulb, 100 tokens were also purchased by The Co-Op. And in Australia, to pay the transaction fees for two new household customers, 200 tokens had to be bought by energy Locals.
Regarding demand for ZeroCarbon tokens for transaction fee payment.
Based on the deemed household consumption of 5,000 kWh/year and a USD0.01/kWh transaction fee, the transaction fees were calculated at USD50.
However, to pay this $50 transaction fee, based on an offer price of USD0.50/ZCC equal to 0.0022124 ETH/ZCC and a USD226/ETH, the energy suppliers had to purchase 100 ZeroCarbon tokens (ZCC).
You can see the transactions executed on EtherDelta.
The market is offering to sell ZeroCarbon tokens at USD0.50 and their only marginally lower bids on behalf of the energy suppliers positioning themselves to purchase cheaper tokens for future transaction charges.”
Talking about the payment of transaction fees to smart contract,
The Bulb Energy, The Co-Op and Energy Locals have settled their transaction fees by paying the ZeroCarbon tokens into the Transaction Fees smart contract, having sourced their ZeroCarbon tokens across EtherDelta.
At the end of the week, to recycle up to 70% of the fees to top-up the consumer rewards pool, the transaction fee contract follows an algorithm. The remaining fees are paid into a payments multi-sig contract to cover costs, with the remaining split 75% profits and 25% are burnt.
Energy supplier crypto transaction experience.
It is important to note here that the Zero Carbon Project is managing all these transactions. However, ZeroCarbon tokens are being sold to energy suppliers at USD0.50/ZCC from our liquidity reserve.
Also, the crypto transactions for energy suppliers including the purchasing of ZeroCarbon tokens to pay the transaction fees are managed. Although the successful energy suppliers prefer GBP and AUD to pay their fees and we convert into ZeroCarbon tokens.
In spite of initially managing token transactions, the energy supplier participants also want to participate in Zero Carbon Markets.
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