Specific Texas Areas Can Now Pay For Electricity Using Cryptos



Last Updated: February 11, 2019 at 4:34 PM EST
Advertisement

The residents of Texas can now pay for electricity utility with ether and dai. The service is being spearheaded by the energy arm of ConsenSys spinoff Grid+ toward cryptocurrency payments for electricity in two of Texas’s largest electric delivery service areas. The recent development indicates a future where a second layer blockchain solution and smart contract to drive real-time payment settlement in the energy industry and others.

Crypto Payment For Electricity

The latest innovation of the GridPlus Energy, a subsidiary of ConsenSys spinoff Grid+ will enable its customers to pay for electricity service with ether and Dai in two of the Texas biggest transmission and delivery service Provider (TSDP) service areas, Centerpoint and Oncor.

The region covers seven major metropolitan areas which include Houston and Galveston. The Oncor TSDP area is among the largest in the United States and the biggest in the state of Texas. And it also covers 15 major cities which include Dallas, Midland, Odessa, and Fort Worth.

The residents of Texas can now pay for electric utility with Ethereum and Dai – most popular stablecoin.

Crypto Payment and Significant Leap in The Traditional Market

The latest introduction of GridPlus Energy seems a little but significant leap for crypto payment and adoption in the traditional market such as energy. The progress of the crypto industry should see more growth with the crypto settlement.

The firm stated in its release that their inaugural fixed price, post pay electricity offerings while familiar would soon be transcendable. This would be through layer two scaling solutions like state channel and plasma chain.

Also, the firm is planning to leverage the solutions to move toward a 15 minutes settlement period instead of monthly pay periods. This could only be made operationally practical through on-chain and off-chain means.

Further, the Grid+ team stated that significant price swing could exist in the real-time market, but when averaged out over a long period, the real-time rate is nearly always advantageous to the end user compared to locking in a fixed price product.

Meanwhile, Vitalik Butterin made a case for “per-second” payments through smart contracts. He stated that “More people should look at using smart contracts for recurring payments on a *per-second* basis for subscription services, ongoing donations, dividends, etc. Can set and change a *payment rate* with a single transaction.”