The information about the ElectrifyAsia (ELEC) token is as follows:

ElectrifyAsia (ELEC) is an ERC-20 token launched on the Ethereum blockchain, designed to power a decentralized electricity marketplace aimed at revolutionizing energy trading in Southeast Asia. The project, initiated by Electrify.Asia, builds on the foundation of ELECTRIFY, the region’s first retail electricity marketplace, which began operations in Singapore in 2017. ELEC was introduced through an Initial Coin Offering (ICO) completed on March 2, 2018, with a hard cap of $30 million USD, accepting only Ethereum (ETH) at a rate of 1 ELEC for $0.08 USD. The token’s total supply is 749,999,945.2724185 ELEC, with its smart contract (address: 0xd49ff13661451313ca1553fd6954bd1d9b6e02b9) adhering to Ethereum’s ERC-20 standard, ensuring compatibility with wallets like MetaMask and decentralized exchanges such as Uniswap.

ELEC serves as the fuel for the ElectrifyAsia ecosystem, which includes Marketplace 2.0 and Synergy, a peer-to-peer (P2P) energy trading platform. Within this ecosystem, energy producers and retailers use ELEC tokens as a deposit to access the marketplace and list their energy offerings, while transaction fees on the network are also paid in ELEC. The platform leverages smart contracts to automate and secure energy transactions, eliminating intermediaries and enhancing transparency. A key component is the PowerPod, an Internet of Things (IoT) device developed by ElectrifyAsia, which logs energy production and consumption on the blockchain, enabling accurate tracking for small-scale producers like solar panel owners. Additionally, ELEC tokens are used in a loyalty rewards program for consumers, incentivizing participation in the ecosystem.

The token’s distribution allocated 50% (375 million ELEC) for the ICO, 18.4% to the team with vesting periods, 9% to partners and advisors, 4.1% for a community airdrop, and 18.5% for community development and reserves. Posts on X have highlighted significant milestones, such as a partnership with Narada Power, a major energy storage provider, announced on June 1, 2018, and an airdrop for OmiseGO (OMG) token holders revealed on April 24, 2018, aimed at broadening community engagement. ElectrifyAsia’s vision targets the deregulation of energy markets, starting in Singapore and expanding regionally, allowing residential, commercial, and industrial consumers to choose energy options via a single platform. The project emphasizes blockchain’s potential to disrupt traditional energy distribution, supported by its Ethereum-based infrastructure and partnerships to integrate real-world energy solutions.