471 sats \ 2 replies \ @max_dignan OP 15 Dec 2022 \ parent \ on: Synota AMA - Money at the Speed of Energy bitcoin
For sure, thanks @k00b!
High level, the solution provides LN nodes to the counterparties in an energy contract. All parties independently verify and agree to payments - based on that contract - using an agreed upon data source (a smart meter), and make instant payments through lightning.
In terms of how real time, payments can be made as quickly as the meter can be read, but some parties will choose to settle on a less frequent basis based on their business case. Usually, it gets determined in the contract between the parties.
For software, we're using a similar model as Voltage (and in fact are using Voltage): non-custodial, cloud-based software. For hardware, we're using existing smart meters.
Excellent! Sounds like most of the bespoke code then is reading from the smart meter at intervals, then having the consumer's node pay the supplier's node.
Are suppliers okay with receiving bitcoin for payment or do they want it exchanged for fiat? Will you be offering that as part of the solution?
reply
That's a great point! Many energy suppliers are against holding bitcoin on their balance sheet (or even for relatively short periods), and we plan to have this part of the solution that we provide using external third-party BTC-to-USD conversion services
reply