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How Does Grid+ Work?
Grid+ functions as a commercial utility in select deregulated markets in the United States. Grid+ agent devices pay for all electricity bills automatically and in real-time. All payments are done over state channels using BOLT tokens. Each BOLT token is equal to $1.00USD and is 100% backed by USD deposit. All fees from these payments are held by a fee vault smart-contract called Karabraxos.
1. User registers with the platform & undergoes KYC requirements
2. User purchases agent
3. Agent gets registered to a setup key
4. Agent gets seeded with some ether
5. Agent gets sent to user
6. User boots agent for the first time
7. Agent edits the registry, replacing the setup key with a new key-pair (user agency)
1. User uses fiat or ether to purchase BOLT through the platform
2. User moves BOLTs from platform wallet to agent, to act as a deposit
3. Once the agent registers some minimum number of BOLTs, it automatically opens a payment channel with Karabraxos contract
4. The agent makes real-time payments (every hour) to Karabraxos via the payment channel. The BOLT deposit is decreased.
Will I have to know how to use cryptocurrencies to be a Grid+ customer?
We are making the process of using cryptocurrencies transparent to our customers. The average customer will not need to understand cryptocurrency and will likely not know that they are using cryptocurrency.
Can users pay for their electricity using dollars or do they have to pay in Ethereum?
Customers will be able to buy dollar backed tokens known as BOLT which they can use to pay for their electricity rather than Ethereum.
If I pay for my electricity in Ethereum, what conversion rate to dollars will be used?
We will use a number of fiat exchanges to provide liquidity for Ethereum conversions, the user will receive the actual spot rate available for that amount of Ethereum minus the exchange fees (~0.2%) at the time of conversion.
If I don’t want to have price risk of using a Ethereum to pay my bill do I have other options?
Customers will be able to acquire BOLT, which is a stable fully backed USD tied token which they can pay electricity in.
How can I acquire BOLT?
There will be several options for obtaining BOLT. Customers can buy them directly from Grid+, they can generate BOLT by staking GRID coins on their agent, or in the future they will likely be able to acquire them in secondary markets.
Do I have to have WiFi to be a Grid+ customer?
What happens if my WiFi goes out? Does my electricity turn off?
No. When user’s sign up they will be required to make a deposit with Grid+. In the event that connectivity with the agent is lost for any reason, the deposit will be used to pay for electricity during the outage.
If I forget to refill my agent wallet, will you turn my electricity off?
No. The deposit you make upon signing up will be drawn down, and a number of messages will be sent to remind you to refill your wallet.