According to Grand View Research, Inc., the blockchain market size is expected to reach $394.6 billion by 2028. It is projected to have a compound annual growth rate (CAGR) of 82.4% from 2021 to 2028.
With such market growth, there is the likelihood that new projects will be added to the market every day. The ESP project is relatively new and promises to bring innovation to decentralized finance (DeFi), education, and renewable energy.
The growing blockchain market can be attributed to the increasing mainstream adoption of the technology by institutions. Today, blockchain is disrupting many industries like health, finance, gaming, just to mention but a few.
In 2019, Walmart started utilizing blockchain to track shrimp exports, and there have been countless cases like that. Different blockchain projects are trying to solve the problems being experienced in different sectors of human endeavors.
The ESP blockchain project has a different approach as it seeks to offer a solution to three different sectors. Let’s go a bit further to explore the project and its concept.
The ESP Project overview
ESP stands for Education and Solar Projects. It is an Ethereum-based blockchain solution with a proof-of-stake architecture.
The “ESP” can also stand for Education System Payments, Energy and Solar Programs, and Electronic Supply-chain Payments.
It is a blockchain project that offers to supports both closed and completely decentralized use cases. ESP project greatly depends on its utility token for its services.
The project seeks to provide frictionless payments within the education system and solar energy programs through its DeFi initiative.
Its goal is to improve the effectiveness of the education system and solar power programs, utilizing its blockchain-based ecosystem of products and services.
In many developing countries, a great percentage of the population does not have bank accounts. However, in these countries, a greater percentage of people have smartphones. It will be perfect for the application of utility tokens like the ESP project token.
According to the ESP project team, it will help create decentralized content delivery networks (CDNs) and other closed systems for certain services like “paid to watch services.” It will also help international students who go through the complexities of ForEx and other rigorous payments methods.
The project seeks to provide a more general payment system that will support various supply-chain transactions. Here is where decentralized finance (DeFi) will be utilized to finance invoices.
This will also help to facilitate immediate payment through the use of smart contracts and utility tokens.
The Use Cases of the ESP Project
With the rising need to protect the planet, there is the need to focus our attention on the generation of renewable energy sources. Decentralized finance can be utilized to fund individual contracts to finance renewable energy programs.
The smart contract helps ensure compliance on the part of the borrower and initiates pre-set actions when a condition is not met.
This approach helps to offer a completely decentralized framework for a decentralized lending and borrowing model to support solar programs. With this in place, multiple renewable energy programs can be funded by large institutions.
Here, the ESP utility token will serve as a means of payment for school services, used for student wallet funds, supply-chain payments. It will be an ecosystem that will connect teachers, students, and parents.
The ESP project system can help parents seamlessly pay tuition fees, serve as student information and management systems. Teachers can use it for attendance, track student performance, and also monitor each student’s attitude.
Many developing countries bear the brunt of their government’s poor monetary policies. Some examples of these brunts include inflation and the devaluation of local currencies. ESP project will utilize its utility token as a means of payment through an electronic cash register (ECR) network.
This will help to reduce the pressure of inflation and also improve price stability in the supply-chain marketplace.
The ESP project’s mission is undoubtedly a good one, but its success will greatly depend on the implementation and execution. Most new blockchain-based projects sound great on paper. However, very few of them go on to become successful after the implementation. For more details about the project, you can check its whitepaper.