Original title: (What is the new impossible triangle of "green electricity + computing power + smart devices"?)
Original author: Ye Kai (WeChat/Twitter: YekaiMeta)
--Build a sustainable intelligent ecosystem, and create the first distributed green electricity and AI computing power integrated asset framework. The design of the green electricity and computing power RWA model is a must-read!
--RWA of green power and AI computing power can satisfy all your ideas and fantasies, but I bet you can't read it word for word or understand it word for word~~~
The previous part ("Green electricity + DePIN + AI" is the best asset for RWA) unfolded the ecological framework of green electricity + AI supported by DePIN, and believed that: the underlying financial support in the past 20 years was "land + real estate", and the underlying financial support in the next 20 years will be "green electricity + computing power + DePIN".
Over this period of time, new RWA projects have been constantly verifying the views of the article, especially the issuance projects of Hong Kong compliant RWA are almost all centered around green electricity and computing power. The framework of the lower half is the new impossible triangle of "green electricity + computing power + smart devices (DePIN)", which unfolds green electricity computing power assets, RWA model, new financial system and new smart devices.
As we all know, high computing power is backed by high energy consumption, which is essentially a problem of energy supply and carbon emissions. To achieve higher computing power, higher energy consumption and more energy are required, which may require more carbon emissions. We can look at a set of data: In 2023, Amazon announced that the total power purchase amount of corporate power purchase agreements reached 8.8GW; in the same year, Meta announced the company's 3GW corporate power purchase agreement; in May 2024, Microsoft signed a clean energy purchase agreement of more than US$10 billion; in Apple's press conference video at the beginning of the year, Mother Nature was examining Apple's zero-carbon path from beginning to end; and OpenAI CEO Sam Altman once publicly stated that "the two currencies of the future will be computing power and energy, and AI technology depends on energy breakthroughs."
Ultimately, the challenge facing green computing power is the carbon efficiency of computing power. We must not only pay attention to the higher energy consumption of computing power, but also pay attention to the carbon emissions of computing power (whether it is greener).
1. Underlying assets: Distributed green computing power assets
The understanding of green power computing assets is easily constrained by tradition and needs to be peeled off layer by layer.
Individual computing power assets are relatively easy to understand. They are mainly AI computing power (now divided into different categories such as intelligent computing and super computing, which are nothing more than computing power equipment classification), and then there is the special Bitcoin computing power. Although the petrodollar system is going to collapse, energy is still the core foundation, but there is a trend of energy conversion, turning to green electricity. The special feature of Bitcoin computing power is that Bitcoin may become a reserve asset of the United States or more countries in the next step, or even a partial anchor of currency and national debt, which means that a large number of basic assets also need to be associated with Bitcoin, and the most direct relationship is Bitcoin computing power.
Individual green electricity assets are also relatively easy to understand. Green electricity is the core energy of the earth. It is directly converted from solar energy. Assets around green electricity may include various renewable energy generation assets, mainly photovoltaic, energy storage assets, new energy vehicles and charging facilities assets, green electricity certificates REC and carbon credit assets. Especially in terms of light storage and charging and green electricity certificate carbon credit, there are already a large number of distributed 2C assets for households or end users. The ultimate of AI is green electricity, the ultimate of Bitcoin computing power is also green electricity, and the ultimate of the foundation of manufacturing industries such as steel and aluminum is also green electricity. They are both high-energy-consuming industries and industries that need green emission reduction. Even on the basis of household distributed energy equipment, people in the future may all be carbon-based and silicon-based composites: "brains in a vat" or "brain + robot", which means that any industry and individual are operating on the basis of "green electricity + AI computing power".
The green electricity P2P transactions and VPP microgrids mentioned in the previous part, whether in China's inadequate market where electricity cannot be sold across the wall, or in Europe and the United States where P2P transactions are possible in the adequate market, have a core problem: most VPP microgrids are grid-connected and cannot get rid of the dependence on the transmission and distribution network of the public grid. At present, the only solution that can be off-grid is a local area solution, such as a mine, park, or factory area with a large enough space, which can be completely off-grid by photovoltaics and other renewable energy supplements, and then real VPP and P2P transactions can be carried out. The only model for grid-connected VPP and P2P is: "Green electricity + AI computing power + intelligent devices (DePIN)".
This goes back to the consensus: "Green electricity > electricity > computing power > basic model > application". The core of solving grid connection and P2P transactions is to go back and start from applications and basic models. That is, the best trading asset is not green electricity, nor is it a simple green electricity asset + computing power asset, but a green electricity computing power asset. Green electricity and AI computing power are combined and provided to large models or application models for distributed pre-training, reasoning, rendering and other applications.
Green computing power beneficial assets
Usufruct assets refer to the right to use and benefit from green computing power assets, rather than ownership. The transaction holder can use green computing power assets and obtain benefits within the agreed period, but does not need to own the assets themselves. Due to physical or legal restrictions, green electricity cannot be directly transmitted point-to-point, and the usufruct asset transaction provides the right to use green electricity and AI computing power. By completing specific computing tasks with green computing power, customers obtain the computing results and enjoy the use value of green computing power, rather than occupying green electricity or AI computing power assets. This is actually consistent with the model of AI computing power services, and customers enjoy the usufruct of computing power assets.
Since green computing power usufruct assets are dissipative and have time attributes, such as GPU hours or green GPU hours, the smart contract for usufruct asset transactions needs to clearly define the term, scope, pricing method, income method, task verification method, etc. of the green computing power asset usufruct rights, which will help the smooth progress of the transaction.
Therefore, the core underlying asset is the green computing power asset, which is no longer DER distributed energy resources, but DGCR (De Green Computing Re) distributed green computing power resources. This solves the core problem of VPP and P2P transactions, which is no longer grid-connected green electricity, but off-grid DGCR. Moreover, the optimization of AI computing power and distributed models can provide calculations for optimizing green power energy management of DGCR, dynamically configuring green power computing resources, and efficiently utilizing green power computing resources.
This part also involves the development of distributed artificial intelligence (DAI), which can also be called decentralized AI computing power. It avoids large-scale, high-energy consumption centralized intelligent computing centers, but is based on distributed green computing or edge computing to achieve a new way to reconstruct how distributed green energy infrastructure interacts with the environment, physical devices, computing power, and end users. The development of distributed computing power has also promoted new technologies such as edge computing to build pre-training gateways or inference gateways, realizing distributed disassembly and edge computing of large model pre-training or inference tasks.
On this basis, as a dissipative asset with time attributes, green computing power assets can receive distributed computing power tasks through the network and complete transactions, and some centralized green computing power centers with unsaturated computing power tasks can also participate in the liquidity provision of green computing power assets, pledging the computing power of idle periods into the pool on an hourly basis, and the liquidity AMM algorithm of the green computing power trading platform directly achieves the optimal configuration. In this way, the marketization of problems such as uneven demand for green computing power, time-sensitive tasks, instant computing and non-time-sensitive computing is realized, and at the same time, combined with edge computing of personal scenarios and data, there may be more derivative value.
Green computing power assets need a new consensus, which we call the "PoGCS" consensus. There is a green electricity computing power asset pooling mechanism on the chain. Green electricity and computing power can be pooled separately, or they can be bound to the pool at the same time through a common DePIN smart device. The green electricity computing power assets on the chain are confirmed, located (distributed unique location address and confirmation, etc.) and coordinated for pool entry conditions (pledged pool entry, random time pool entry, limited condition pool entry, etc.). The smart device can also apply to run as a green computing power light node on the chain, realizing a green computing power BaaS (Blockchain as a Service).
The best model for putting green computing power assets on the chain is not to put devices and data on the chain, but to use smart devices supported by DePIN to directly become distributed light nodes of the green computing power chain. The key question is what kind of smart devices will your green electricity computing power RWA project design?
2. Green Power Computing RWA Model
Green power computing power RWA is not limited to green power computing power assets. Green power and AI computing power assets have different asset package design models, including REC green power certificates and carbon credit assets. The underlying assets of RWA will correspond to the asset pool on the chain, such as the green power asset pool, computing power asset pool, and the green computing power asset pool based on the combination of on-chain node intelligent devices; in terms of expected income and operating cash flow, such as long-term computing power tasks, random distributed reasoning tasks, and operating income from green power assets, such as light storage and charging.
Due to the green and low-carbon concept of green electricity, the green computing power center can issue traditional new infrastructure computing power center green bonds, and can also issue green ABS; if it is a green computing power cluster or a green computing power center group for scheduling and operation, it can build a virtual green computing power asset pool, package it into a green computing power asset package, issue green computing power fixed income bonds, and establish a green computing power guidance fund. The former green computing power ABS and the latter green computing power asset package both require the establishment of a reasonable mezzanine SPV or trust structure.
Green computing power RWA needs to fully learn from the model of real estate finance and establish a green computing power capital model.
The green computing power capital model divides green computing power assets into different categories and different development stages, establishes different green computing power funds or Crypto Funds, cooperates with listed companies in the traditional financial market, issues RWA tokenized asset packages of different models, and combines liquidity pools and trading platforms to issue liquidity NFTs (digital asset securitization/equity certificates);
Based on RWA asset pledge, green computing power stablecoins are issued to further generate green computing power Crypto Fund and green computing power industry payment settlement investment PayFi;
Based on RWA asset pledge and PayFi and other application scenarios, green computing power platform tokens (crypto asset stocks) are issued on the basis of regulatory compliance in Singapore/Dubai and other places. The green computing power tokens can be used to submit proposals, make decisions and issue additional financing;
Establish Future Crypto Fund, use green computing power tokens to acquire new green computing power assets, and issue new RWA asset packages;
At the same time, based on green electricity certificates REC and carbon credit assets, carbon asset NFTs and carbon coins will be issued. Around the narrative of carbon assets and the green computing power community, a green computing power ESG investment fund based on carbon coins will be established.
RWA Standard Investment Model
The standard investment model of Green Power Computing Power RWA is to add AI computing power to the green power ecosystem, thereby deriving three types of standard investment models. This standardized investment model often corresponds to standardized smart devices:
The first is a green smart energy station, a 2B model of integrated photovoltaic, storage and charging smart energy station, with rooftop photovoltaic + AI computing power and supporting charging, gaming and entertainment consumption, regional AI computing power reasoning and rendering tasks, peak-shaving and valley-filling electricity price arbitrage and other green computing power application scenarios, to build a typical green smart energy standardized node. The standard node can accurately calculate the overall input, actual output and investment payback cycle of the node.
The second is green smart charging and storage piles, 2B mode green (photovoltaic/nuclear power) energy charging piles with energy storage and AI computing power. Batch distributed charging and storage pile stations are equipped with power transformation and distribution equipment and AI computing power equipment to form a regional green electricity computing power center, which is also a typical green smart charging, storage and computing standardization node.
The third is the integration of photovoltaic, charging, storage and computing in green smart homes, a standard green home investment model in the 2C model. Some families in Europe and the United States are farm models, which are equivalent to small-scale 2B industrial and commercial charging, storage and computing integration. If based on standardized intelligent integrated equipment, the "rooftop photovoltaic + household storage + new energy vehicles + home AI computing center + robots/VR/games, etc." of green smart homes can also be built into a standard green smart home photovoltaic, storage, charging and computing investment model.
Green Power RWA Product Agreement
Common RWA product agreements are generally fixed-income income rights models based on expected revenue and operating cash flow. Therefore, both green electricity and computing power assets can have their own fixed-income RWA products.
For example, the RWA products for green electricity can include bonds for the income rights of charging piles, bonds for the income rights of energy storage on the power generation side and industrial and commercial energy storage on the power consumption side, and bonds for the income rights of power generation on the power generation side. And the RWA products for AI computing power can include bonds for the income rights of AI computing power leasing, and ABS supported by AI computing power equipment assets with stable cash flow.
Of course, the core is the innovation of RWA, a green computing power asset. With the support of smart device nodes, green electricity and computing power assets can form a virtual green computing power asset pool, on which a series of green computing power asset RWA protocol innovations are formed.
The green computing power virtual asset pool uses smart device nodes to transfer the green electricity and AI computing power assets into a transparent and controllable green computing power asset pool divided by device category through the asset pooling algorithm protocol. Based on the PoGCS consensus, the pooled assets can be staked to issue green computing power RWA benefit assets (leaseable/tradable), and the pledged platform tokens can enter the liquidity pool; the green computing power demander can stake to issue computing power demand contracts into the liquidity pool, describe the specific requirements of its AI tasks (such as model training, reasoning, rendering, etc.), and pledge tokens as incentives after the task is completed; the liquidity pool uses a decentralized green computing power benefit asset trading algorithm, namely the automatic market maker (AMM) mechanism and AI intelligent algorithm, to achieve dynamic trading and optimization of green computing power benefit assets, and optimize the trading price and liquidity distribution of computing power assets based on the improved dynamic algorithm.
The improved AMM algorithm is based on the dissipative asset properties of green electricity and AI computing power, and adds the time (hour) dimension of update polling. It polls the green computing power assets in the liquidity pool in the intelligent time dimension to see whether they are online, continued or withdrawn, thereby ensuring the smoothness of green computing power asset transactions. The task completion verification mechanism can use technologies such as recursive zero-knowledge proof to verify the completion of each node's green computing power calculation task.
The RWA protocol issues RWA asset packages for pledged green computing power assets, which are open to secondary market investors, that is, investing as LP in the liquidity pool; at the same time, the RWA protocol generates position NFTs for pledged computing power assets based on the computing power demand contract and asset transactions. Holding position NFTs means enjoying the token income and incentives completed by the computing power contract; the position NFT can be directly exchanged in the liquidity pool or traded in the secondary market, and the transaction does not affect the execution of the computing power demand contract; at the same time, the position NFT can be pledged for lending, obtaining token liquidity, and further investing in green computing power assets.
This liquidity trading algorithm and liquidity pool are actually the core of an RWA exchange, and can also be expanded into a vertical green computing power RWA trading platform.
On the basis of the RWA product of green computing power benefit assets, further develop financial products such as pledge lending, insurance, options, etc. that provide green computing power benefit assets, and provide diversified investment options for equipment providers and liquidity providers; use the green computing power assets in the virtual asset pool as reserve assets, issue stablecoins anchored to green computing power, and provide a value stabilization tool based on green computing power assets; further develop the green computing power index to provide price anchoring for stablecoins.
Stablecoins can be used for payments, mortgages, and settlements related to green electricity and AI computing power, thereby improving the market liquidity of green computing power assets.
Green Power RWA Multi-layer Market Design
Drawing on the model of the U.S. Treasury T-Bill, the capital market design of Green Power RWA can be divided into four layers:
The first layer is to issue green computing power RWA products in the form of traditional bonds on licensed and compliant exchanges, such as Hong Kong compliant securities firms and exchanges, or Singapore compliant licensed institutions, to complete the private placement and primary market of green computing power RWA products;
The second layer, similar to the T-Bill model, will pledge the green computing power RWA assets of the tokenized securities products issued in compliance with regulations in Singapore or Dubai, and issue the second-layer green computing power governance or platform tokens on licensed exchanges in Singapore or Dubai, forming a secondary market supported by the underlying assets of green computing power RWA, and issuing green computing power stablecoins based on the compliance framework;
The third layer, on this basis, combines ATS and offshore exchanges, combines green computing power RWA underlying assets, green computing power governance or platform tokens and stablecoins to form a green computing power liquidity pool, or expands to a green computing power RWA exchange, and continues to derive green computing power lending, insurance, futures options, TRS and other Defi products;
The fourth layer, combined with the expansion of the green computing power ecosystem, green electricity certificates REC and carbon credit assets in various industrial links and scenarios, especially combined with 2C home green computing power smart devices, issue carbon coins based on Singapore's compliance design, and serve as an intermediary bridge for the tokenization of carbon assets to connect China's carbon emission reduction CCER and Europe's carbon emission reduction CER.
3. New Financial System of Green Electric Computing Power
The underlying support for the next generation of new finance in the next twenty years will be "green electricity + computing power + DePIN", just as the underlying support for finance in the previous twenty years was "land + real estate".
At the underlying asset level, the most critical one is green electricity assets, and the energy strategy will be converted to green energy; the other is computing power assets, including mainstream AI computing power and special BTC computing power. Green electricity and computing power assets enter the distributed VA asset pool through the DePIN distribution protocol and smart devices, and other FA assets and alternative assets enter the pool through various infrastructures, side chains or DePIN technologies.
The key to DePIN’s distributed protocol and smart devices is the ability to run on-chain light nodes based on the proof of work of physical devices, thereby realizing the RWA infrastructure of the new financial system, namely BaaS (Blockchain as a Service).
Distributed VA asset pools, pooled and controllable assets are critical, and an asset Oracle mechanism is established. Then, based on the staking model, different controllable and available virtual asset pools are formed, such as virtual green power asset pools, virtual computing power asset pools, and virtual green computing power asset pools, and there are mechanisms such as node combination DAO.
The third layer, through asset pooling algorithms, dynamic pricing and liquidity trading algorithms, realizes the pooling, controllability and trustworthy asset management of green computing power assets, and further tokenizes RWA. If it is standard, it is an RWA protocol product, and if it is non-standard, it is a specific RWA investment banking service project.
On the basis of liquidity pool and liquidity trading algorithm, diversified market participants are introduced, including buyers, sellers, liquidity providers LP, market makers MM, arbitrage speculative investors, etc., to build an RWA trading market that integrates decentralized exchanges, liquidity exchange pools, and ATS dark pools.
The fourth layer, based on the green computing power RWA beneficial assets, issues equity, crypto stock and T-REITs RWA products, and continues to derive new crypto financial products based on Staking on the second layer, such as green computing power lending, options and futures, insurance, TRS synthetic assets, etc. The most important thing is to further support the issuance of green computing power stablecoins and green computing power indexes.
Finally, at the application layer, users and investors can use green computing power stablecoins and consumption cards to hold or trade green electricity certificates REC and carbon credit assets, as well as application scenarios such as smart arbitrage of household green computing power.
4. New smart devices with green computing power
Green computing power underlying assets, green computing power RWA, and the new financial system are all inseparable from the new impossible triangle of "green electricity + AI computing power + smart devices". As shown in the figure:
(The diagram shows the impossible triangle of "green electricity + AI computing power + smart devices")
In this impossible triangle of green computing power, AI computing power means larger scale (concentration) and greater energy consumption (carbon emission reduction), green electricity means greener and lower carbon, and smart device DePIN means more distributed, small-scale or even household distribution.
Here, the smart device that combines the DePIN distributed protocol and the PoGCS consensus light node will become a smart terminal node of the green computing power virtual matrix. It is the core infrastructure of green computing power distributed assets and a smart mining machine for green computing power or carbon assets. However, in the real world assets, it is a real smart device for light storage and charging. (So, have you considered what your smart device looks like?)
Green computing power smart devices, in the 2B form, may be distributed green electricity smart energy stations or smart charging piles with energy storage and computing power, and in the 2C form, may be zero-carbon household smart photovoltaic storage charging and computing integrated equipment. Smart hardware is a mining machine, and the use of green electricity computing power is mining. 2B smart devices can run or be upgraded to green computing power regional nodes or regional computing power centers, linking distributed home nodes to distributed reasoning rendering or edge computing.
Distributed zero-carbon household photovoltaic storage charging and computing integrated intelligent devices will carry more social responsibilities and grand narratives in the crypto world, AI dynamic electricity price arbitrage in the real world, computing centers for home robots and VR smart devices, and distributed green computing mining machines, AI Agents, and UBI universal basic income in the crypto world. This intelligent device can build a "rooftop photovoltaic-energy storage-charging pile-intelligent computing center-home smart robot-super space entertainment equipment", and under certain conditions, it can achieve a completely off-grid green intelligent computing ecology and zero-carbon family lifestyle. We can imagine the family intelligent robots or embodied intelligent robots shown in science fiction movies. In the future, families will need an intelligent computing center for a green lifestyle: real-time embodied intelligent computing power of home robots, local rendering of Black Myth-like game entertainment, prediction and management of home green energy and smart home appliances, AI computing of home data, consumption, health, etc.
Summarize
The impossible triangle concept of "green electricity + computing power + smart devices" builds an efficient, low-carbon, sustainable smart ecosystem by integrating green energy, AI computing power and distributed smart devices. This ecosystem can not only promote the green transformation of energy and computing, but also provide a solid foundation for future smart homes and smart communities. Through reasonable system design, innovative business models and effective financing strategies, we can turn this forward-looking concept into reality, promote the deep integration of green computing power and smart devices, and achieve a win-win situation of economic and environmental benefits.
#ARAW Always RWA Always Win! In order to promote the orderly development of the market, we plan to recruit private board partners, open a private board study camp for the practical operation of RWA project issuance, and cultivate RWA channel partners and RWA investment consultants. Business owners and young talents are welcome to contact us privately;
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This article is contributed by a contributor and does not necessarily represent the views of BlockBeats.