diff --git a/applications/AsiaREC_Hourly_Matching .md b/applications/AsiaREC_Hourly_Matching .md new file mode 100644 index 00000000000..fb64990e3a0 --- /dev/null +++ b/applications/AsiaREC_Hourly_Matching .md @@ -0,0 +1,201 @@ +# AsiaREC Hourly Matching and Trading Platform + + +- **Team Name:** AsiaREC Limited + +- **Payment Details:** 13sSPVKmPe9aJLMnTWQeucbj7rP8zy53qwsWawbiZ7ZEbo7o + - **DOT**: For the **DOT** 13sSPVKmPe9aJLMnTWQeucbj7rP8zy53qwsWawbiZ7ZEbo7o. + - **Payment**: For the **USDC** 13sSPVKmPe9aJLMnTWQeucbj7rP8zy53qwsWawbiZ7ZEbo7o + +> [!IMPORTANT] +> *The combination of your GitHub account submitting the application and the payment address above will be your unique identifier during the program. Please keep them safe.* + +## Project Overview :page_facing_up: + +### Overview + +- This project is going to Build a bridge between China’s clean energy market and global standards using blockchain-based hourly-matched RECs. +- The target of the project is developing a core business closed-loop of "Green Certificate Registration - Hourly Matching - Trading & Transfer - Evidence Storage - Cancellation" within the Polkadot ecosystem, Use the DOT token to pay for network fees generated by actions such as registration, trading, transfer, and cancellation. +- Develop application and deploy as a set of smart contracts on Hub during MVP Validation Period, and initially register as a parathread, Both of them need to be intergrated in Polkadot(XCM,Parathread etc) +- Key advantages of Polkadot for a carbon asset registry include: Native Interoperability and Breaking Down Data Silos. XCM protocol allows parachains to exchange messages and data seamlessly, securely, and without the need for trust.Establishing a strong, decentralized network of validators is a highly expensive and lengthy process for a new chain built specifically for carbon asset registration. Polkadot's shared security model provides 'plug-and-play' access to top-level security—this is essential for financial and environmental assets requiring utmost credibility. + + +### Project Details + +We expect the teams to already have a solid idea about your project's expected final state. Therefore, we ask the teams to submit (where relevant): + +- Adopt simplified UI specifications, adapt to mainstream browsers like Chrome, Edge, Safari, maintain unified page style (e.g., buttons, form layouts), focus on operational process simplicity + +#### Data Interface Platform +1. API Interface Management +- Provide standardized RESTful APIs: API for generation devices to report generation data, API for consumption devices to report consumption data, define JSON data format (including device ID, timestamp, electricity value). +- Fixed interface keys (assign a unique key to each device, no dynamic rotation needed), provide simplified API documentation (including request examples, error code descriptions), built-in basic interface testing function (simulate sending test data). +2. Data Validation and Cleaning +- Format Validation: Check field completeness of API reported data (e.g., presence of device ID, timestamp), correctness of data types (e.g., electricity value is numeric), return prompts for format errors. +- Logic Validation: Judge data reasonability based on device type (e.g., PV device night generation should be 0, mark as "Abnormal" if beyond reasonable range), missing data requires manual supplementation, no AI repair needed. +- Backend Development: Spring Boot (Java) - High development efficiency, mature ecosystem, facilitates quick integration with Polkadot API +Frontend Development: Vue.js + Element UI - Concise components, suitable for quickly building simplified Web interfaces +Database: MySQL 8.0 (Primary Data), Redis 7.0 - MySQL supports transactions, Redis used for caching frequently accessed data +Blockchain: Polkadot Ecosystem(Westend, Parathread etc), @polkadot/api - Testnet is free, API library supports basic on-chain/query functions +Payment Integration: Alipay Sandbox SDK, Polkadot.js Wallet - suitable for functional verification +Deployment & Ops: Single Linux Server, Shell Monitoring Scripts - Lightweight deployment, reduces operational complexity +#### Core Business Processing System (Focus on Closed-loop Verification) +1. Green Certificate Registration Engine +- Receive cleaned power generation data pushed by the data interface platform, generate hourly green certificates according to EnergyTag Configuration 3 standards (including unique certificate number, electricity amount, type, generation time). +- Simplify the on-chain strategy to "Daily Batch On-chain" (summarize the previous day's certificate data and submit it to the Polkadot testnet daily at midnight), no distributed lock needed, certificate inventory only records basic status (Not Listed / Listed / Traded). +2. Matching Calculation Engine +- Execute matching based on the basic rule of "Hourly Time Alignment + Take the Minimum of Generation and Consumption", only process matching between traded certificates and corresponding consumption data. +- Simplify edge scenario handling: Only cover common exceptions like missing data (marked as "To Be Supplemented"), zero generation (PV at night), handle abnormal records manually. +3. Blockchain Evidence Storage Core (Polkadot Ecosystem Adaptation) +Connect to the Polkadot ecosystem, implement basic functions via the @polkadot/api library: +- Data On-chain: Calculate the SHA-256 hash of data to be stored (certificates, transactions, matching reports), submit it to the Polkadot chain and record the transaction ID. +- Evidence Query: Query on-chain evidence records (hash value, on-chain time) by business ID (e.g., certificate number, order number). +- No high concurrency adaptation needed, support less than 10 on-chain/query requests per second. +4. Business Data Middle Platform +- Aggregate data from core modules (client operation records, certificate data, matching results), establish a simplified data model, only retain key association fields (e.g., association between certificate and generation device ID). +- Simplify data consistency check to "Local Hash Comparison" (e.g., if the local hash of certificate data matches the on-chain hash, it is deemed compliant), no cross-chain data processing needed. +#### Core Functional Module Design +1. Power Generation Enterprise Client +- Enterprise Information Management: Maintain basic enterprise information (name, nature), upload core qualification documents (e.g., Electric Power Business License), support information modification and viewing. +- Metering Data Management: View hourly generation data from generation metering devices in real-time (filterable by device/date), support manual upload of historical generation data in Excel format (with data validation, e.g., format error prompts). +- Green Certificate Trading Management: Publish green certificate listing information (select time period, set unit price, minimum purchase quantity), view listing review status (Pending Review / Approved / Rejected), manage transaction orders (Confirm Transaction / Reject Transaction, track order status). +- Evidence Storage and Reporting: View hourly green certificate generation records (certificate number, electricity amount, generation time), query evidence storage vouchers on the Polkadot chain for certificates and transaction records (including hash value, on-chain time), view basic matching reports (daily/weekly cycles). +2. Electricity Consumption Enterprise Client +- Enterprise Information Management: Maintain basic enterprise information (industry type, annual electricity consumption), register electricity consumption production lines and metering devices, support information viewing and modification. +- Metering Data Management: View hourly electricity consumption data from consumption metering devices in real-time (filterable by production line/date), view enterprise-level hourly electricity consumption summary data. +- Green Certificate Trading Management: Filter listing information by certificate type, time period, price, initiate green certificate purchases (select purchase quantity, generate order), track order status (Pending Confirmation / Completed / Canceled). +- Evidence Storage and Reporting: View matching reports (including total electricity consumption, matched amount, matching rate), verify the authenticity of the report's Polkadot chain evidence storage (query hash by inputting report number). +- Our first pilot was completed in May 2025 with Wanhua, ShanDong province, and a second completed in August 2025 with Midea (both large SOEs), Guangdong province, based on EnergyTag standard to issue timestamped, verifiable certificates under Configuration 3 of the EnergyTag standard. AsiaREC enables Chinese RECs (GECs) to be layered with hourly generation and consumption data, increasing transparency, trust, and Carbon Border Adjustment Mechanism (CBAM) readiness. + +### Ecosystem Fit + +Help us locate your project in the Polkadot/Substrate/Kusama landscape and what problems it tries to solve by answering each of these questions: + +- AsiaREC sits at the intersection of public chain infrastructure, climate data, and cross-border compliance tooling. Our pilot bridges the opaque Chinese clean energy data systems with the transparent, public infrastructure that ecosystems like Polkadot offer. The application will be building on hub and bring an Energy Tag accredited solution to the Polkadot ecosystem. This project focus on developing a core business closed-loop of "Green Certificate Registration - Hourly Matching - Trading & Transfer - Evidence Storage - Cancellation" within the Polkadot ecosystem. Use the DOT token to pay for network fees generated by actions such as registration, trading, transfer, and cancellation. +- The target users of AsiaREC are: Energy consumers (e.g., multinationals with factories in China), Power generators, Carbon market infrastructure builders, Developers building ESG/impact verification dApps, Governments and ESG auditors seeking verifiable energy data. +- AsiaREC meets the following needs for the above users: +- Power consumers: allows them to track and offset their energy consumption on an hourly basis, giving them insights to adjust operations to reduce their carbon footprint. This will also allow them to meet the reporting requirements and significantly reduce costs imposed on them by regulations like CBAM and national ETS. +- Power Generators: hourly matched GCs give them power generators incentives to supply renewable energy during the horse when the grid needs it the most, because if they are able to generate GCs during hours they are needed the most, supply & demand will cause the price to increase. Power generators are also dealing with intermittency and volatile power prices, sometimes negative. So a robust certificate market will allow them to cover costs and become economically viable without the government subsidies. +- Carbon Market Infrastructure Builders: will be able to use our data to make critical decisions that continue to drive decarbonization of the grid. +This also has the potential to act as a tool for governments and regulatory bodies to directly monitor the progress and compliance to their regulations. Organizations like the EU to enforce CBAM and RE100. +- How did you identify these needs? Please provide evidence in the form of (scientific) articles, forum discussions, case studies, or raw data. +- There are no other projects doing this in the Polkadot ecosystem. + +## Team :busts_in_silhouette: + +> [!IMPORTANT] +> Please note that the data provided in this section is for administrative and informational purposes only. All beneficiaries of a grant must also be listed in the KYC/KYB process during the application phase. See our [FAQ](https://grants.web3.foundation/docs/faq#what-is-kyckyb-and-why-do-i-have-to-provide-this-data) for more info. + +### Team members + +- Jeff Huang, Founder: Jeff is the founder of both AEX & AsiaREC, having worked 15 years in cross-border M&A, joint ventures, and the US futures exchanges like ICE, CCX, and NYSE. +- Sam Greenwood, Interim CEO: transitioned into web 3 during his MBA at HKU ('21), after working for Rio Tinto in government relations. Post MBA he has worked as a product manager and consultant in blockchain. +- Derek Meng, CTO: Mr. Meng worked at the Dalian Commodity Exchange, focusing on specialized business tasks for the trading system. And Experienced in crypto, green energy marketing. +- Qian Wu CSO: Ms Qian Wu is Partner in Oliver Wyman’s Beijing office, with 20 years consulting experience in climate change and sustainability. She is specialised in corporate net zero strategy, clean-tech investment and supply chain resilience. +- Ajax Wong, PM: Mr.Wong has over 10 years of experience in IT system development, having led the construction of multiple financial trading platforms; practical experience in large-scale distributed high-availability technical architectures based on SOA; excellent professional skills, including distributed services such as Dubbo, OOD&P, software architecture, programming languages, commonly used large-scale databases, and mainstream operating systems; extensive experience in software development management, with research in technologies such as .NET, Java, GIS, iOS, and Android; familiar with current cloud computing and big data technologies like Hadoop. + +### Contact + +- **Contact Name:** Derek Meng +- **Contact Email:** dmeng@asiarec.org +- **Website:** www.asiarec.org + +### Legal Structure + +- **Registered Address:** RM A, 12/F, 300 LOCKHART ROAD , Wan Chai, Hong Kong +- **Registered Legal Entity:** AsiaREC Limited + +### Team's experience + +The team has deep experience and expertise in the carbon markets, sustainability, and blockchain space. Jeff Huang, has been working at globally leading carbon exchanges including the Chicago Climate Exchange, Intercontinental Exchange (ICE) and is a national thought leader within carbon & power markets in China. Derek has developed trading infrastructure, which will be critical for the trading of the GCs through his time working at Dalian Futures Exchange. Qian has over 20 years experience working in global carbon markets contributing to the establishment and implementation of the various carbon initiatives through her role as a consultant and expert. Sam has completed various web 3 projects as a product manager and consultant including, a web credential verification system, NFT loyalty platform, and interoperability bridge to name a few. +We are also partnering up with Granular Energy, an Energy Tag accredited registry that has a production grade solution. AsiaREC will customize their solution for the China market and deploy it in Polkadot ecosystem. This will give Polkadot the first Energy Tag accredited solution for the China market + +### Team Code Repos + +N/A + +Please also provide the GitHub accounts of all team members. If they contain no activity, references to projects hosted elsewhere or live are also fine. + +N/A + +### Team LinkedIn Profiles (if available) + +- Jeff Huang: +https://www.linkedin.com/in/jeffhuangcarbon +- Sam Greenwood: +https://www.linkedin.com/in/samuelgreenwoodhk +- Qian Wu +https://www.linkedin.com/in/wuqian/ + + +## Development Status :open_book: + +If you've already started implementing your project or it is part of a larger repository, please provide a link and a description of the code here. In any case, please provide some documentation on the research and other work you have conducted before applying. This could be: + +N/A + +## Development Roadmap :nut_and_bolt: + +This section should break the development roadmap down into milestones and deliverables. To assist you in defining it, we have created a document with examples for some grant categories [here](../docs/Support%20Docs/grant_guidelines_per_category.md). Since these will be part of the agreement, it helps to describe *the functionality we should expect in as much detail as possible*, plus how we can verify and test that functionality. Whenever milestones are delivered, we refer to this document to ensure that everything has been delivered as expected. + +Below we provide an **example roadmap**. In the descriptions, it should be clear how your project is related to Substrate, Kusama or Polkadot. We *recommend* that teams structure their roadmap as 1 milestone ≈ 1 month. + +> [!CAUTION] +> If any of your deliverables are based on somebody else's work, make sure you work and publish *under the terms of the license* of the respective project and that you **highlight this fact in your milestone documentation** and in the source code if applicable! **Projects that submit other people's work without proper attribution will be immediately terminated.** + +### Overview + +- **Total Estimated Duration:** Duration of the whole project (e.g. 2 months) +- **Full-Time Equivalent (FTE):** Average number of full-time employees working on the project throughout its duration (see [Wikipedia](https://en.wikipedia.org/wiki/Full-time_equivalent), e.g. 2 FTE) +- **Total Costs:** Requested amount in USD for the whole project (e.g. 12,000 USD). Note that the acceptance criteria and additional benefits vary depending on the [level](../README.md#level_slider-levels) of funding requested. +- **DOT %:** Percentage of Total Costs to be paid in (vested) DOT (≥ 50%) + +### Milestone 1 — Product Development + +- **Estimated duration:** 2 ~ 3 month +- **FTE:** 8 ~ 10 +- **Costs:** 83,000 USD + + +| Phase | Deliverable | Specification | +| -----: | ----------- | ------------- | +| **Requirements Analysis & Design** | Requirements Specification, API Design Document, Database ER Diagram| Detail functional points of each module, output design documents (API documentation, database model). | +| **Core Module Development** | Runnable code version (including frontend, backend)| Develop core modules including client, platform management end, core business processing system. | +| **Testing & Optimization** | Test Report, Bug Fix List| Functional testing (verify process closed-loop), Polkadot chain integration testing, Bug fixing.| +| **Pilot Verification** | Pilot Verification Report, Function Optimization Record | Deploy test environment, user testing, collect feedback| + +### Milestone 2 — Pilot Project Execution + +- **Estimated Duration:** 1 month +- **FTE:** 2 +- **Costs:** 15,000 USD + +| Number | Deliverable | Specification | +| -----: | ----------- | ------------- | +| 1. | Pilot Project Execution | AsiaREC will execute 5-10 pilot projects with strategic partners to establish an 'APAC Granular Certificate Alliance' that will promote the Energy Tag Standard in Asia. We will also engage policy makers in China and the EU to audit our product & pilots and adopt AsaiREC as an acceptable tracking system to meet regulatory obligations. | + + +## Future Plans + +the APAC GC Alliance and eventually become self-sustaining through our revenue model of registry fees (ie. annual account, issuance/matching, and retirement fees). The current grants and funding schemes we are taking advantage of are the following: +Cyberport Incubation Program: https://www.cyberport.hk/en/entrepreneurship/cyberport_incubation_programme/ +Green Fintech PoC Program: https://greenfintechpoc.cyberport.hk/ +Web3 PoC Program: https://www.web3poc.cyberport.hk/ +PolyU’s International Future Challenge: https://www.polyu.edu.hk/kteo/entrepreneurship/international-future-challenge/?sc_lang=en + +To give you an idea of previous pilots that we have completed, please see our write up on the Wanhau Case study ( https://energytag.org/projects/china-first-hourly-matched-pilot/ ) and the Midea Case study ( https://energytag.org/projects/china-first-hourly-matched-ppa/ ). We plan on running multiple pilots like these cited above on the MVP that we build on Polkadot. Each pilot will be highlighted by strategic partners globally and domestically in the China market. Eventually we will partner with large SOEs and become accredited by Energy Tag so that we have international recognition and can be promoted by industry leaders like RE100 and GHG Protocol. We also plan to do a large marketing campaign around the COP 30 conference. We believe the best way to gain market adoption is through continuing to run these pilots and educate the market on the benefit of GCs. Through these pilots AsiaREC will form a GC Alliance that is committed to growing the adoption of GC tracking across the Greater China region. These SOEs and AsiaREC users have a strong incentive to promote GCs because it will act as a tool to reduce the costs imposed on them by CBAM and other regulatory requirements. + +Our long term plan is to establish AsiaREC as a neutral GC registry for all of Asia through establishing a cross industry GC Alliance. This will act as a Polkadot-powered trust layer for clean energy markets in APAC and support China's clean energy exporters in meeting global requirements like CBAM, GHG Protocol, and RE100. We believe AsiaREC will help Hong Kong turn into a global carbon markets hub and the government will increasingly support us as we continue to make progress. Eventually we will need to trade these Granular Certificates and even set up a futures market for them, similar to the GC Trading Alliance in the US. + +In the longer term, Within polkadot ecosystem, we plan to launch our own tokenized market for standardized Granular Certificates (GCs), enabling efficient trading, settlement, and liquidity provisioning across Asia. This token will serve as the foundation for scaling the China REC market and integrating it with regional and global REC markets. + +## Referral Program (optional) :moneybag: + +You can find more information about the program [here](https://grants.web3.foundation/docs/referral-program). + +- **Referrer:** Polkaport East, (Max Rebol) +- **Payment Address:** Polkadot/Kusama (USDC) payment address. Please also specify the currency. (e.g. 15oF4... (USDC)) + +## Additional Information :heavy_plus_sign: + +**How did you hear about the Grants Program?** Personal recommendation from the PolkaPort East team.