Decentralized platform incentivizing the development of renewable energy sources
Jun. 12, 2018
Jul. 12, 2018
Starts in 21 days
The problem of switching from limited fossil fuels to alternative renewable energy sources is still here and mankind will have to resolve it this or that way. And we shouldn’t forget that the fossil fuels consumption keeps polluting the atmosphere with harmful CO2. At the same time there are several issues preventing adoption of alternative energy sources:
– No methods to verify renewable energy production data in real-time.
– Not enough global incentive mechanisms to drive switching to renewable energy.
– A lack of quality public data about renewable energy sources and the market itself to engage potential investors.
– Outdated tax schemes that complicate adding renewable energy to existing utility grids.
Swytch is trying to resolve these problems by building a decentralized blockchain-based platform to verify and reward renewable energy producers with tokens. Those investors and energy producers that develop renewable energy sources in the regions where C02 emissions are high or power generation is low will be rewarded with more tokens. This process will be driven by an open-source dynamic adaptive control module (DACM) built to simplify the renewable energy adoption. The Swytch platform will significantly lower the cost of incentive program by eliminating current high administrative payments and intermediaries.
Their ERC-20-based utility token called SET will leverage Proof of Production consensus to verify and incentivize transactions and investments into the renewable energy productions of all sizes – from small local ones to large industrial enterprises. The tokens can be exchanged to fiat, other cryptocurrencies, or reinvested into new renewable energy projects, and therefore driving the renewable energy market worldwide. The token distribution: 55% – sale, 15% – team, 14% – foundation, 10% – grants and energy partnerships, 3% – token commons project funds,
3% – bounties/affiliates.
Swytch was founded by Dr. John H. Clippinger, entrepreneur, author and cofounder of the Law Lab at the Berkman Klein Center at Harvard Law School and a research scientist at MIT Media Lab specializing in secure trust frameworks. The team consists of 10 specialists including one blockchain developer, two full stack developers, a designer, and the rest team members are professionals in business management. From our point of view, it’s a lack of developing personnel, though in general the team looks very professional. At the same time they have 13 people in the advisory board.
Though the power market is highly competitive nowadays and is supported by large corporations, Swytch has offered an excellent idea of changing incentives for investors to encourage them to develop renewable energy sources in the territories with a lack of traditional energy. Moreover, they have already established multiple partnerships on places. If the idea works, it will show governments that this business is seriously growing and therefore the authorities will have to support it. Swytch looks as a project that is more positive in a long-term perspective than a short-term one.
The renewable energy sources are undoubtedly our future. Swytch is making a large step towards this future by developing a decentralized platform resolving some of the problems in the market we have nowadays.
The cost of renewable energy is now competitive with fossil fuels. However, significant barriers remain on the path to 100% clean, renewable energy, including:
With CO2 emissions still on the rise, we believe additional incentives are needed to accelerate the tipping point.
Enter Swytch, a blockchain-based platform that verifies renewable energy production at the source, rewarding producers with ERC20-compliant tokens that can be cashed in for fiat or digital currencies, or used to invest in new renewable energy projects around the globe.
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