Global warming is one of the hottest issues in the modern world. 30 Gigatons of CO2 was released in 2016, which is the equivalent to the weight of 150 million blue whales. Only 10% of the world’s energy comes from renewable resources, with the remaining 90% being run by either burning carbon-based resources or other non-renewable sources of energy. This has contributed to being the main cause of climate change. How do we mitigate the overuse of non-renewable resources and incentivize the production of energy through renewable sources? Enter Swytch.
Swytch aims to consolidate the fragmented renewable energy incentive market through a mix of blockchain and Internet of Things [IoT] solutions. It is a collaboration between utility-scale system builders, large energy consumers and the energy finance and trading community. It aims to provide an incentive for clean energy producers and provide verifiable renewable energy data and consumption.
Producers of renewable energy are rewarded with the Swytch Energy Token [SET], an ERC20 token that will incentivize investments in renewable energy sources such as a rooftop, distributed energy, grid-scale solar installations, and wind projects. Swytch tokens can be generated wherever electricity is produced, which will create datasets by providing geo-stampable credentials. The transfer of Swytch tokens is aimed at accelerating investments and adoption in the renewable energy space.
What does Swytch offer?
Liquidity: The token offers liquidity for the credit offered by the creation of renewable energy, with the removal of artificial global barriers through the use of blockchain technology.
Accelerated investment opportunities: The Swytch ecosystem aims to revolutionize existing carbon credit system by measuring the “impact” that the generation of a unit of renewable energy has. This means that a larger impact would result in more tokens allocated.
Optimizes reward systems: Swytch aims to optimize the current administrative burden by reducing the need for third-party verification. This process is made transparent, decentralized and trustless through the power of blockchain and IoT. It aims to identify the need for a regulatory body, optimizing speed and integrity of data through the blockchain, thereby reducing transaction costs and fraud.
Swytch efficiently deploys global resources directly into the markets that require it, with the structuring of incentives allowing for the targeting of markets that require lower CO2 emissions. The platform utilizes a Dynamic Adaptive Control Module [DACM] known as Oracle which allocates tokens to reward nodes.
Swytch also utilizes a Proof of Production consensus to verify investments in renewable resources, rewarding them with tokens by using an independently verifiable algorithm. The algorithm utilizes a consortium development, governance and Machine Learning to optimize the delivery of incentives.
Benefits of Swytch:
Swytch can provide environment improved incentive programs to individuals that don’t have access to it. It also allows municipalities to create smart cities centered on local renewable energy, sustainable through the incentive programs.
It also aims to create a global standard for these programs and decentralize global power infrastructures. It also supports future applications of peer-to-peer energy trading such as real-time energy purchasing and pay as you go systems. It will also support third-party developers that build on the platform.
With the aim of identifying the maximum impact of renewable energy, Swytch may provide significant incentives for investments in developing countries. This will reduce infrastructure costs by tackling emerging markets directly.
What is the Swytch platform made of?
The Swytch platform is comprised of 4 elements.
Mobile Clients: These will act as a wallet, displaying token balances and allowing users to send and receive SET. It will require users to hold SET to access the app, and a minimum amount to gain basic access to dashboards and tracking of asset productions.
Nodes: Swytch will integrate with IoT devices and data aggregators, capturing energy production at the base. The devices will include computing devices and storage devices to hold a copy of the blockchain.
Oracle: Oracle is a dynamic adaptive control module that will determine the token allocation based on the impact of a unit of energy. This includes an estimator that provides energy production forecasts.
Verified Installers: This functions as the validation layer for the network, confirming the designs of the renewable energy setups. They are required to have registration requirements and perform master-node functions.
How is SET minted?
The Swytch Energy Token is minted through hardware validation and software that meters produced energy at the source. Users can by register devices and share metering information, upon which all energy production points will be nodes. The future of the network real-time production data sharing with millions of nodes. The variables that Swytch aims to record are total energy demand globally, the installed capacity of fossil fuel technology, total production of renewable, the value of lost load, and the greenhouse gas offset calculated through API.
10% of the total maximum supply will be sold during the sale period, with the remaining 90% being allocated over 22 years by the Oracle. The tokens’ smart contract does not have a burning mechanism. The total supply of the token is 365 million, with 120 million available in the sale. The token will have a total supply of 365 billion in 2040, at $0.5 per token. Their end of our public sale is scheduled to at 12 AM EST tonight.
AMBCrypto reached out to Evan Caron, Co-Founder of Swytch, regarding questions we had about the project.
Q: What drove you to create Swytch?
We recognized the need to create a mechanism that was able to reward individuals and companies for their impact on climate change. Blockchain, as well as emerging edge level energy technologies, make the transition to clean sustainable and renewable energy possible.
Q: What will Swytch proactively do to offset carbon emissions?
Swytch will be building the foundational technology to allow for a new data commons around energy. Leveraging the data commons, intelligent energy systems will identify attributions that generate the biggest impact toward carbon emissions and generate rewards that incentivize more of those attributions to be created.
Q: Why did you choose Ethereum? What will drive you to change the project’s platform as mentioned in the whitepaper:
“Swytch intends to capitalize on the blockchain’s evolution and improvement without being locked into any one protocol or platform”.
ETH was the choice as we started the project as it provided us with a stabilized platform to build code as well as a standardized contract specification for wallet holders. We will endeavor to continue to search for secure scalable and decentralized blockchain architecture. We have been working on a pilot project win Rchain to start looking at ways to increase the availability of data and transactions.
Q: Will you capitalize on changes in the IoT space? Is there potential for a collaboration with existing players in the space?
Yes, we recognize that the IoT landscape is rapidly changing and evolving and as the security and data layers become more robust as well as the distribution of edge level devices increase, we plan on partnering with hardware and consumer device companies to integrate directly on the device later.
Q: Will the token be sold on secondary markets? If so, are you targeting crypto exchanges or traditional over-the-counter emission token markets?
We are restricted from commenting on secondary exchange listing however we intended when we designed Swytch for the token to be freely transferred and have liquidity and price discovery in many types of market settings and platforms.
To know more about Swytch, click here.
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC]: Elon Musk reveals holding only 0.25 BTC; recommends Satoshi Nakamoto for a Nobel Prize
Co-Founder of Newly Launched ZBX Exchange Speaking at Stockholm Blockchain Forum
Bitcoin.org co-owner calls out Jack Dorsey; predicts CashApp will push censorship
Ethereum [ETH] dApp users drop as EOS and Tron dominate the market
World Blockchain STO Summit: 29 – 30 April 2019, Dubai, UAE
Bitcoin [BTC] developer Jimmy Song lists 3 reasons why Bitcoin SV [BSV] is a “scam”
Bitcoin [BTC] among cryptocurrencies enabled by new debit card launched by Australian Crypto exchange
Bitcoin [BTC]: Mt Gox redemption plan demonstrates the power of open source network, says Brock Pierce
Tron’s BitTorrent [BTT] hikes by a whopping 18%; airdrop concludes
Ripple allegedly offering attractive XRP packages as an incentive to prospective hires
- Press Release
A New Generation of Crypto-Exchange: ALL IN ONE Crypto-Exchange
- Bitcoin Cash
Bitcoin Cash [BCH] support rolled out by Coinbase custodial wallet app
Flash Hike: XRP pumps by 10% as most top-10 coins gleam green
Cryptocurrency Adoption: Institutional investors should consider cryptocurrencies, says pension and endowment adviser Cambridge Associates