Just today, NASA released their findings that the year of 2017 was the Earth’s second hottest year since global estimates became feasible back in 1880. I mention this not to espouse some global warming.propaganda or fear, but it felt like a perfect introduction to the ICO that I’m going to introduce. While many countries have taken giant leaps forward in their adoption of renewable energy (such as Germany, Sweden, and Iceland), we still have a long way to go here in the good ole’ U.S of A.
While the U.S boasts one of the world’s largest installed solar PV capacities and an installed wind energy capacity second only to China, on the whole, we still can’t seem to make the collective “switch” over to solar and wind. Billions have been spent by governments around the globe, but the lack of a standardized approach has limited the potential for widespread adoption and use. And as of 2015, only 10% of global energy consumed came from hydro, solar, and wind sources.
That’s where Swytch comes in!
According to their Medium blog, Swytch is poised to tackle several of the main issues within the renewable energy field, namely:
- The lack of a global and easily tradeable incentive mechanism
- The inability to efficiently verify and secure production data at the source
- The dearth of quality public data on where and how renewable energy is produced
So what is Swytch exactly? Swytch is a renewable energy incentive powered by blockchain technology, with the ultimate goal of creating a more sustainable and equitable future for the world. Swytch works by verifying and rewarding the production of renewable energy through the issuance of their ERC-20 token (SET). Swytch is hoping to incentive the investment in various renewable technologies, from large-scale industrial power infrastructure to small residential assets. By capturing energy production data from IoT and smart devices, as well as market aggregators, Swytch creates immutable geo-stamped proof of production and then distributes SET tokens through their “Oracle.”
There are four main components to the Swytch eco-system. The first is a mobile app that will allow users to determine their power generation and revenue potential, apply for an advance to purchase and set up their own modular/expandable solar unit, and then become contributing members to the Swytch eco-system!
The second piece of their platform is nodes. Through a proprietary blockchain built in conjunction with Berkshire Cloud, Swytch will integrate with IoT devices to capture energy production data from your equipment. Third, is the “Oracle,” which is their open source algorithm that will determine Swytch token allocation based on the impact that a given unit of energy has on offsetting carbon pollution and emission. This ensures that people utilizing renewable energy tech in areas of dire need will be rewarded greater than those utilizing a solar panel, say, in suburban Arizona. Lastly, verified installers will confirm system design and receive bounty rewards for accuracy.
Through Swytch’s renewable energy Oracle data, they aim to “give municipalities the tools and data they need to create smart cities centered on local renewable and sustainable initiatives.” Swytch is already partnered with an impressive array of companies, including The University of Cambridge, Berkshire Cloud, BTC Labs, and Atonomi, to name a few.
Their ICO sale will launch on February 15th and end on March 15th, with each SET token costing $1. Approximately 10% of their total maximum supply of 3.65 billion tokens will be sold during their public sale period.
Learn more about how you can help create a more sustainable world at www.swytch.io