Bitlumens was created to bring off-grid electricity from renewable sources to people in Latin America and other parts of the world. It intends to do this by leveraging on Internet of Things and the Blockchain. Let’s start from the beginning, shall we?
WHAT IS BITLUMENS?
As said earlier, Bitlumens was created to provide electricity through renewable sources to women in rural villages. This can be done by leveraging Internet of Things (IoT) and Blockchain. People (particularly wom-en) will be able to enjoy electricity to use their electronic appliances and water their crops by using a combination of Bitlumens and Solar technology.
HOW DOES THIS WORK, YOU ASK?
Women will have the opportunity of leasing Bitlumens hardware and pay in instalment with BLS tokens. What this mean is that, they can build a credit score which will lead to financial inclusion and poverty alle-viation.
Furthermore, members of the family will be able to purchase tokens to send a remittance. This is ex-pected to cover the expense for the machine. In other words, the water and electricity bill will be covered. Also, the platform allows women become carbon credit issuer by quantifying carbon mitigation and par-ticulate carbon reduction.
The platform has already covered a lot of grounds. However, they still have other significant milestones. Some of them are listed below;
• One hundred off grid solar devices are expected to be deployed by the end of April 2018.
• The addition of the software to run the hardware using tokens by the end of May.
• Carbon and black carbon mitigation are supposed to be tracked through Iota.
• Addition of solar pumps to the hardware ecosystem.
PROBLEM BITLUMENS SOLVE
The developers of Bitlumens seek to solve the problem of electricity by offering a peer to peer platform where users will be able to access off-grid Solar Home Systems. What this does is that, it reduces carbon emission. In addition to this, it offers electricity to places that have no power grid.
Users will be able to lease Solar Home Systems through an install mental payment of Bitlumens to create a measurable social and environmental impact.
Through the use of Bitlumens, remote villages will be able to enjoy solar energy and reduce CO2 emission into the atmosphere. Consequently reducing the health and environmental hazard associated with the gas.
That means, no more kerosene lamps, plastic, diesel, biomass and bio-fuel. It also effectively saves cost on lighting and irrigation. Consequently leading to an increased savings for farmers in rural areas. This digi-tal platform offers low resource households an opportunity to enjoy off-grid smart energy solution which is managed by consensus.
Basically, Bitlumens contributes to the United Nation’s Sustainable Development Goals (SDG) by;
• Creating an affordable and clean energy
• Creating sustainable cities and communities
• Providing good health and well-being
• Contributing to gender equality and climate action
You can read the details of how the Solar Home System (SHS) works in the Bitlumens Whitepaper. Now, let’s talk about the reason you’re reading this article.
THE BLS TOKEN
The BLS token is an ERC20 utility token which aims to create social and environmental transformation. Please note that all proceeds are expected to be used in supporting the development of the software and MVPs that are currently placed in Guatemala.
Even though the token does not represent equity, it can easily be seen as a loyalty token that was creat-ed to allow investors show their affiliations with the project, and support it too.
BLS TOKEN DISTRIBUTION
Theses utility tokens are expected to be distributed in phases. The first phase starts on the 1st of June, 2018 and ends on the 28th of June at midnight (CET). The maximum supply of token is 15 million BLS To-kens are offered at the Initial Coin Offering at 1.5BLS per USD. A total of 10 Million USD to 12.5 Million USD is expected to be raised if all the 15 million BLS tokens are sold during the event.
Please note that participants will be able to purchase this token using ETH or fiat currencies. The team be-hind the platform wanted to make it easy for anyone to partake in the ICO through the use of fiat curren-cy.
The event which is expected to start on the 1st of June is divided into four periods based on the price of the tokens.
• Day 1, participants buy for 1.5 BLS per USD
• Day 2-7, participants buy for 1.4 BLS per USD
• Day 8-14, participants buy for 1.3 BLS per USD
• Day 15-28, participants buy for 1.2 BLS per USD
The soft cap foot the Initial Coin Offering is $1 Million, However, the event will end early only after 15 Mil-lion BLS tokens have been sold. This total amount is based on the projected investment and funding that is needed for a period of three years.
TOKEN ALLOCATION
The total tokens supplied is capped at 50,000,000 and the smallest denomination available is 0.0001. This means, the 15 Million BLS token that is expected to be used during the ICO is only 30 percent of the total.
Another 25 percent will be held by Bitlumens to prove liquidity to the secondary market. In addition to this, the team and advisors will be allocated 11.5 Million (23 percent) BLS tokens and 10 Million (20 percent) BLS will be allocated to private placement.
Finally, one million BLS token, which is 2 percent of the total supply will be allocated foot bounty services. You have to be wondering how the developers intend to distribute the money raised from the Initial Coin Offering, right.
DISTRIBUTION OF FUNDS
Naturally, a largest percentage of the fund will be used for hardware. Thirty-five percent of the fund raised from the Bitlumens ICO will be used for the solar hardware that are to be rented and another 35 percent will be used for the payment of wages.
Twenty percent of the funds will be allocated to the development of software’s and the legal team will receive 2 percent. Finally, the remaining 6 percent goes to marketing and PR.
ON A FINAL NOTE
The aim of Bitlumens is simple, to offer renewable energy at the cheapest price possible through the use of Blockchain and Internet of Things (Iota). And the team has already started taking steps to make this project a reality. It starts with an Initial Coin Offering.
Eventually, the project is expected to advance to the stage of the deployment of 100 off-grid solar devic-es. There are already agents undergoing training on how to distribute these devices. Furthermore, the developers are deploying Iota that’ll help in tracking carbon and black carbon emission.
Source
Website: https://www.bitlumens.com/
Whitepaper: https://www.bitlumens.com/assets/bitlumensdata/White%20Paper%20Feb%202018.pdf
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Authored by: gbenga88
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