The energy domain is fast changing and evolving keeping in mind the scarcity of the resources that we are currently facing and the rate at which we are abusing the traditional resources for energy production, we have to switch to more environment-friendly prospective if we are to leave something for the future generations. This will not happen until a big enough market for the renewable market is created that can compete with the traditional energy market, because the new energy market has to be able to provide the supply of the immense demands of the world's traditional energy market, bitwatt plans to include everyone and give everyone the opportunity to be part of the trading of energy supplies and make the renewable energy the profitable market it needs to take over the depleting traditional fossil fuels that are currently in scarcity and also bad for the environment.
The plan to create a trading platform enabled with the blockchain technology that would make trading simple and transparent.
THE BUSINESS SIDE OF BITWATT
The active suppliers ready to participate would obviously have to register on the bitwatt platform after providing sets of qualification and onboarding requirements. The blockchain and the algorithms are used to match and connect buyers and sellers to create a flow of electricity based on the preferences they've specified, with the smart contracts triggering the execution the payment once the payment from the buyer to seller is completed. To sustain the flawless supply of matches, the bitwatt platform will make use of the blockchain to enable sharing of real-time consumption data by creating a smart response program.
The proposed benefits that will brought by bitwatt are-
- Scalability
- Increasing the speed of transactions
TECHNICAL BACK END OF BITWATT
Ethereum blockchain connected applications are built on truffle, to be used for compiling built-in the smart contract for linking and management, managing networks for many public and private networks.
THE BITWATT TOKEN (BWT)
The foundation for all operation on the bitwatt platform is the BWT token. With the total supply being 400,000,000 BWT. 1 BWT token will represent a transferable token equivalent to 1kWh, disregarding the geography or supplier, the token will be used for paying electricity.
The uses for BWT being-
- Payments for the services offered and products
- The settlement between produced and consumed energy for prosumers. Producers of energy also consume it by being part of the grid so we are balancing their consumption based on how much they pump in the grid against how much they take out
ICO
BWt hard cap- 36,000,000 USD
Minimum cap- 30,000,000 USD
Exchange rate- 1kWh= 0.12$
WHERE WILL THE RAISED FUNDING BE INVESTED
55% of funds will be used for expansion and marketing purposes
30% of funds will be used for software development
15% of raised funds will be used for integration with already existing, traditional platforms
THE PRODUCTS AND SERVICES THAT BITWATT WILL OFFER
With human error and administrative costs with such trading, by providing accurate billing and access to full billing history would then increase customer confidence.
By attaching a credit card to each consumer's account would make debt collection for energy suppliers from defaulters easier.
Leveraging of energy storage is another feature which the users can use the app for trading like buying when it's cheap and selling when the prices are high.
the number of features that the team of bitwatt is offering makes the trade of energy a very simple and secure transaction where multiple methods of trading can be employed as per the consumer or seller's needs. The kind of innovative and appealing market space that they plan to create would really increase the market presence of the clean energy drive initiative and they will be the frontrunners in the campaign.
Website – https://www.bittwatt.com/
Whitepaper – https://www.bittwatt.com/static/files/Bittwatt-Whitepaper.pdf
Join Bounty – https://bountyhive.io/join/Bittwatt
Published by – dannywhelan
Profile - https://bitcointalk.org/index.php?action=profile;u=1606458