The rapidly growing world energy use has already raised concerns over supply difficulties, exhaustion of energy resources and heavy environmental impacts (ozone layer depletion, global warming, climate change, etc.). The global contribution from buildings towards energy consumption, both residential and commercial, has steadily increased reaching figures between 20% and 40% in developed countries and has exceeded the other major sectors: industrial and transportation. Growth in population, increasing demand for building services and comfort levels, together with the rise in time spent inside buildings, assure the upward trend in energy demand will continue in the future.
Despite electricity exchange being regulated in nearly all of the world’s countries, in real-world situations what we see are the buildup of significant latencies. Case in point:
- Energy exchanges between traders and suppliers take days for validation and completion to be completed.
- There is no market for smart-consumers from where they can transact unused energy supplies.
- Electricity consumption from suppliers is done with a latency of at least 15 days.
- End-consumers must wait at least 15 days to change energy suppliers.
For this reason, energy efficiency in buildings is today a prime objective for energy policy at regional, national and international levels which actually brought about the emerging of a technological innovative platform known as "Bittwatt" which is blockchain enabled.
What is Bittwatt?
Bittwatt is a platform that brings together all market participants and provides standard protocols for the exchange of relevant business information. while creating a decentralized service for energy supply, compilation, and account balancing by building a smart, flexible system that makes the most of all energy sources and enables them to exceed customers’ needs in a balanced and financially efficient ecosystem that learns and evolves.
How it works
Producers, suppliers, grid operators and consumers must register on the platform based on acceptable KYC criteria. The match between offers and requests is to be met through smart contracts that operate on the basis of individually defined rules (e.g. specifications as per quantity, type, price, and so on). The flow of electricity is then automatically coded into the blockchain and algorithms match buyers and sellers in real time base on their predetermined set of preferences. Finally, smart contracts execute when electricity is delivered, thus triggering the payment from the buyer to seller.
Bittwatt offers the following to ensure that the demand for generation is continuously and flawlessly matched:
- Enable the possibility of sharing consumption data in real time across the blockchain (creating an intelligent system).
- Removal of a central record keeper and verification.
- Integrate an intelligent response to the needs of programmes in which the consumer can take part by selling his
unused electricity in peak price periods to reduce the pressure on the grid (which) actually causes high prices. - Cost reduction in comparison with other energy transfer systems.
- Improves Transaction speed
- Make use of a highly reliable system that will be able to match demand with supply in real-time, based on the criteria set by each party.
Bittwatt Coin General Information
Name: BWT Coin
Symbol: BWT
Platform: Ethereal
Total volume of coin: 400,000,000 BWT
The Bittwatt coin sale goal is the equivalent of $30,400,000
The minimum funding goal is the equivalent of $25,300,000.00(soft cap)
Pre ICO was a ground success as the team raised $10,800,000 in less than 5days
Coins Public Sale Schedule:
Pre-Ico March 18th–March 22nd 90,000,000 Tokens Sold out
ICO PHASE 1 April 1st - April 15th 26,500,000(20% discount)
ICO PHASE 2 April 15th - April 29th 28,156,250 (15% discount)
ICO PHASE 3 April 29th – May 13th 29,812,500 (10% discount)
ICO PHASE 4 May 13th – May 27th 33,125,500 (0% discount)
PROCEEDINGS OF FUNDS
The funds raised during the contribution period will be used solely for the development and further product design and marketing of Bittwatt as detailed in the following:
- 55% (approximately $13,750,000.00) of funds will be used for expansion and marketing purposes.
- 30% (approximately $7,500,000.00) of funds will be used for software development.
- 15% (approximately $3,750,000.00) of raised funds will be used for integration with already existing, traditional platforms.
Roadmap:
Conclusion
There would be a massive reduction in the cost of energy consumption compared to the old existing cost of energy.
LINKS:
Website: https://bittwatt.com/
JOIN Bounty Campaign: https://bountyhive.io/r/Simplibaba
Bountyhive Username- Simplibaba