Swytch is a blockchain-based clean energy incentive from the US which has recently announced their partnership with Energy2market (e2m), a German energy trading group. They will together pilot an initial coin offering (ICO), which is a token allocation project for companies and people that reduce carbon emissions.
The Swytch blockchain platform can track and verify the global levels of C02 emissions and the impact of actions which try to reduce them, as well as sustainability efforts.
Swytch can test versions of the data flow, estimators, blockchain, token allocation models, dashboard, and other important parts in the platform. The program will cover enough power to be used in 500,000 homes by gathering 3.5Gw energy capacity in Germany with solar, wind, hydro and biogas energy.
The platform uses an open-source “Oracle”, AI and machine learning to estimate how much carbon is reduced and how many Swytch tokens to be awarded. By producing renewable energy, companies and people can receive Swytch tokens.
Unlocking Valuable Renewable Energy Assets in Europe
According to the German energy trading group Energy2Market, this project will surely attract large energy producers, wrote CEO of Energy2market, Andreas Keil:
“We firmly believe that blockchain technology can be used to unlock long-term value for Europe’s renewable energy assets. Today, renewable energy represents 32 percent of the total energy market in Germany, but we have a goal of reaching 70 percent by 2050. We need to prepare for the future and identify new subsidy instruments and trading mechanism.”
Evan Caron, managing director and co-founder of Swytch, added that:
“Just as blockchain is applicable to supply chain management and verification of physical assets, it is also beneficial for recording and tracking environmental attributions.”
He concludes that this initiative will reduce fraud and administrative costs, but it will also make people adopt renewable energy:
“When compared to existing programs this will drastically reduce fraud and administrative costs as well as open up incentive mechanisms to residential properties, which are the key to accelerated adoption of renewables. This positions Swytch as a central player in the global grassroots movement to reduce carbon emissions.”
The public token sale started at the beginning of June, will run until 11 July, and is limited to non-US investors.
Fergus Reynolds joined Crypto Daily Gazette as managing editor in January of 2018 and is helping to lead the digital media startup’s next phase of expansion. A veteran business journalist with more than 10 years experience economics, Fergus has published content for Huff Post and Buzz Fee and was among the earliest journalists covering bitcoin and the innovations it later inspired. Fergus tells us he has “several” bitcoins.