At its most basic level, Swytch Token will provide an incentive for clean energy producers and fills a gap in today’s market for verified renewable energy data and consumption. Swytch will use open source applications, protocols, and algorithms to verify and reward investments in renewable resources worldwide. The reward will be in the form of an ERC20 compliant token that aims to incentivize investments in a wide range of renewable and sustainable assets and infrastructure (rooftop solar, distributed utility solar, grid scale solar projects, wind projects, storage systems, etc.).
From large-scale industrial power infrastructure to small residential assets, Swytch Tokens can be generated anywhere electricity is produced and consumed. Swytch will provide geo-stamped credentials for production of renewable and sustainable technologies which will serve to create invaluable data sets capturing production information and driving adoption of renewables where future production will have the most impact. Furthermore, the generation and transfer of Swytch Tokens will accelerate investments in and adoption of renewable and sustainable technologies by rewarding production and creating a network in which those rewards can be exchanged.
The Swytch team is partnering with organizations and vendors to bring both producers and consumers together within the Swytch network. However, the true value of the Swytch Token and platform will be created by the network itself with producers, consumers, and market makers working together to build a community of renewable energy advocates and a market for Swytch Tokens. The Swytch team will continue to facilitate network scaling and engagement and will facilitate the core pieces of the platform remaining open to network participants so that they may take on a significant role in advancing the future success of Swytch.
Lastly, Swytch also provides a new consensus and data validation protocol that we refer to as Proof of Production (“POP”). This will include a hybrid permissioned/public blockchain to capture evidence directly off the devices to run through an “oracle”. The “oracle” is itself a novel technology, built to be open-sourced, that will allocate Swytch Tokens based on sophisticated algorithms employing machine learning and artificial intelligence capabilities.
The Swytch mission is to accelerate a sustainable and equitable energy future. Swytch will endeavor to provide a decentralized, open, and resilient infrastructure for the verified generation of renewable energy and exchange of tokens of value and trust. Whether by forming partnerships with cities to use Swytch Tokens as the basis for their local sustainability programs or by building a consortium to drive innovation and development of better energy data sources and token allocation algorithms, Swytch aims to be the platform through which smarter sustainable actions are identified and incentivized.
We will reach our goals by the following principals:
1. Develop a new ecosystem that encourages use and production of usable renewable technologies through the issuance of Swytch Token, a utility token;
2. Use encryption technology and blockchain linked to Internet of Things (“IOT”) metering devices to create a POP protocol and “oracle” adaptive control module for capturing, validating, and disseminating invaluable data;
3. Work with governments at all levels to augment existing renewable and sustainability programs to incorporate Swytch Tokens as a method of standardization and a staking currency for other utility tokens that incentivize sustainable actions;
4. Provide a clear incentive structure for corporations, organizations, and individuals to make renewable and sustainable investments such as residential solar panels, storage systems, etc., through the Swytch Tokens and platform;
5. Build a global brand around the Swytch Token as a direct investment in the world’s future by addressing energy sustainability, climate change, and socio-economic equity regardless of nationality; and
6. Provide a data platform that allows third-party developers to create blockchain verifications and establish processes for IOT, smart-meter technology, demand response, energy price forecasting, demand forecasting, energy settlements, peer to peer energy trading, on demand energy trading, energy storage as a service, energy supply as a service, pay-as-you go energy programs, efficiency programs, etc.