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In recent years, the detrimental effects of climate change, including global warming, a rising sea level and extreme weather conditions, have become more and more adverse. Atmospheric levels of carbon dioxide have also been rising for the past few decades due to rapid industrialization. While efforts have been made to bring greenhouse gas emission under control, most of them have proved to be woefully insufficient so far. Even the Paris Agreement, which was signed by 175 parties in 2016, is not on track to succeed in its mission to curb climate change by 2020.
Swytch believes that it can help solve this environmental crisis with its blockchain-based platform. The company aims to use the technology to track and verify sustainability efforts around the world, even in the absence of a third-party auditing authority. The platform will also offer token-based rewards to individuals and corporations that actively reduce their carbon footprint by producing renewable energy.
To assess the relative impact of a renewable energy producer, Swytch has developed a software solution called the ‘Open Oracle’. The algorithm uses machine learning to dynamically generate a forecast of carbon offsets. Swytch will acquire data streams from a host of IoT devices around the world, including smart meters and batteries, to build accurate models of the global carbon impact. The idea is that municipalities and governments can use this tool and its data to assess the viability of renewable energy in their own regions. Aside from the incentive program, Swytch Tokens can also be used to gain access to data sets, production numbers and ROI estimators.
The burning of fossil fuels to generate energy is alone responsible for the majority of worldwide carbon emissions. To address this, Swytch will reward users that migrate away from conventional energy sources, especially those located in areas with a high carbon output. The company will also use the aforementioned models to allocate tokens proportional to an individual’s energy production.
The Swytch platform is currently being tested in conjunction with Europe-based renewable energy aggregator e2m. The pilot, based in Germany, is testing the first versions of the data flow, blockchain, dashboard, estimators, token allocation models and other key parts of the platform. The tests will involve the platform recording data from approximately 3.5 Gigawatts of energy, all obtained from renewable sources such as solar, wind, hydro and biogas.
While initially, only those producing renewable energy will be rewarded, Swytch has stated that other sustainable actions will also be incentivized in the near future. To expand upon this, users will be rewarded for almost any environmentally responsible action that can be measured, including driving an electric vehicle and reducing the household’s monthly energy usage.
The Swytch Token public crowdsale commenced last month, on June 12 and is scheduled to run until Wednesday, July 11. Until then, early adopters and investors can purchase tokens in exchange for either Bitcoin and Ethereum. The hard cap for the duration of the sale period is set at $30 million, with each token valued at $0.50.
Since Swytch is a blockchain-based platform, it offers token holders a number of advantages, including the ability to access services and markets in the ecosystem. For instance, Swytch Token owners that decide to stake their tokens towards Oracle development will have access to the complete set of data held in the system. While the maximum supply of Swytch Tokens is capped at 3.65 billion tokens, only 10 percent of that figure will be made available during the token sale. The remaining 90 percent will be dynamically minted by producers of renewable energy over the next 22 years.