Token Generation Event FAQ
Swytch takes information stemming from renewable energy production sensors and determines how much carbon was offset as a result. We then reward energy producers with Swytch tokens that are required to engage in the Swytch platform where you can claim carbon offset attributions, engage in massive data sets, and use other functions embedded in the network. The platform is really a one-stop-shop for people to engage in energy and carbon markets that they otherwise are shut out of or find too burdensome and expensive.
There is obviously a lot more detail on exactly how this works, so please go to our website (www.swytch.io) to learn more.
Partner companies include: Atonomi, Bancor, Berkshire Cloud, Black & Veatch, BTC Labs, DNA, DNV-GL, Energy 2 MPartner companies include: Atonomi, Bancor, Berkshire Cloud, Black & Veatch, BTC Labs, DNA, DNV-GL, Energy 2 Market, TrailStone, HST Solar, Maker City, nDimensional, and Winjit
Partner universities & foundations include: Energy Web Foundation, Konkuk University, Seoul National University, and University of Cambridge – Institute for Sustainability Leadership
Partner cities include: Barcelona (Spain), Ansan (South Korea), Pohan (South Korea), Suwon (South Korea), and Yongin (South Korea).
Strategic advisors include: Galia Benartzi (Bancor), Brad Hardin (Black & Veatch), Thomas Hardjono (Trust Consortium), Peter Hirshberg (Maker City), Steve Jurvetson (Venture Capitalist), Marcia Kadanoff (Maker City), Kent Larson (MIT Media Lab), Curt Lefebvre (nDimensional), Mickey McManus (Autodesk), Tony Seba (Stanford University), and Steve Waterhouse (Orchid Labs)arket, TrailStone, HST Solar, Maker City, nDimensional, and Winjit.
We currently have a large-scale pilot testing our first versions of the data flow, blockchain, token allocation models, and other key parts of the platform. This pilot is being run in conjunction with e2m, which is a large aggregator of renewable power in Europe. The pilot includes roughly 1.5Gw of production capacity in Germany which is enough to power over 500,000 homes.
We also are developing beta versions of our dashboard, estimators, and other functionality that will be part of the Swytch platform and ecosystem. This includes both mobile and web applications to access the platform.
There are hundreds of millions of smart meters installed across the globe today. Swytch provides a way for those devices to share information with the Swytch network, via a secure blockchain, and in return receive Swytch token. Our goal is to deliver a system that is compatible with most existing smart meters to both limit the cost, and make the process of joining the Swytch network frictionless.
When completed, the Open Oracle will be valuable not only to the renewable energy market, but also to any other project looking to incentivize economically and socially beneficial actions. Capturing information, generating consensus at the device level, and dynamically allocating rewards for these verified actions is applicable across a large and diverse range of use cases. We plan on leveraging these technologies and protocols to continuously expand the use cases for Swytch as an access token to the platform and as a medium of exchange within and across networks.
First, the blockchain in simple terms is an online, immutable, distributed ledger (e.g. it takes un-necessary human involvement out of the equation!). Swytch leverages this immutable platform as the basis for tracking, verifying, and then rewarding the production of renewable energy (or any sustainable behavior) based on its carbon-reduction impact.
Blockchain technology allows us to track and verify almost any type of action and distribute the truth of that action across a global network. We can also use blockchain for the purposes of forming consensus around the validation of energy production and the amount of token to award via our on-chain Open Oracle. Also, as an ERC20 token, ownership of the token and transactions involving token can be trusted and validated on the Ethereum public blockchain.
If we compare this to how incentives work today you’ll understand the power of blockchain to disrupt renewable energy and carbon markets. If a company wishes to verify a renewable energy certificate (REC) today, they most likely have to pay thousands of dollars for some service provider to go out and monitor meters manually. This is clearly expensive and not particularly scalable. Additionally, that REC only tells you how much energy was produced and says nothing about the actual impact on reducing carbon. Finally, the lifetime of that REC is short as they must be burned at the end of the reporting period. So you spend a lot of money to get a piece of paper that really has no inherent value since it isn’t tied to carbon reduction and no future value since it ends up disappearing. Blockchain can solve all of these issues.
TGE-sourced funding will be held in TCF accounts and will be used for further technology development, marketing, partnership development and other activities critical to the success of the Swytch network.
Only accredited US citizens and organizations will be able to participate in the pre-sale.
We will accept Bitcoin (BTC) and Ethereum (ETH) via the Coincart TGE platform. In limited cases, we may accept USD in the pre-sale.
Yes, Swytch will require participants in the TGE to adhere to all applicable KYC/AML regulations.
Yes, citizens of any country where investment in a TGE is illegal will be banned from participating. Additionally, citizens of any country included on relevant sanction lists will be banned from participating in the TGE.
A maximum of 365M Swytch tokens (10% of total) will be generated during the TGE.
The maximum limit of Swytch tokens created will be 3.65B tokens
The primary use cases will be to access the carbon offset market and data within the network, engage in “oracle” modeling activities, and register nodes on the network. Additional use cases may be developed after the TGE.
Swytch tokens may be acquired during the TGE or earned through the verified production of renewable energy, development of the Open Oracle through model building and staking, or through network support services (e.g., registration bounties and mast nodes). In the future, Swytch will likely reward ancillary activities, such as battery storage, that support the broader mission. Swytch may also be used as the reward token for other sustainability initiatives as the Open Oracle gains adoption by other projects.
Swytch launched a pilot in January 2018 through our German partners Energy 2 Market (E2M). The POC includes 1.5Gw of production capacity and has been testing the initial version of our solution, including data flow, token allocation processes, and mobile and web-based applications. We expect to have MVPs for most, if not all, core functionality by the date of the Token Sale Event.
We have pilot programs with large commercial energy companies, such as E2M in Leipzig, Germany and LendLease in the U.S. In addition, we are working with city partners to build out a group of forward thinking cities where early Swytch pilots and adoption will occur. These city partners include the South Korean cities of Ansan, Pohang, Suwon and Youngin, and Barcelona, Spain.
Yes. Swytch is a tangible measure of carbon not burned for energy produced. There is inherent value to all human activity that is environmentally beneficial, especially the production of renewable energy that does not harm people nor the planet. Markets today value carbon at $20/tonne with future values expected to exceed $50/tonne. Adding in the negative externalities of carbon may actually result in a higher figure. As a means of proving green bona fides and offsetting carbon, Swytch can mitigate the costs of emitting carbon. Additionally, Swytch has inherent value as an access token to valuable data and technologies.
Bitcoin mining is a permissionless proof of work tied to hashpower and cost of electricity. This proof of work is used to secure the network to avoid double spend. Scarcity and cost is created by increasing computational and hence electrical consumption.
Swytch uses a permissioned network with side chains and hence does not incur the computational nor the energy costs of Bitcoin and Ether. It is agnostic as to the kind of protocol used to secure the network and it is compatible with a number of forthcoming approaches that are not energy consumptive and have high transaction volumes.
Swytch’s allocation of tokens is based upon a dynamic adaptive control oracle (Open Oracle) that uses data estimation and trusted device certification protocols to verify the production and use of sustainable energy in specific regions and points in time across the world.
Newly minted Swytch tokens, created through verified energy production and carbon offset, include both the inherent value of the token and an embedded carbon offset attribution. Before a minted Swytch token can enter the Swytch economy, the carbon offset must be claimed in the internal marketplace. This means that any new token supply must stem from demand for the attribution. Therefore, token supply will reflect the scale of the network. It is also important to note that as the network scales and renewable adoption scales, it becomes relatively more difficult to offset carbon and therefore mint a token. If 1Mw of energy is equal to 1 Swytch token today, then perhaps 10Mw of energy would be required at some point in the future to mint 1 Swytch token. This will slow the creation of new tokens as the network scales in a manner similar to Bitcoin.