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Token Generation Event FAQ

Swytch puts the economic and social value of carbon reduction into a token. The Swytch solution includes the Swytch token, an on-chain Open Oracle, valuable large data sets, and a protocol for validating sustainable actions, such as renewable energy production. Through the use of the Open Oracle, tokens will at first be allocated based on the relative carbon impact of renewable energy production. As a result, producers of renewable energy create Swytch by generating solar, wind, and other forms of renewable energy. Holders of the token have rights to claim carbon offsets, access the platform that houses “oracle” data, and the ability to engage in continuous development of the platform itself. In the future, we hope to add additional sustainable actions, like demand response and use of electric vehicles, to the ecosystem to compete for Swytch tokens.

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.

The world has already started pricing the full cost of carbon/climate change into every day economic activities, especially in the energy sector. Government programs meant to facilitate this process are structurally deficient and do not encompass the vast majority of carbon, people, etc. Blockchain and tokenization can solve many of the issues with current systems and empower everyone (governments, cities, corporations, NGO’s and individuals) to take a more active role in accelerating the adoption of renewable supply and sustainability programs. Corporations looking to offset carbon emissions, governments looking for a relatively off-the-shelf incentive program, and individuals who want to earn tokens and participate in the global fight against climate change can all engage in the Swytch network. Furthermore, the Swytch platform will include invaluable data sets, production and ROI estimators, and other functionality that many participants in the energy sector will want to access. The only way to do so is to hold Swytch tokens.
Swytch was created by a team of energy and technology experts to address the market failures that have resulted in inadequate adoption of renewable energy assets and sustainability programs. Our goal is to accelerate adoption of both to mitigate the impact of climate change and encourage energy development and sustainable behavior in the areas of greatest need. The team combines deep technical expertise with a true passion for the mission at hand. We look forward to working with the Swytch community to drive meaningful, lasting environmental change.
The cofounders are Evan Caron, John Clippinger, and John Redpath. John Redpath and I have almost a half-century of combined energy markets and finance experience. We both come from investment banking and energy trading backgrounds and have deep knowledge and experience in global energy markets. It is our experience that led us to believe that there had to be a better way to get the world to adopt renewables at scale. John Clippinger comes from the MIT Media Lab and formerly Harvard Law School. His background is in the AI/machine learning space as well as in designing decentralized governance structures. His background is perfect for what we are creating at Swytch, especially in terms of the Open Oracle which is truly exciting technology that we think can revolutionize how we reward human behaviors.
If we ignore questions of centralized grid resiliency and efficiency, and instead focus on carbon programs, the need for Swytch is clear. These other issues also support the ideas behind Swytch but are a bit complicated to explain in this format. Let’s start with what carbon and renewable energy policies and incentives look like today. First, only about 10-15% of carbon emissions are covered under some form of program today. There are many forms of programs (Carbon taxes, feed-in tariffs, renewable energy certificates, etc.) and each sponsoring state, country, or region has their own approach. This leads to incredible complexity and actually reduces the value of all of these incentives since they limit effectiveness by imposing artificial political borders to a truly borderless problem. We also have the classic issue of centralized, government regulation which are not particularly well designed. Many programs use old data to inform incentive structures that don’t reflect current market conditions. Also, they are decades behind on the technology front which means the programs end up being very manual and therefore expensive to administer for governments and participants. Lastly, they also favor entrenched players, like utilities, while cutting out innovative start-ups and individuals. That means there is a lot of pent up demand to participate in the fight against climate change that government programs are not designed to tap into, and never will. Finally, all of these programs really operate as cost centers. Basically, we ask responsible companies to become green martyrs and charge them for their proactive approach. Why not create a fungible asset that holds real value, is inversely correlated to the decline of the fossil-fuel economy, and provides a real incentive to accelerate adoption of renewable technologies and sustainable behavior? We can use Swytch to actually reward globally beneficial behavior instead of penalizing it. Makes sense to me.
Our target audience is any organization or individual with an interest in building a sustainable future. This may include Fortune 500 companies with aggressive sustainability targets, city, state, and municipal governments who would like to encourage environmentally responsible behaviors, owners of large commercial renewable projects, as well as individual prosumers with rooftop solar and/or electric vehicles. What separates Swytch from existing programs is not just the cutting-edge technology and the creation of the first truly global carbon market, but also that we want to engage everyone, everywhere, who wants to play an active role in mitigating the harmful effects of carbon emissions.
Swytch will use the funds generated from the Token Generation Event (TGE) to scale the Swytch network. This will include technology and protocol development, marketing campaigns, data acquisition, asset registration bounty programs, and strategic partnership development. If you look at our roadmap you will see that the first phase after the TGE is focused on continuing to build out our initial technology to create a more off-the-shelf solution for commercial energy producers and begin to build out the internal carbon offset marketplace. The next steps are to build out the prosumer model where individuals can mint tokens from rooftop solar systems. The next phase is to layer in other sustainable actions into the Swytch ecosystem to compete for oracle token allocations. It is also important to note that the Swytch TGE will be run by the Token Commons Foundation (TCF). The mission of Token Commons Foundation is “To build a more sustainable and equitable future through the creation of a commons-based blockchain protocol.” The Foundation will support open-source research and development of technologies and applications to build the protocol. As a non-profit, TCF will seek to coordinate and organize efforts but will not seek to concentrate interest in favor of any individual or entity.

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.

We are currently in private sale. The public token sale will commence on June 12th of this year. Please visit our website (www.swytch.io) our telegram channel (https://t.me/Swytch), or our other social media to learn more and sign up for your spot in the public sale.

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.