Dear Swytch Community,
Based on feedback from our primary regulator, we want to call your attention to a specific update on page 21 of our White Paper with respect to previous expressions of future intent to build payment functionality into the swytch token.
In the prior version of our White Paper, we stated that in the future we would seek to “build functionality that allows Swytch prosumers to acquire or earn Swytch Tokens to trade for energy efficiency upgrades, solar panels, smart meters, water pumps and filters, heating elements, chargers, and servers.” We also stated that “Our future goal is for Swytch Token holders to trade for goods or services inside their energy ecosystem via Swytch partner companies that will accept Swytch Tokens for the above services”.
We have removed this language from the White Paper and we will not add payment functionality to the Swytch token because doing so expressly precludes us from being classified as a utility token. Previously communicated updates to the Swytch White Paper, where substantive, were made for this same purpose.
If this removal of any future payment functionality, or any of our previously communicated White Paper updates leads you to reconsider your decision to participate in the swytch token sale, please contact us at [email protected]
within the next 10 days.
Token Commons Foundation
July 20, 2018