Swytch (SET) ICO Review – ICO Token News
Swytch Energy Token (the “Swytch Token”) is a crypto-token developed by the Token Commons Foundation (“TCF”), a Swiss non-profit foundation. Swytch Token is not intended to constitute a security in any jurisdiction. This White Paper is not a solicitation for investment in securities and does not pertain in any way to an offering of securities in any jurisdiction. Ownership of the Swytch Token does not entitle the owner to any rights with respect to TCF or any other entity or business, including participation in any distributions of profits or other consideration, or any voting rights in TCF or any other entity. Purchase of the Swytch Token is final and non-refundable. The energy revolution is here. Once thought to be a near impossibility, recent innovations in renewable energy technology have significantly lowered costs and made renewables an economically viable option. Continued advances in battery storage, solar panels, and energy optimization are giving many around the world access to inexpensive and renewable energy resources. This will fundamentally change the way we produce and consume energy assuming sustainable approaches are widely adopted. Swytch was born from a collaboration between utility-scale system builders, large energy customers, the energy finance and trading community, as well as cities to address this need with incentive and governance mechanisms that actually work. 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. 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.
WHY SWYTCH TOKENS?
The Swytch ecosystem creates a global vehicle to deploy resources directly into markets where renewables can yield the highest economic and fossil fuel replacement impact. Swytch’s platform design aims to encourage rational investments specifically in areas where carbon emissions are high or power generation is low. Swytch can accomplish this task by leveraging the “oracle”, an open-source dynamic adaptive control module (“DACM”), which allocates the number of tokens to reward participating nodes. Swytch will leverage open-source blockchain and a Proof of Production consensus to verify investments in renewable resources worldwide. The Swytch platform rewards investments with tokens that are issued through an independently verifiable algorithm that will rely on consortium development and governance, as well as machine learning to build the most optimal allocation methodology. From large-scale industrial power generation to small residential investments, Swytch Tokens will be minted anywhere renewable electricity is produced and consumed. Swytch will be providing geo and time-stamped credentials for production and consumption of renewable and sustainable technologies. Each Swytch Token used and accepted for commerce will directly support investments in, and accelerate the adoption of, renewable and sustainable technologies. Check ICO list to know more about ICOs.
REWARDS SYSTEM FOR ENROLLMENT OF PRODUCERS
The Swytch platform creates a rewards system for individuals and organizations paid in Swytch Tokens to enroll renewable and sustainable technologies into the Swytch platform and help verify systems technology and energy output. Additional rewards will be provided for “smart city” mandates and participation. These rewards will provide a treasury function and add additional ongoing revenue to cities. They also will provide an innovative, secure, privacycompliant and open token commons platform for citizen digital services, such as Mobility as a Service, Works as a Service, and City Services as Service. New producer enrollment will have an additional Swytch Token allocation in the rewards program and receive a percentage of minted allocations as a residual based off energy production. To obtain Swytch Tokens for utility use, one can purchase Swytch Tokens in the Token Sale, earn Swytch Tokens through producing asset registration and generation, or earn Swytch Tokens through rewards, which include among others, original equipment manufacturer (“OEM”) hardware and Swytch blockchain integration, installation, verification, and audit. Additionally, Swytch Tokens can be earned through smart city and government service partners, and sustainable and renewable vendor partnerships.
The total maximum supply of Swytch Tokens will be limited to 3.65 billion ICO tokens. Token incentive awards are dynamically calculated based off of total worldwide demand of energy of 36.5 trillion KWh by 2040. Supply is capped to prevent an unlimited/ infinite supply from being generated over the next 22 years. The Token Commons Foundation is issuing a Swytch Token allocation equal to 10% of the total maximum supply during the initial Swytch Token Sale period, including whitelist periods (collectively, the “Initial Token Allocation”). The remainder will be awarded to the network to incentivize generation of renewable and sustainable energy and continued adoption and deployment of renewable energy technologies. The remaining 90% of the total token supply will be allocated over the next 22 years through the minting of tokens via sustainable and renewable energy production. The “oracle” will determine the appropriate amount of token to be minted through the energy production process and be dynamically allocated. To know current trend of ICOs, you can check ICO stats.
- Evan CaronCofounder and Managing Director
- John RedpathCofounder
- John ClippingerCofounder and Head of Token Innovation
- Andrew PearsonsManaging Director
- Youngsook ParkVP of Business Development
- Eric MillerDirector of Product and Lead Blockchain Developer
- Shawn HarmsenSenior Fullstack Developer
- Troy MartinDirector of Compliance and Governance
- Chris GriffithSenior Full Stack Developer
- Luke FiliposLead UX Designer
- Kent LarsonMIT Media Lab – Director, City Sciences
- Tony SebaStanford University – Clean Energy Expert
Building The Foundation
Swytch formalized agreements with key partners and identified the first pilot. Technology design and builds in full swing to create POC. Marketing activities begin.
- 2H1 2018
Proving The Concept
MVP technologies in place and first pilot in Germany completed. Fundraising round closed. Team continuing to grow and marketing in full swing.
- 3H2 2018
Starting To Scale
Additional pilots with large scale commercial partners in the US and South Korea. DATA “oracle” design contines to be refined and additional corporate and city consumers onboarded.
- 4H1 2019
Pilot first residential token minting and open up token minting to all interested commercial producers. DATA “oracle” officially open-source.
- 5H2 2019
Significant business development on both the production and token demand sides. Begin engagement with governments for formal recognition of Swytch. Begin adding additional sustainability actions to DATA “oracle”
Changing The World
Government and corporate engagement continues. DATA “oracle” and Swytch protocols become de facto standard to behavioral incentives