Swytch Incentivizes Renewable Energy Usage, Ongoing Trials Promising
The excessive use of fossil fuels forms one of the most significant contributors to climate change since the past decade, and with the overexpansion of cities and ever-growing production demands from consumers, the environment is primed for an unsustainable crisis.
Research suggests over 30 gigatons of hydrocarbons were released in 2016 after the massive use of fossil fuels for electricity, transportation, and sustenance, alongside a marked absence of renewable sources of power.
Not only do harmful fumes encompass the Earth, but toxic compounds like nitrogen oxide, sulfur dioxide, and mercury also threaten to affect newer generations medically. While there is sporadic development of renewable energy production centers, the output is far less than what should be present to mitigate the ill-effects of traditional sources of energy.
Only ten percent of the world’s energy comes from natural sources like solar, hydro, and wind, as conducted in a 2015 research paper.
Additionally, the Organisation for Economic Co-operation and Development (OECD), an intergovernmental economic organization with 36 member countries, estimates climate change will impact the global GDP indirectly by over three percent in 2060.
While this figure may be minuscule, it is significant considering the projected GDP figures in 2060 at $220 trillion, indicating a $3 to 7 trillion loss to climate change.
Blockchains provide a seamless process to integrate data and incentivize the participants facilitating the transfer of data. Using cryptocurrencies, firms are able to use a token-based method for interaction with the blockchain and adding monetary value to the process.
In this regard, Swytch has identified several factors impeding the growth of Ethereum and Bitcoin for advanced uses, such as issues with security, privacy, performance, block sizes, and basic Know Your Customer (KYC) protocols.
The Swytch ecosystem aims to create a “global vehicle to deploy resources directly into markets where renewables can yield the highest economic and fossil fuel replacement impact.” Additionally, the team intends to capitalize on the blockchain’s evolution and improvement without being locked into any one protocol or platform.
Swytch’s platform design is built to encourage wise investments in regions where carbon emissions are high, or power generation is low. To implement this, Swytch utilizes an “oracle,” an open-source dynamic adaptive control module (“DACM”), which allocates the number of tokens to reward participating nodes.
For confirming and verifying transactions, a Proof of Production consensus tracks renewable resources worldwide, alongside an independently verifiable algorithm to track token issuance via consortium development and governance.
The whitepaper explains the use of Swytch tokens:
“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.
As of July 2018, the Swytch pilot program is being implemented in Germany, including 3.5Gw of solar, wind, hydro and biogas energy capacity to power over 500,000 homes. As part of the large-scale pilot, Swytch is testing its first versions of the data flow, blockchain, dashboard, estimators, token allocation models and other key elements of the platform.
The Swytch platform will support third-party developer applications across all facets of energy, commerce, optimization, and sustainability programs. From inception, Swytch Token holders will be able to access network dashboards and data, and monitor Swytch minting globally as well as view energy production via a decentralized application on the Ethereum public blockchain.
More information on Swytch can be accessed here:
Swytch website (https://swytch.io/)
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