In the earlier days, energy and coal were synonymous. Gradually, oil and natural gas became more and more common. However, the main problem with these sources is that they are non-renewable and also cause significant damage to the environment.
Realizing this, the world has shifted to renewable energy sources such as hydroelectricity and solar energy. In fact, the amount of their production is increasing at a very steady pace, and in a few decades, they will contribute to 100% of the total energy of the earth.
However, certain imbalances and biases exist in the energy market. This is because the balancing mechanisms are very complex, and sometimes absolutely not reliable and feasible.
Also, the consumers are not given the choice to get electricity from the vendors of their choice. They have to accept the vendor which supplies electricity to the area. This monopoly of the energy providers also disturbs the balance of the industry.
This is why Bittwatt decided to enter the current market scenario to solve these strategic problems of the industry while ensuring the increase in the use of sustainable and renewable energy resources for a better future.
What is BittWatt?
BittWatt aims to develop a simple, secure, fast, and efficient energy platform. This platform will be an international platform that can be accessed by any participant of the industry, irrespective of the size.
For example, let's say you are in India and there's only one service provider which provides electricity at the rate of $1/KWh. There's another service provider in Singapore which provides electricity at the rate of $0.8/KWh.
Using the current mechanisms, you can only get jealous of your friends residing in Singapore!
But once BittWatt becomes fully functional and expands globally, you can buy electricity from the Singaporean service provider and save on your bills.
All this will help in achieving a balance in the energy industry while allowing the power to rest in the hands of the consumers.
How does it work?
The way in which BittWatt works is quite simple.
First of all, a list of suppliers from all the countries is mapped down once they satisfy certain criteria.
Producers, consumers and other participants are also mapped down and boarded in a similar fashion on the platform.
Once this has been completed, the buyers and sellers are connected in real-time based on their preferences and the flow of electricity is coded into the blockchain.
Let's have a look at the way it works in much simpler words.
Imagine yourself in a mall's food court. The food court has different shops, and each shop specializes in one cuisine.
You are an Indian and you wish to have Indian food. Then where will you go?
Simple, the restaurant that sells Indian food.
Similarly, you and other consumers must have their own set of preference for the suppliers too.
Based on your preference, the suppliers are allotted to you.
This gives complete control of the entire energy industry back to the consumers and the industry moves back to a customer-centric approach.
BittWatt, thus, has succeeded in building a model that's economic, cost-effective, rewarding while keeping the customer in the thick of things.
These are not all, the other features of BittWatt are :
- Peer to peer transactions
- eMobility and Energy Roaming
- Energy Arbitrage and Exchange
All the components of the platform will work together for a better and polished energy industry that won't make customers lose out on anything.
About ICO
The BWT token is the utility token of the BittWatt platform. 1 BWT token represents a transferable token equivalent to 1 KWh.
The total token supply is 400,000,000 BWT.
The ICO sale will begin on 23rd March 2018 and will end on 28th April 2018.
The goal of the ICO sale is the equivalent of $36,000,000. The soft cap has been set at $30,000,000. The price of one BWT in the token sale is
$0.12, which is the average equivalent of 1 kWh.
The early contributors will get bonuses up to 15% during the ICO sale.
Verdict
The energy market faces some serious problems and the consumers are on the losing side in most of the cases. This is where BittWatt's solution comes into the picture.
BittWatt gives all the rights back to the consumers completely. The consumers can choose their service providers based on their preferences, and the payment complications are also resolved using BittWatt's platform.
All in all, BittWatt changes the way the energy industry works today completely. It won't be incorrect to say that BittWatt is the next big thing which will change the world, once and for all!
Website: https://www.bittwatt.com/
Whitepaper: https://www.bittwatt.com/static/files/Bittwatt-Whitepaper.pdf
Bountyhive User Name:ollivander
Bounty Hive Referral Link: www.bountyhive.io/r/ollivander
Join the bounty at https://bountyhive.io/join/Bittwatt?from=ollivander