During the last couple of years, people throughout the world have become more aware of the negative impact that climate change is having on the Earth. Not to mention, recent innovations in renewable energy have lowered costs and made renewables an economically viable option. However, while governments have tried to incentivize people to reduce greenhouse and CO2 gases, most of the efforts have mixed results, and pollution remains a significant issue in many cities around the globe.
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Swytch aims to nudge markets in favor of renewables and address many of these longstanding problems. To do so, Swytch has created a blockchain-based platform designed to track, verify, and reward the carbon impact of renewable energy production and other sustainable actions to reduce greenhouse gases. What makes the project truly unique, however, is the fact that Swytch dynamically awards tokens to any individual or organization who chooses to partake in the effort to reduce greenhouse gas emissions, including consumers, corporations, and non-governmental organizations. In doing so, Swytch provides the tools and incentives to drive smarter investment and policy decisions needed to tackle one of the world’s most intractable issues.
When it comes down to how Swytch works, a combination of blockchain, tokens, and an Open Oracle power the platform. Blockchain allows Swytch to create a more efficient and trusted means of capturing proof of production and building transparent records and data for use by the network. Tokens, allocated based on carbon offset estimates, serve as the reward for energy producers and allow participants to access services and markets on the Swytch platform. The Open Oracle leverages AI and machine learning to run multiple, competing models aimed at determining token allocations for network participants. All of this results in an innovative reward system that creates a global, market-based incentive to reduce carbon emissions.
In the beginning, the Swytch platform will focus on providing incremental benefits to renewable energy generators who earn Swytch tokens by displacing carbon. With time, as the community grows, individuals and organizations will earn tokens by participating in other eco-friendly actions as well, such as driving electric vehicles, or lowering their daily energy usage. In the future, Swytch plans to reward people for just about any verifiable action that reduces the carbon footprint. To support this vision, the platform plans to access data from IoT devices, batteries, EV chargers, smart meters, and other devices, to identify the impact of different behaviors and reward users accordingly.
Some of the main benefits of Swytch include, but are not limited to: creating a more efficient and truly global carbon market, rewarding and empowering individuals and companies to participate in eco-friendly actions, shifting investments in renewables to areas of greatest need, and generating valuable data to drive policies and decisions. At this moment in time, Swytch has already partnered up with a growing number of organizations and other key players in the energy and blockchain industries to serve as official advisors to help Swytch succeed.
You can join Swytch’s energy revolution by participating in the Token Sale which will be held on June 12th and following Swytch on Twitter, Facebook, and Telegram for updates. You can also check out their website, view the explainer video and read the white paper.