Nowadays, the industry of energy has been grown rapidly. Affected by market demands the energy ecosystem become such a potential sector business. But, the existing energy’s industry facing some problems that make its ecosystem should have the capability to adapt to the latest technology in order to solve their problems. The existing energy ecosystem is made of unstructured information which means all kind of document used in transactions has no exact calculations and detail, this condition will only lead to higher prices. And BittWatt is provided to solve this problem.
Meet the BittWatt
BittWatt has the mission to serve the very first global platform that enables the capability to integrate and facilitating all the cooperation of energy ecosystem and make the consumers got maximum benefit with minimum costs for all parties. To reach the mission, BittWatt created the energy trading platform that based on blockchain technology that will give the simplicity, transparency and more value to all BittWatt users.
BittWatt also connecting the producers, energy suppliers, and smart consumers all in one platform and make them transact in a very structured way that is very different with the conventional energy trading market. The company of BittWatt also make this platform very flexible and can bring all parties together in order to make their communication faster and more efficient than before through its secure platform.
How’s BittWatt Business Model?
First, every country that joins BittWatt will have active power suppliers that have been registered after passed the qualification and requirements. All the parties should be registering themselves on BittWatt platform based on KYC criteria. Second, if offers and request is matching it will be met through the smart contracts. Third, the electricity’s flow will be coded to the blockchain automatically. And the last is, executing the smart contracts when electricity had been delivered and send the payments from buyers to sellers.
The BittWatt’s Token
All the transactions within the BittWatt ecosystem will use the BittWatt Tokens or BWT. It’s an ERC20 Token that consists eighteen decimal points. The company is preparing 400.000.000 BWT, and 1 BWT will be equal with 1 kWh. All the token will be divided equally for some categories, such as a token for ICO, token for team’s reserved, token for advisors, token for country’s advisors, token that reserved as bounty, and a token that reserved for country-level marketing.
BittWatt also providing some solution to energy ecosystem, there are : (1) providing sharing data for multiple parties, that enable multiple participants viewed the shared data, (2) updating data for multiple parties, that enable the ability to recorded and chaged the data by multiple participants, (3) verification, value of trust from recorded data, (4) intermediaries add cost and complexity, (5) efficiency, by making the transaction faster than before, and (5) interactions of transaction, that created by all the participants.
Roadmap
The BittWatt concept is started in June 2017, then the preparation of business plan is in October 2017 and business plan’s confirmation from BittWatt partners come in November 2017. On the first quarter of 2018, January until March 2018, the company starts to design the token and held the pre-ICO sales. And on April 2018, they held the public token sales. The final of the smart protocol is held in June 2018. BittWatt deploys their mobile app for smart consumers and BittWatt platform for smart operators in November 2018. In early 2019, the company held the BittWatt marketplace (B2C & B2B), and BittWatt international integration Rooming and Crossborder in June 2019. On November 2019, the company also held the exchange fiat and cryptocurrency, and in June 2022 the company will make the final integration of BittWatt platform.
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Author:
- Maiyah
- Maiyah Link
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