A new blockchain based platform has been developed that seeks to stamp out any form of energy waste as well as the misuse of energy by developing a platform that is scalable, simple and sustainable. It is argued that the energy industry will have to adapt to the various needs of the of consumers. This platform called Bittwatts is a blockchain based marketplace which seeks to share energy consumption data and also seeks to allow users to be able to sell and buy energy based on their terms. This blockchain based platform would mean that power plants can be called at the time of high demand to increase the output level. Also, in the marketplace, users with unused power would be able to sell them when they have more than enough and this is done to reduce the high pressure that would be on the power grid.
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The company are of the opinion that their platform would ensure that all energy resources are used to their very full potential and also definitely exceed the requirements of regular users. Presently, the company believes that enough pressure is put on the electricity grid all over the world and according to them, this is as a result of production levels that are not capable of adjusting to reflect the demand of this energy. Also, according to the developers, the storage of power for future is impractical as it is difficult to accurately predict the future power demand.
The burden of power would have to be carried by the homeowner and all power users in the form of high electricity bills. According to the platform, improving the way information was exchanged in the energy industry will make it easier for homeowners to be able to change vendors anytime they decide. The company behind this platform claims it has an advantage over other developed platforms offering the same services. It claims that it has a better customer base compared to others as well as it is a project or platform that is able to create jobs for various Individuals in the energy industry. All various third-party applications can be developed on its network and most importantly, no charges are paid before the system could be launched.
This newly developed platform has already entered into partnerships with various energy-based companies, a few of them are: the Macedonia energy market, the Romanian and the Bulgarian energy markets. Also, this platform has entered into a partnership with COSS and it is listed on the exchange. Also, a new Ethereum Request Comment (ERC-20) token has been developed and according to the company, the value of each of this tokens is equivalent to the price of 1 kilowatts hour of power. This token's value is also based on the total amount of energy that is bought and sold on the Bittwatt platform.
The mobile application of this platform will be available for users all over the world in November while their smart contract protocol will be ready before the end of June 2018.
Here's an idea: let's go back 100 years in time and steal some ideas of a genius man named Nikola Tesla. One of his ideas was to bring electricity to everyone in the world, wireless and free! Too bad we have been progressing the wrong way all this time...