Swytch is a blockchain based application that seeks to verify and reward the production of renewable energy through the issuance of an ERC20-compliant utility token. Swytch has a 1.5 gw pilot program operating in Germany, and has signed MOUs with four cities in Korea. Swytch attaches an IOT device to renewable energy sources that verifies the energy produced and reports it to an oracle that determines how many tokens that energy is worth based on a number of factors, which includes: geography, time of day, source of energy produced. We call this Proof of Production, and for this industry it solves the problems inherent with PoW and PoS.
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Q2 2017Token Commons Foundation formation Initial Funding Swytch Development partnerships and technology development
Q4 2017Core technology partnerships Design and Build Proof of Concept, Dashboard, data estimator and Pilots
Q1 2018Germany Energy aggregation pilot completion Additional fund raising round complete Core technology development, IOT security and team growth
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