Serenity Multi Token Economy
Serenity Multi Token Economy
Serenity will utilize a three-token model, each token is currently ERC-20 compliant. After ethereum test-net testing finished, we will deploy our energy retailer smart contracts on much faster and more scalable blockchain platform. Currently we partner with credits.com blockchain and exploring the best possible implementation options.
Virtual Commodity
Energy is the commodity which can be tokenized and treated as Virtual Commodity, backed by real-world, tangible assets.
Serenity Token (SET)
SET is not a proprietary payment currency; It is utility and work token used as a right to:
1. perform work on behalf of the Serenity community network
2. acquire access to Serenity Energy Retailer services
3. obtain additional electricity discounts
4. acquire fractional ownership in Serenity revenues generated from Serenity renewable projects
We hope it will be valued at a multiple of the operating cash flows that the system generates rather than as a fraction of revenues paid for services provided.
Scarce tokens combined with a useful service can create massive value for token holders and the company.
The SET token will fuel Serenity’s blockchain based economy and facilitate access to Serenity Platform, allowing global platform interoperability. Total token value should grow super-linearly relative to transaction throughput.
Serenity affiliates will need to acquire and surrender appropriate amounts of SET tokens in order to become network provider services.
Members (Community workers) will redeem and burn tokens for a right to share revenues and non-speculative profits (fractional programmable ownership) generated by Serenity renewable projects (solar, wind, battery farms and Net-Zero real estate).
Price manipulation through crypto market speculations will be minimized as only 40% of total token supply will be offered for sale through upcoming IEOs.
Contractionary Monetary Policy (token buy-back and burn operations) can help Serenity value to increase.
ERGON (Utility Payment Token)
The ERGON token is a currency for energy trading, a stable payment token, designed to provide blockchain security, trust-less transaction immutability, to protect members from crypto market fluctuation and maintain a steady energy price. As a stable payment token, ERGON is pegged to the local currency and backed by actual fiat deposits in the currency of local trading jurisdiction.
Serenity members can pre-purchase ERGON by fiat or crypto deposits and obtain right to consume energy. Prosumer and generators can earn ERGON as a reward for blockchain provable production of renewable energy exported to the grid.
ERGON token will be created when Serenity member deposit fiat, crypto, or through blockchain provable production of renewable energy, and redeemed by Serenity member either for fiat, or worth of energy consumed, denominated in currency of local trading jurisdiction.
International currency exchange rates will be applied.
E.g.
1 ERGON = 1.00 AUD worth of energy for Australian energy market
1 ERGON = 1.00 EUR worth of energy for EU energy market
1 ERGON = 1.00 YEN worth of energy for Japanese energy market
Serenity Platform will exactly map trading jurisdiction in which ERGON token was created (GPS embedded in HEPEK device, Oracle mechanism and KYC verification process).
Internal conversion between Serenity and ERGON will compensate for massive difference in energy prices in different parts of the world and allow Serenity members trade of energy produced in one and consumed in another trading jurisdiction trough Serenity international affiliate businesses.
ERGON token being stable, will allow trade of goods and services between members of Serenity pool within the same trading jurisdiction. Small business being Serenity pool member could accept ERGON as payment for the goods and services provided to other Serenity pool members (e.g. holder of ERGON tokens may elect to pay for dinner by ERGON tokens in the restaurant who is Serenity member).
ERGON token can be redeemed for fiat, SET or energy supply through Serenity Platform. In the event of redemption, the redeemed ERGON tokens will be taken out of supply and destroyed.
In some instances, member (electricity consumer) can earn ERGON tokens by lowering or shifting energy consumption because local grid operator, e.g. small municipality or a private microgrid operator, can incentivize the relieving of stressed areas of their grid during different times. Network participants contribute to the network benefit.
CARBON (Utility Award Token)
CARBON is stable token created as a reward for CO2e reduction through blockchain provable production of renewable energy and backed by price of Carbon.
Carbon Credits, being data-driven and dependent on multiple approval steps are the perfect candidate for a digital currency as they exist separately from the physical impacts to which they correlate.
In the event of redemption, the redeemed CARBON tokens will be taken out of supply and destroyed.
Use of Tokens
SET, ERGON and CARBON tokens will be traded on Serenity Platform. SET, work token, will facilitate access to Serenity services and will be main investment vehicle for renewable energy projects within Serenity ecosystem. SET redemption will be automated and performed only by registered HEPEK device or in the process of acquiring the fractional programmable revenue share through token surrender community events.
ERGON token is a Serenity currency for energy trading and payment token for purchase goods and other services available to Serenity community in Serenity Bazaar.
Purchased ERGON tokens will be used to load registered HEPEK device wallets.
CARBON token is created and rewarded for CO2e reduction through blockchain provable production of renewable energy.
Serenity Token Redemption
Occasionally, Serenity redemption programs will permit Serenity members to redeem Serenity tokens, offset Serenity Retail markup and obtain allowance to trade electricity with Serenity at near wholesale prices.
For instance, Serenity members may have option to redeem up to 1000 Serenity tokens to offset markup cost and obtain allowance of up to 1,000 kWh of electricity, available to Serenity in the jurisdiction in which the member resides, at the time such electricity is purchased (consumers), or sold (prosumers, generators) by the redeeming member.
After the redemption allowance is exhausted consumer will continue to pay the regular Serenity price. When periodic redemption limit is reached, member will no longer be able to redeem more Serenity tokens until next redemption period start. In the event of redemption, the redeemed Serenity tokens will be taken out of supply and destroyed.
Serenity redemption will be automated, performed only by registered HEPEK device. Separate Redemption smart contract will control redemption process in different regions and jurisdictions.
Redemption limits and frequency will depend on size of member base and revenue obtained. With member base increase, limits will relax, and total redeemable amount of energy will rise as well.
ERGON and CARBON Token Redemption
Any Serenity member holding ERGON or CARBON tokens is free to redeem those for Serenity or fiat at any time. At the time of redemption, the redeemed ERGON or CARBON will be assigned a timestamp by the redemption contract and taken out of supply mechanism.
Payment Channels
Due to the high frequency of transaction settlements, the Serenity will utilize bi-directional payment channels to handle transaction processing.
To pay for energy, HEPEK opens a payment channel with Serenity by depositing ERGON to Serenity smart contract. In case when HEPEK reports energy production ERGON will be created and credited to the member’s account/wallet.
The payment channel is off-chain verification where two (or more) connected parties perform multiple transactions without broadcasting them to the network. Instead, once users close the channel, the final balance is mined and added to the blockchain in one go. Only two transactions with blockchain will be required, one to open channel and one two close it. Such approach makes payments fast, scalable and private with minimal network fee (gas).
When channel is closed, energy wholesale cost and Serenity fees will be deducted from member’s account/wallet.
The Serenity Token Treasury
Contractionary Monetary Policy (token buy-back and burn operations) together with maintaining the token velocity will help Serenity value to increase. Serenity will route collected fees from each closed payment channel through the publicly visible smart contract to make public information about Serenity liquidity. Tokens will be mainly used for Contractionary Monetary Policy (token burn operations) and liquidity planning and control, and to incentivize new members to join Serenity and for partnership arrangements with affiliated businesses.
