A New Way to Track Renewable Energy: Algorithms and Smart Meters
It’s time for a blockchain project that can impact everyone — not just crypto experts. By accelerating renewable energy production, Swytch can change the way the world views blockchain and be the turning point where blockchain changes the world for the better.
Let’s take a look at the technology that will allow Swytch to accelerate the global transition to renewable energy.
We’re going to look at two key components of the Swytch platform:
- Gathering information on renewable energy
- Allocating Swytch tokens as a reward for renewable energy production.
By leveraging blockchain technology to do both, we can incentivize and accelerate renewable energy adoption around the world.
Gathering Data on Renewable Energy
The Swytch network gathers its blockchain-verified data from a feed that pulls directly from smart meters on renewable energy assets. By capturing data directly from smart devices and through market aggregators, Swytch is able to create immutable proof of renewable energy production.
Renewable energy assets built on the Swytch network will have the built-in ability to verify the amount of energy produced — including when and where that energy enters the grid.
Energy traders will be able to buy and sell renewable assets that — because they’re on the Swytch network — are more transparent in their renewable energy output.
Allocating Tokens Based on Carbon Offset
Using this proof of renewable energy production, The Swytch platform will allocate tokens to producers. When renewable energy is produced, Swytch tokens are allocated.
This next part is what sets Swytch apart as a new kind of renewable energy incentive.
The current incentive market rewards renewable energy on 1:1 basis, so 1 REC (Renewable Energy Credit) represents proof that 1 MWh of electricity was generated from an eligible renewable energy resource. There are numerous issues with the current REC incentive program, one of which is segregation. With so many different incentive systems in place, it’s difficult to determine the relative impact of renewable energy in different parts of the world.
The Swytch Network is different in that it doesn’t allocate tokens on a 1:1 basis per unit of energy produced. Instead, the Swytch minting algorithm — which allocates tokens — weights the allocation by considering the relative impact of the renewable energy on the broader energy market. The Swytch platform allocates more tokens per MWh when more carbon is offset by the renewable energy produced.
The more environmental and economic impact renewable energy has, the more it will be rewarded.
By gathering data, optimizing it and rewarding production in real time, we can make renewable energy as efficient and affordable as possible.
Visit our site to learn more about how Swytch is taking the world towards a more sustainable and equitable energy future. If you’d like to speak directly with the Swytch team and community, join us on our Telegram channel.
