Bittwatt – an accessible electricity consumption without public utilities.

vertolet777 (35)in #bitwatt • 6 years ago (edited)

The development of technologies causes the increasing of electricity consumption amounts. Power stations usually use coal and other fuels to keep working. However, such resources are being run down and the electricity costs are growing. So to provide people with the cheapest electricity, there were created power stations, which produced electricity by using alternative resources. That's how wind, solar and hydropower plants appeared. Despite using such facilities the electricity costs are still high enough because of the ineffective system of payments. The existing one implies the execution of transactions and necessity of their approval at every stage, so it takes a lot of time and even money, what increases the electricity price. A platform Bittwatt was created to solve the above-mentioned problems

Bittwat's goal

The main goal of this project is to change the principle of energy supply systems' maintenance by using smart-contracts, which allows to use electric power much more effectively and meet the needs of consumers. More than that, smart-contracts let reduce time spent for agreements, nowadays it takes from 15 days to 6 months. The blockchain technology let absolutely exclude other people of the trade allowing the electricity suppliers to interact with the consumer directly.
The simplest and at the same time a relevant example is electricity bills. Why should you wait for the receipts and check the data? What if they have calculated them wrong? With the Bittwatt system, you could pay bills directly.
According to developers' announcement, there will be the following activities of the project:
• creation of the platform for all participants' interaction;
• global widening (London, Singapore, Bucharest).

Working principle

The Bittwatt platform working principle is in the following:

In every country, where there is a Bittwatt office, electricity suppliers are registered and provide documents which confirm the qualification.
The suppliers, producers, network operators and electricity consumers also have to be registered according to KYC criterions.
The interaction among all parties is implemented through smart-contracts, which are active according to individually set rules.
After that, the electricity flows encoded in Blockchain, and algorithms of the platform connect a seller with a customer online. Moreover, the preferences of both parties are taken into consideration.
When the electricity is provided the smart-contract is being implemented, so payments are executed from a customer to a seller.

The Bittwatt platform distributes the electricity through this algorithm. There are also special smart-meters, which record an amount of the consumed electricity. To make electricity supply be cheap, flawless, and always in time, the Bittwatt platform will:
• provide the possibility of co-viewing of the information about consumption online;
• use the system determining the level of demand and supply;
• apply accumulating storages for electricity surpluses;
• use smart-programs to sell the electricity which is generated if unused.

For example, we've purchased 300 kW of electricity, but have used up only 170 kW. The rest 130 kW you can keep in a storage for future use or sale. The accumulating storages are also used by companies.
The system of demand and supply determination will allow to optimize the power stations' work and thus to reduce the excess volume of the electricity production.
The merits of Bittwatt

The main advantages of the platform Bittwatt are:
• reduction of the costs of electricity transmission;
• increase in the speed of operating;
• providing all parties of the electricity trade with the possibility of participating in this network;
• usage of business-model excluding intermediaries.

BWT tokens

Inside the platform will be used BWT coins. Their main functions will be:
/payment of goods and services by the Bittwatt platform;
/calculation of produced and consumed electricity for consumers;
These coins may be bought during their primary placement from 18 March to 28 April. There may be used BTC, ETH and COSS tokens. A total of 400 million coins will be issued. 1 BWT costs $0,12.

The project's Soft Cap is $30 million, and Hard Cap is $36 million.

Summary

Because of a rapid growth of consumption volume of electricity, the market is in need to be improved. The Bittwatt project will change the situation. It's attractive for electricity producers and consumers at the same time. That's because the platform Bittwatt lets accelerate the interaction between the market participants, and also to exclude the interference of other people, what has a positive effect on the electricity price.
More than that, the platform uses smart-contracts in its work, which exclude any possibility of error usually made by humans. The electricity consumer will be protected from receiving a receipt with higher bills that they are in reality. Besides, the usage of the Blockchain technology also protects the electricity suppliers from defaulting payers.
Those merits leave nobody indifferent, what makes the project extremely attractive for investment.