BITTWATT: THE FIRST INTERNATIONAL PLATFORM TO INTEGRATE COOPERATION BETWEEN ALL MARKET OPERATORS

 

 

Traditional centers of demand are being overtaken by fast-growing emerging markets, all the while technological advances and environmental concerns are shifting the world’s energy mix. What we are witnessing nowadays is a shift from the more traditional pillars of the energy sector - such as coal-fired power plants and onshore oil and gas fields - to an energy sector where hydropower and other renewable energy sources provide significantly larger shares for market consumption. Such cases, known simply as energy imbalances.

One of today’s major issues is that service balancing mechanisms are overly complex, inaccessible to certain segments of producers or suppliers within workable time spans, and at times simply unreliable. Another problem is that the market isn’t amiable to end-consumers. The Bittwatt platform empowers the smart-consumer to find best available supply solutions, and provides the consumer with a decentralized market place that functions on the transparency and full disclosure of information facilitated by the blockchain. 

AN OVERVIEW OF BITTWATT 

Bittwatt has started developing a new marketplace for electricity balancing and trading – which is blockchain enabled - that incentivizes producers and opens up competition on a level playground. The Bittwatt ecosystem is in effect a matchmaking platform which connects producers, energy suppliers and smart consumers (as well as prosumers) in order to transact energy in a structured way. To this end, Bittwatt has integrated metering services that allow both new and existing supplier to communicate quickly and trade energy in a timely fashion within a secure framework. 

Bittwatt business model starts with active power suppliers for each participating country, being registered within the Bittwatt platform after successfully meeting a set of qualification and onboarding requirements. The flow of electricity is then automatically coded into the blockchain and algorithms match buyers and sellers, in real time, based on their predetermined set of preferences. Finally, smart contracts execute when electricity is delivered, thus triggering the payment from buyer to seller.

As such, the main benefits brought by Bittwatt are:

1. Cost reduction in comparison with other energy transfer systems 
2. Transaction speed increses 
3. Scalability (we give the possibility of expansion to a large number of participants/users/ transactions) 
4. Disintermediation (making business model possible that do not require intermediate parties) 

PRODUCTS AND SERVICES

• Electricity billing
  For energy suppliers in particular this is a welcome application as it gives opens the possibility of significantly reducing human error and administrative costs normally associated with this type of transactional activity. Accurate billing and access to full billing history will in turn increase customer confidence and retention of the existing customer base. 
• Payment
  Debt collection for energy suppliers can be a complex process. Our method will make things easier and faster. Every consumer will need to have a credit card attached to their account, and when the invoice is generated they will be debited with the invoice value, significantly reducing associated administrative costs. 
• Arbitrage Energy / Exchange
  Through this app, users can leverage energy storage through smart devices in order to purchase energy when it is cheap (or free), and either use it or resell it when prices peak, thus enabling an exchange of energy that also sets the foundational layer of our  demand – response mechanism.

THE BWT TOKEN 

On top of Ethereum, the services are built using Geth. In this case, it is running on a proprietary Linux server with no RPC/HTTP open ports. The communication, which involves the Geth, is also managed through the Ethereum network. Bittwatt will develop an ERC20 token with eighteen digits after the decimal point and the ticker symbol BWT. The total token supply is 400,000,000 BWT. A BWT token represents a transferable token equivalent to 1 kWh. The BWT token is used for paying for electricity in the Bittwatt platform, regardless of geography or supplier (as long as the energy supplier is a Bittwatt partner).

Main uses of the BWT token include:

1. Payment for the products and services offered by Bittwatt 
2. Settlement between produced and consumed energy for prosumers 
3. Foundation for the development of tokens used within certain geographies

Roadmap

 

Team & Advisors

Team

• Cristian Hagmann – General manager & Co-founder
• Daniela Cristina Stoicescu – CEO & Co- founder
• Tudor Stomff – ICO Manager
• Alexandru Ioana – Content Manager / Creative
• Cristina Maria Banu – Marketing Specialist
• Adrian Asevoaia – Project Manager
• Marius Posa – Business Developer for East Europe
• Iulian Bobes – Research and Development Officer

Advisors

• Dan Cearnău – Advisor
• Ioana Frîncu – Advisor
• Andrei Popescu – Co-Founder of COSS.IO and Seasoned Blockchain Tech Start-Ups Investor/Advisor
• Rune Evensen – Rune is the project’s champion directing and supporting the team.
• Cristopher Bridges – Legal Advisor
• Ionut Scripcariu – Co-Founder at CardBlue – first independent prepaid card issued in Romania
• Martin Ermenkov – Country Partner Serbia
• Hristo Yanutsev – Country Partner Bulgaria
• Natasa Dogramadzieva-Maneva – Country Partner Macedonia
• Olosz Szabolocs – Country Partner Hungary

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