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Bittwatt Launches Electricity Trading Platform On The Blockchain

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A new startup company Bittwatt is launching a unique electricity trading platform using blockchain technology with the intention of offering transparency to all involved in the energy sector from electricity producers to the consumers.

The new decentralized matchmaking platform is expected to streamline operations and lower operational costs of the companies involved and the related high transfer fees. It also helps in eliminating energy waste, and cutting the energy bills, the company said.

Most importantly, it will enable fast, transparent and trustworthy settlements between market participants such as producers, traders, transporters, distributors and consumers using smart contracts at real-time electricity pricing.

Meanwhile, it also intends to cut the bureaucracy and as many middlemen as possible by connecting real-time consumption metrics and other data on the blockchain. Bittwatt uses artificial intelligence to match demand with market offers at every hour of every day based on consumer usage profiles.

The company aims to deliver this ecosystem fully by 2022.

The Bittwatt electricity trading platform will use its ERC20 token BWT for all operation within the ecosystem. One BWT token represents a transferable token equivalent to 1 kWh or about $0.12 at current electricity prices.

The BWT token will be used for paying for electricity using the Bitwatt online cryptocurrency, exchange and trading system, regardless of geography or supplier.

The Initial Coin Offering (ICO) was launched on April, to run for 60 days, in which 338 mln BWT will be sold, accepting payments in Bitcoin, Ether and COSS. The pre-ICO helped the company raise $10.8 million by selling 121.50 million BWT tokens.

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