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already active in electricity and gas sup- ply, raised $30mn in cryptocurrencies by issuing 400mn MWAT tokens in an Ini- tial Coin Offering (ICO) aimed at financ- ing a blockchain-based trading platform for renewable energy, including a
technology used. The business plan envisages a turnover of $690mn (notably its model does not include franchises) and a 22% profit margin. Its ICO, which took place in April 2018, had a target of $30.4mn, and was
decentralises and streamlines energy trading. It also creates a proper electrical power balancing system, and a fully transparent, 100% secure ledger of transactions and costs for all parties involved. At the root of the system are the smart contracts (otherwise called self-executing contracts). Thanks to the blockchain technology, which in essence registers those contracts (instantiated
in the form of computer code) in a way that they cannot be backward changed, these contracts are automatically consolidated, allowing optimisation
of the production function.
Bittwatt has already started developing a new marketplace for electricity balancing and trading – which is blockchain enabled – that incentivises producers and opens up competition on a level playground, according to
its White Paper. Further steps are envisaged quite soon.
"The Beta version of the platform will be available in May in Bulgaria (Energy Market) and Romania (Eva Energy) and will allow suppliers and consumers to publish their bids and supply requests based on minimum configuration,” Stoicescu announced.
Immediately afterwards, Bittwatt will allow payment in Bittwatt tokens (BWTs) and currency exchange from
“Bittwatt creates a matchmaking system based on blockchain that both decentralises and streamlines energy trading”
complex franchising system in order to build “a global energy supply platform using blockchain protocol to democra- tise a sector burdened by bureaucracy and transaction costs, freeing up capital, saving consumers money, helping local small producers earn more and allowing real peer to peer direct energy trading using existing infrastructure”. More spe- cifically, Restart Energy plans to expand its energy retail business (including by franchising) to more than 45 countries with deregulated markets and generate $3.78bn in revenues through 2023 by delivering 189TWh of electricity (includ- ing through its franchisees).
Bittwatt has come up with a somewhat simpler business model, perhaps a
wise decision given the already high complexity generated by the blockchain
declared successful at above $25.3mn. All tranches were successfully closed as of April 26.
The Bittwatt co-funders, Stoicescu and Christian Hagmann, are experienced
in both the IT and the energy sectors.
In 2017, after more than 20 years in the energy sector, Hagmann started working as advisor on the ICO of Coss, a Singa- pore-based crypto-one-stop-solution platform, and also started developing Bittwatt. With an IT academic educa- tion, Daniela Stoicescu co-founded Bittwatt after having previously carried out several development projects for the national power distribution and trans- portation networks.
Bittwatt creates a matchmaking system based on blockchain that both
Blockchain and Key Features at a Glance
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