AUSTIN, Texas--(BUSINESS WIRE)--Swytch, a blockchain-based solution for accelerating a sustainable and equitable energy future, today announced that it is joining the Bancor Network, a decentralized liquidity network, in order to enable continuous liquidity for the Swytch token. The integration of the Bancor Protocol will give holders of the Swytch token the ability to convert Swytch to any token on the Bancor Network.
“Bancor is excited to welcome Swytch onto the Bancor Network,” said Galia Benartzi, Co-Founder and Head of Business Development at Bancor. “We share Swytch’s vision for a more sustainable future powered by blockchain innovations and we look forward to seeing Swytch play a role in the evolution of clean energy production.”
Swytch uses the blockchain to bring together data, networks, and incentives for the world to adopt renewable energy at scale. The Swytch solution includes a Proof of Production protocol, data aggregation layer, and an incentive token designed to accelerate and scale the production of renewable energy.
“The Bancor Protocol provides much-needed liquidity for our incentive token,” said Evan Caron, Swytch Co-Founder and Managing Director. “Cities and other governments can now leverage Swytch to reward locally responsible behavior that benefits our entire planet.”
Several cities in South Korea have already forged partnerships with Swytch and additional Asian and European agreements are under consideration.
Upon completion of their Token Sale, Swytch will activate a Relay Token with 2% of its circulating token supply within a week of distributing Swytch tokens. Users will be able to purchase and sell Swytch tokens directly from any Web3 wallet at a formulaically calculated price.
Swytch will be releasing additional details about the integration of the Bancor Protocol in the coming weeks.
Bancor Protocol is a standard for the creation of Smart Tokens™, cryptocurrencies with built-in convertibility directly through their smart contracts. Bancor utilizes an innovative token “Connector” method to enable formulaic price calculation and continuous liquidity for all compliant tokens, without needing to match two parties in an exchange. Smart Tokens interconnect to form token liquidity networks, allowing user-generated cryptocurrencies to thrive. For more information, visit the website and read the Bancor Protocol White paper.
Swytch is a blockchain solution for accelerating a sustainable and equitable energy future. The Swytch platform includes token-based incentives, open-source data aggregation, and unique blockchain protocols to secure and verify energy production data.
Swytch fills the gaps in today’s marketplace for verified renewable production and data sharing. By utilizing an ERC20 compliant utility token, Swytch will incentivize investments in sustainable assets. In addition, the data aggregation and protocol layers will also revolutionize the way information is collected and shared in the renewable energy market. Applications in infrastructure include grid-scale, residential, and storage systems across all sources of renewable energy (wind, solar, hydro, etc.).
From large-scale industrial power infrastructure to small residential installations, Swytch Tokens can be generated through the production of renewable energy. Swytch and its partners are building out the technologies and community necessary for ensuring data and tokens can be freely exchanged within the network. The Swytch platform was created by the Token Commons Foundation, a non-profit foundation based in Zug, Switzerland.