AUSTIN, Texas – For the past three decades, national governments throughout the world have sought to reduce carbon dioxide gas emissions using various financial incentives. Although a well-known factor in climate change, most of these efforts have failed.
Enter Swytch, a blockchain-based platform that tracks CO2 emissions and verifies the impact sustainability efforts have on them worldwide. By leveraging open Oracle technology, Swytch acts as a distributed authority, awarding tokens to people, companies, and other organizations that make a meaningful and measurable difference in reducing CO2 emissions.
For instance, producers of renewable energy can create Swytch tokens by generating solar, wind, and other forms of renewable energy. In the future, Swytch also intends to factor in energy demand response, electric vehicle usage, and other sustainable actions as a means to earn tokens. Token holders will have the right to claim carbon offsets, access the platform that houses oracle data, and continuously engage in the platform’s development. Thus, the Swytch network aims to produce a self-regulated universal token standard.
In February 2017, a former Wall Street energy trader named Evan Caron co-founded Swytch. He recognized the need for standardizing how people track, verify and exchange energy data. As Caron notes, achieving this goal will enable smart cities to adopt new technology, cooperate in reducing climate change, and create a better power grid.
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