XiWATT is the company that is creating the XiCE and XiRE Platforms
XiCE Platform stands for XiWATT Collective Energy Platform. The primary function of this platform is to crowdfund green energy projects (Think mini ICO’s for green energy projects). It will also have number of other applications to help individuals and communities organize and manage their green energy projects.
XiRE Platform stands for XiWATT Retail Energy Platform. The primary function of this platform is to serve as an alternative energy retail provider. This platform will be the backbone that will allow for decentralized P2P trading of energy.
XiCE and XiRE are development code names, retail friendly names will be given to these platforms upon market launch.
A “Sector” is a term we use to define a green energy project that has been approved for funding in the XiCE Platform. There can be multiple different Sectors listed within the XiCE Platform and each will have a unique name (e.g. a solar farm in Arizona could be called “Sector_ASF”, and a wind farm in Michigan could be called “Sector_MiWF”). Every Sector will be autonomous in terms of governance and management, along side having independent legal structures.
Once the Sector has been funded, the green energy project is constructed. The management of the sector will be conducted through the XiCE Platform based on their structure.
A unique token is minted to represent the Sector. These tokens are referred to as “Sector Tokens”. The number of tokens minted is based on the Sector’s maximum output of electricity (i.e. installed capacity). Each token represent 1W of installed capacity. We understand this is a confusing concept to understand, so here is an example to help:
Description of a sector: Wind farm in Michigan
Installed capacity of the sector: 1 MW (1,000,000 W)
- Sector name: Sector_MiWF
- Sector Tokens: 1,000,000 Sector_MiWF Tokens are minted
XiWATT’s ecosystem uses three types of tokens.
XIW Tokens: The XIW Token is a standard ERC20 token that will be distributed in the ICO generation event. 500,000,000 XIW Tokens will be minted; this will be the only time XIW Tokens are created. Please read our medium post to further understand how the XIW token is used in the XIWATT Platform to reduce renewable energy costs.
Sector Tokens: Refer to the FAQ: “What is the difference between a “Sector” and a “Sector Token”?”
NRG Tokens: NRG are the stable token only used within the Platform and are backed by a USD reserve (1 NRG Token = $1 worth of energy).
No. XiWATT’s platforms will be designed so the average user can use the platform without having any understanding of cryptocurrencies, however, options for users who are comfortable with cryptocurrencies will be available.
XiWATT will provide a comprehensive framework to help individuals and local communities propose renewable energy projects on the XiCE Platform. Once a project has been proposed, XiWATT will assess its feasibility and if approved it will be listed for crowdfunding.
Additionally, some green energy projects will be led by XiWATT.
In general, the blockchain marries well with XiWATT’s focus on community driven projects. The decentralized nature of the blockchain provides significant benefits for our use case:
- The blockchain gives full transparency of all transactions. This is vital to the XiCE Platform because it allows all transactions that occur within the platform to be traceable and auditable.
- The blockchain eliminates the need to trust in a 3rd party to settle transactions. This will allow users to have liquidity over their assets.
The Ethereum blockchain is especially useful for the XiCE Platform because it enables the use of smart contracts which allows for the autonomy of sectors in terms of voting, governance, and legal structure. In the case of the XiRE Platform, smart contracts will be used to allow users the capability of P2P trading of energy.
XIW tokens will be sold in the Initial Coin Offering.