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Cryptocurrencies global market capitalization has surpassed $500 billion USD rising over 2000% in 2017. This trend is expected to continue for the foreseeable future as businesses increasingly embrace the elegant design and transparency the blockchain offers to all. However, as of March 31 2018, Bitcoin mining energy intake has officially surpassed the entire energy consumption of the country of Singapore, which ranks 43 globally in regards to energy consumption. As the difficulty of mining increases to reflect the influx of miners joining the network, this energy consumption will increase. The most astounding aspect of this is that the rate of expansion is exponential. At the current rate of consumption, next year Bitcoin mining will consume enough energy to be listed as the twentieth country in the world by energy consumption. The model is simply unsustainable. The world relies primarily on the production of energy from the burning of coal and oil, which not only damages the environment, but the economy as a whole. If Bitcoin has a great enough impact on the world’s coal and oil supplies, the cost of a kilowatt will rise globally. The more valuable one bitcoin becomes, the more energy will be used to mine that coin, therefore with price spikes, come energy spikes. This will go on until energy around the world will cost much more than it does currently, as a result of increased demand from miners globally. As of September 30, 2017, 1 bitcoin transaction consumed as much power as 7.5 US households for a day. As of December 31, 2017, 1 bitcoin transaction consumed as much power as 10.5 US households for a day. As of March 31, 2018, 1 bitcoin transaction consumed as much power as 30.5 US households for a day.
The team at KWATT is proud to announce the world's first coin ever, that embodies electricity. Our product is grounded in necessities, solving three global & social problems; waste surplus, energy shortfall and voracious energy consumption of cryptocurrencies. Our blockchain platform will enable the staking of KWATT tokens that will, for the first time ever, facilitate tokenized electricity to transact over the blockchain network. This revolutionary application and utilization was only possible with the advent of the blockchain technology. Given the utilitarian nature of our services, it is our belief that KWATT will successfully integrate the blockchain network within the real world applications of energy consumption of the crypto community leading to widespread mainstream adoption. Our seasoned management team, with over 300 years of collective experience, brings a vast and diverse perspective that has enabled KWATT to explore rare and unique opportunities. We are excited to present a solution such as ours that will revolutionize and standardize three industries, Crypto-mining, Waste Management and Energy, creating disruptive economies of scale on a global level.
Token Status and Distribution
1 FRNC = 2 USD