SunContact, the first energy trading platform originated from Slovenia, updates the status of its ongoing ICO. The platform, that implements blockchain technology to enable buying and selling electricity, as well as to speed up investments into renewable sources of energy, has raised over 8123 ETH, totaling more than $1.66 million by the press time.
With another five and something days to go till the end of ICO campaign, the platform looks forward to meeting the next milestone – commercializing the P2P Platform on an international level, thus completing the current one “Implementing the P2P Platform on a national level”.
SunContract is renewable energy trading platform created by power specialists and IT professionals. The platform uses blockchain capabilities to address market demands in the power distribution sector.
Blockchain technology perfectly fits to energy market as it helps automate most of the processes, simultaneously acting as a monitoring and fraud preventing mechanism. The transparency, immutability, and trackability of blockchain technology also make it easier to keep an account of energy distribution and usage.
The SunContract Energy Pool is a P2P marketplace where smart contract enables transparent operating without the need for a middleman. The platform allows two opposed parties negotiate all terms of business and write it down on the blockchain saving a lot of forwarding costs. SunContract makes the whole trading process clear, transparent and irreversible.
Huge investments in infrastructure and high transmission costs, including losses, and taxes make costs of conventional or analog energy exorbitant. At the same time, non-conventional power generation units, both big and small, have the capability of producing considerable excess energy today. SunContract’s goal, among others, is to allow producers to sell this excess energy in an open P2P market, which can be bought by consumers and be put to use.
SunContract ensures that the energy will be paid for and utilized, promoting efficient utilization of clean energy to reduce the carbon footprint. The project, that began in early 2016, has the entire road map created, described in detail in the whitepaper.
In order to raise the required funds for future development, earlier this month SunContract started an ICO campaign, divided into several steps according to activities implemented at each. Participation in the initiative becomes possible through purchasing SNC tokens against ETH payment. Per every ETH investors will receive 10,000 SNC tokens, and with constantly increasing volume of energy trading, the value of SNC is expected to rise in the near future.
As SunContract aims to revolutionize the renewable energy market in the European Union, its ICO has already surpassed the first milestone of 5000 ETH and now is moving forward to the completion of the second milestone of 10,000 ETH.