June 8th, 2017 at 10:17 pm UTC · 3 min read
First two batches of WTT tokens of Giga Watt project have sold out completely in just three days. The tokens, which grant access to 6.3 MW of Giga Watt’s mining facility capacity are scheduled to be issued in August 2017. Currently, WTT tokens of third batch, scheduled to be issued in September, are offered for sale.
WTT tokens tokenize the right to use Giga Watt’s processing center capacity to accommodate one watt’s worth of mining equipment power consumption, rent-free, for the lifetime of the hosting facility (generally, about 50 years). At present estimates, this allows Bitcoins to be mined for about $540, significantly cheaper than their online purchase price. Giga Watt’s facilities also power any proof-of-work miner, so WTT token holders will also be able to mine Ethereum and Litecoin, and, in the future, additional cryptocurrencies.
The facility is located in the state of Washington (USA), where available electricity rates are among the lowest in the world. Accommodation of mining equipment is offered to customers from all over the world: Their physical presence at the facility is not required.
A total of 30 million WTT tokens is offered for sale, and the tokens will be issued in batches, in step with the construction of the new capacities. The facility consists of multiple independent mining pods, and the capacities will be launched progressively, upon the completion of new modules. According to the projected timeline, the last capacities will be built by mid-November 2017.
Project’s Partners, Escrow, Smart Contract Audit
WTT Token launch is being conducted by Cryptonomos platform, the blockchain solution for crowdsale.
All funds raised through the WTT Token Launch are put in fiat escrow (funds received in cryptocurrencies are first converted into USD). Funds are released from escrow in batches only after the underlying capacities are built and relevant tokens are issued and distributed. The WTT Token Launch escrow agent is the law firm of Perkins Coie – an internationally acclaimed law firm with vast experience in the field of blockchain and cryptocurrencies.
The audit of smart contract which drives WTT tokens is carried out by New Alchemy – one of the most experienced companies on the market specializing in smart contract development and audit.
About Giga Watt
Giga Watt is a facility in Wenatchee, Washington which provides turnkey mining services and custom mining packages. Giga Watt offers a full range of mining services including equipment sales, maintenance and repair, and private blockchain servicing.
About Cryptonomos
Cryptonomos is the blockchain solution for crowdsale, offering customizable structures and model smart contracts to cut down on costs and time at all stages of development, a wide selection of adaptable functions, independent auditing of smart contracts, and assurances of legal compliance and security.