From the beginning we thought of the RED Platform as space for energy companies, suppliers, producers, but also for users interested in opening a business, building a source of passive income, and for users interested in trading, staking, and building their portfolio. This is what we understand by putting energy into your hands.
We have tried different ways to reach energy democracy in its deepest meaning and we have finally reached the point in our journey where the App we believe will bring freedom, growth, and democratization is finally here, up and running in its beta testing phase. We invite you to download it here:
If you have followed us until now, you know that there have been tokens that changed names and functionalities during this time, but in essence, RED has maintained its roots in green energy production, easing the process for suppliers, franchise owners, and users who want to get involved and gain a passive income from consumers they bring to the platform and their monthly energy consumption.
This is the moment when we want you to discover the RED Tokens, their functionalities, and the details that make them unique. Let’s begin with the first and most popular one:
MWAT is an ERC-20 Token that stands at the base of RED’s tokens’ ecosystem. Let’s discover where you will use MWAT in the RED Platform:
- To open a V-LEC Country franchise. You will have to own 100.000 MWAT for one Country franchise.
- To run the RED Franchise. To be able to run a franchise, you will need to stake the quantity of MWAT stated above. 50% of that amount will go to RED in payment for the rights to run the franchise and you will receive 1 V-LEC token in exchange. RED returns to you the other 50% in the form of staking rights. As a result, when you bring leads and customers to RED, you will need to stake 1 MWAT for each customer you brought or 1 MWAT for each MWh of sold energy.
- To become a supplier. As a supplier on the RED Platform, you will be able to create competitive offers that franchises will use to bring customers to the RED Platform and, of course, to you. To supply energy and/or gas to customers, you will have to stake in the RED Platform a certain amount of MWAT (this functionality will be available in V2 of the app).
- To pay for your REO-G claim. If you are a producer who comes to the RED Platform to obtain Green Certificates that prove the origin of your produced energy, you will have to claim them by providing the necessary information. Once the claim is made, a validator will have to approve your claim. The validators are franchise operators entitled to perform these verifications. The validators are paid by the user who makes the claim. Their tariffs are set between a minimum of 1 MWAT and a maximum of the quantity of staked MWAT on the platform.
- To store REO-G. Once you obtain your REO-G, to be able to maintain it in your wallet, you will need to stake a certain amount of MWAT. 1 MWAT allows for storing 1 REO-G.
- To pay your GTK claim. Any user will be able to claim a GTK based on their green energy consumption or the recharging of their electric car. To obtain your GTK, a validator must confirm your claim. The validators set their own tariffs and you will need to pay a fee in MWAT to obtain your GTK.
- To store GTK. To receive your GTK you will need to stake a certain amount of MWAT on the RED Platform. 1 MWAT staked will allow you to store 1 GTK in your wallet.
- To stake inside the RED App. You will be able to stake MWAT inside the RED Platform without being a franchise operator or claiming REO-G or GTK. There will be specific rewards for the users interested in staking their MWAT in the RED Platform (available from V2 of the app).
V-LEC is an ERC-721 token that will allow you to acquire a RED Country Franchise. This token is issued as a right to operate the franchise. It will be issued for 50% of the staked MWAT from the price of the franchise. Let’s find out how it will work.
The price of a Country franchise is 100.000 MWAT from which:
- 50% of the staked MWAT for the franchise will be held by RED as payment and you will be given 1 V-LEC token in exchange. This token will contain information specific to your franchise (name of the country and other details unique to your business).
- 50% of the staked MWAT for the franchise will return to you as MWAT staking rights (locked in the RED Exchange for at least 1 year).
This token can be sold just as you sell a business and transfer the franchise’s operating rights to any owner who acquires it.
REO-G Blockchain Green Energy Traceability System
The REO-G token is an ERC-721 token that will allow energy producers to prove the origin of their energy. The token can be claimed for the energy that was produced no longer than 12 months before the claim.
— 1 REO-G means that 1 MWh of renewable energy has been produced.
— REO-G can be transferred to other users on the RED Platform and can be traded on the RED Exchange.
— REO-G can also be withdrawn in personal Ethereum Wallets and on third-party exchanges.
What will REO-G be used for?
REO-G can be used to prove your sustainability and carbon footprint. It will work as a blockchain-based Guarantee of Origin providing untampered traceability for green energy.
Owning 1 REO-G means approx. 750 Kg of CO2 were avoided in the EU (*this number is different in each EU country).
— Users can sell REO-G on the RED Exchange or other third-party Exchanges.
— Users can withdraw REO-G in their personal Ethereum wallets.
— Users can send/transfer REO-G to other platform users.
The following information will be recorded in each minted REO-G :
— The energy source from which the energy was produced and the start and end dates of production;
— Whether it relates to:
- gas, including hydrogen;
- heating or cooling;
— The identity, location, type, and capacity of the installation where the energy was produced;
— Whether the installation has benefited from investment support and whether the unit of energy has benefited in any other way from a national support scheme, and the type of support scheme;
— The date on which the installation became operational;
— The date and country of issue and a unique identification number. Simplified information may be specified on guarantees of origin from installations of less than 50 kW.
REO-G is minted by RED in a special ERC-721 REO-G smart contract when registered and verified renewable energy producers make a “claim” based on historical energy production. RED Validators have to verify the “claim” (third parties that verify the producer’s claim).
REO-G is burned by RED each time a user/company requests a sustainability certificate from RED. The Certificate will mention the number of REO-G’s burned and the amount of CO2 avoided at the moment of burn. The burning or removal from circulation of the REO-G is necessary to avoid double counting.
GTK Blockchain CO2 Offset Traceability System
What are the GTK or Green Tokens?
GTK is an ERC-20 unique token tracking CO2 offset.
— 1 GTK means that 1 ton of CO2 has been offset from the atmosphere (or the equivalent in other greenhouse gases).
— GTK is minted by RED whenever a user makes a verified “claim”.
— GTK can be transferred to other users on the RED Platform.
— GTK can be traded on the RED Exchange
— GTK can be withdrawn in personal Ethereum Wallets and on third-party exchanges.
What can be GTK used for?
GTK can be used to prove your sustainability and carbon footprint as a blockchain-based CO2 offset tracking system providing untampered traceability. Owning 1 GTK means approx. 1 ton of CO2 was avoided from being released. Users can sell GTK on the RED Exchange or other third-party Exchanges and they can withdraw GTK in their personal Ethereum wallets. GTK can also be transferred to other platform users.
How will GTK reduce CO2?
The Earth is choking at 400 ppm CO2 with 40 bill. tons of CO2 being released into the atmosphere each year. The Paris Agreement limits global warming to 2 C. The EU has launched the Green Deal which targets 50% in CO2 levels until 2030 and Net Zero Carbon until 2050 for the block of 27 nations. We need a global easy-to-use system for tracking and rewarding CO2 offset by individuals and companies. Saving the planet needs to become profitable to succeed. GTK will open a global CO2 trading market worth between 400 and 600 bill. USD at todays’ CO2 prices but that will likely increase as the climate warms.
40 trillion GTK/Year
For our planet to be able to regenerate and stop global warming, we need to target NET ZERO CARBON. We can reach our goal by issuing 40 trillion GTK/Year that would offset the current 40 billion tons of CO2 emissions globally.
By doing so, we not only prevent climate change but empower people and companies globally to act behaviorally and reap the benefits of trading GTK Tokens.
RED mints GTK in a special ERC-20 GTK smart contract when registered users make a verified claim based on historical energy consumption or other green measures that have proven CO2 offset. Third Parties entitled as RED Validators will then verify the claim.
RED burns GTK each time a user/company requests a sustainability certificate from RED. The Certificate will mention the number of GTK’s burned and the amount of CO2 avoided at the moment of burn. The burning or removal from circulation of the GTK is necessary to avoid double counting.
RED’s ecosystem was thought for its users to be able to build, trade, expand and succeed in their endeavors, whichever they might be. Going forward, we strongly believe that helping all the parties to become successful in their own trade will build a mechanism that will support growth in the long run. What we are most of all happy about is that by building together we encourage green energy consumption, reward green energy producers, promote CO2 offset and contribute together to the democratization of energy.
Will you contribute to the change?
Chat with us on our Discord channel: https://discord.gg/QzpGgeuyv2