ABSTRACT

The CoinWatt a.s. project will see the light of day with the establishment of a legal entity under Slovak law, which has regular licences to operate in this field, issued by the Licensing Office of the Slovak Republic. The core business of our project is the resolution of the well-known shortcomings of many existing cryptocurrencies, which require huge amounts of energy for the mining process and are flawed in the sharing of governance, as they exploit communities with pyramid-like organisational models, effectively not allowing the sharing of data registration and certification.

Further critical issues are hackers, who have very frequently tried to breach the blockchain but with little success, so it is necessary to continually raise the security standard and find new systems to contain future attacks.

Another critical issue is the high cost of computers in all blockchains using proof of work, as they are in competition with each other and this severely limits entry and approach to the project to most individuals

In our project, we believe we have taken an innovative approach to overturning the drama of energy consumption, making our blockchain ‘sustainable’ in line with the directions of the political and economic worlds of democratic countries clamouring for greater protection of our Planet, and not only formally opening up governance and data protection to our future community, not by offering economic ‘barriers to entry’, but by encouraging the adhesion and participation in our project of thousands, indeed tens of thousands of supporters!

This will require the creation and sale of representative NFTs of company-owned renewable energy plants, which will give buyers the right to participate in mining, proportionally remunerative to the amount of NFTs owned. The digital copy of each MW of plant will be divided into 1,000,000 watts and the desired watts for the generation of one’s own NFT can be freely purchased.

The purchase of NFTs entitles the holder to proportional mining, as described, for 30 years, equivalent to the entire life cycle of the plant. The sale of the NFTs, the production of renewable energy, the sale of the NFTs, the mining awards and the accounting documents will be recorded on the blockchain. The blockchain will allow project members, through voting systems, to participate in corporate governance, through the appointment of a member of the board of directors of our holding company chosen from among the members and chosen by the members themselves through a public vote in the blockchain, as well as to evaluate corporate initiatives proposed by the community and to participate in the required surveys, as well as to listen to individual voices regarding various forms of development of the project itself. 

The initial phase of the I.C.O. will aim to establish the necessary facilities for energy production, i.e. renewable energy plants. In addition to the NFTs, each project member will be able to purchase company-produced hardware (servers and micro-servers) in order to participate in the decentralisation of data and thus in full green mining. The owners of the servers will be paid a higher award, by virtue of their participation in the public decentralisation network of digital data. For this purpose, a production line of hardware and business software will be established for the necessary types. The current web radio, which is already listened to in more than 150 countries worldwide, will be transformed into an Integrated Multimedia International Platform (I.M.I.), which will have cultural, information and entertainment content in its schedule, in addition to music programmes, offered through subscriptions. This will expand the already vast audience of validating users, intercepted through listening to the Multimedia Platform. 

Two aspects are crucial: 

1. Mining proportional to the renewable energy produced. The concept of full green mining has a well-defined logic behind it: each miner will receive the rewards from the sale of the energy actually produced from the relative amount of NFT of the plants. In fact, from the sale of the renewable energy produced, the company will retain a percentage for itself, to be in charge of the design, construction and maintenance of the plants, while the remaining percentage share will be distributed to those who have purchased NFTs representative of the plants, as described in the “Full Green Mining Summary Table” figs. 4 and 5 on page 37 of the White Paper downloadable at the bottom of the page.

Mining will therefore not be proportional to the amount of energy consumed by the servers and the hardware capacity of the computers, but will be proportional to the amount of energy produced: it will be low Energy, full green, proof of listening and proof of Energy. 2. Sustaining the value of the coin. The company, with the percentage share due from the proceeds of the sale of the renewable energy produced, will purchase CWA coins in the marketplace, which will be distributed to the NFT owners according to the entitlements indicated above, participating in the sustainment of the value of the coin. Each miner, in addition to the award from mining, will receive additional economic benefits from the value of the listed coin, while the mined coins will go into a company wallet. For the amount of coins issued in the block and not mined, burning will take place. After the first years of implementation of the plants, the company will sell the energy produced not only to national utilities but also to end users, becoming a de facto energy supplier and also building charging stations for electric cars.

Tokens can be used to:

Purchase hardware for mining and decentralisation;
Purchase NFTs;
Make purchases in commercial activities that adhere to the circuit of the user/validator community, with a dedicated discount;
Participate in blockchain games
Purchase certification packages for products, goods and services;
Purchase subscriptions for multimedia platforms.

EN Group s.r.o.’s blockchain is already prepared to marry such a project as it is Low Energy, i.e. its operation involves reduced energy consumption. As already mentioned, accompanying the project is the creation and implementation of platforms suitable for the functioning of the entire ecosystem.

The other platform that will be expanded will be the MyCloud-MailServer, which exists as a blockchain storage cloud. Within it, users will be given the opportunity to: 

– Certify their own identity; 

– Certify their medical records, providing a service to collect the health data of emergency subjects for possible needs; 

– Certify the digital logbook of the motor vehicles they own, for the administrative and maintenance control of the same; 

– Access a certified and blockchain-registered mailing service; 

– Access a fast and intuitive chat.

Those who sign up for one of the services of the MyCloud-MailServer platform will be able to take advantage of discounts for the purchase of insurance, social security and commercial services, offered by the company partners who join the project. On the other hand, the platform of the art will be modified and expanded for the purchase and sale of NFTs. The new platforms will be the Platform of the Games and the Eco family System Platform. The former will be used to access a series of games, directly managed and organised by the blockchain, such as Bingo Mining. The second platform, on the other hand, will focus on observing the green behaviour of the individual and his or her household, i.e. environmentally friendly attitudes. With this platform, users participate in monetary rewards and various recognitions at an international event that will be held annually, where the most sustainable behaviour among all community members will be celebrated. The proceeds from participation fees in the Eco Family System Platform will be used for planting areas for reforestation. 

Keep in mind that the described tokenization system for renewable energy plants will later be extended to any asset/asset generating profitability, which will be shared, for a pre-determined period of years, with the purchasers of NFTs representing the tokenized asset/asset and retaining the entire ownership of the same asset/asset (real estate, hotels, land for cultivation, ships, planes, etc.).

Each tokenisation will participate, through the system described above and through the purchase of the company coin from the marketplace, in increasing the value of the coin itself. Given the criticality of blockchain and the issues related to the value of coins, which can be summarised as:

Electricity consumption of fossil-generated hardwares;
Excessive consumption of electricity;
Poor decentralisation of digital data;
Staticity of validation and decentralisation nodes;
For many blockchains, entry to mining is prohibitively expensive due to high hardwares acquisition and related energy costs;
Volatility of the value of coins, dictated solely by the supply and demand mechanism on marketplaces;

this project aims to:

Widen the community of validator users;
Broaden the decentralisation nodes;
To transform blockchain from low energy to full green;
To intercept public and dynamic Ip validators through the proof of listening of the multimedia platform;
To allow anyone to participate in the project for a small fee;
To produce and distribute electricity from renewable sources;
Support the value of the currency, using the sale of renewable electricity as the underlying of the currency;
Export the business model to every country;
Internationalise the participatory community, understood as the number of validators, decentralisers, partner companies and users in various capacities;
Make the community participatory, through voting and polls, including the appointment of a board member, chosen by the members themselves from among the community members.

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