On March 5th, 2019, just a few days after the most recent RED Spring Update, RED CTO Vali Malinoiu was present on our Telegram channel, delivering another update on the progress of the RED Platform and what’s next for the coming weeks.

Hi everybody, We have some updates to share with you, so I will try and group them by category.

Development

Our team has grown considerably from the start of the year and we intend to keep growing. Due to this fact we have decided on a planning schedule.

Every Monday, the Development team decides what features are going to be added into the next milestone.

Every Friday, we plan on deploying a new version of the app.

We will try to inform you about the planning and the deployment notes.

You can ALWAYS take a look at the git repository and see the status of each task.

Changes

Due to recent business development, we have decided to change the way Producers, Consumers and Suppliers are using to board on RED.

A Consumer can have multiple consumption points under different Legal Entities (Personal or Commercial).

A Producer can have multiple production points under different Legal Entities (Personal or Commercial).

This segregation of responsibility will allow us to see the production/consumption more clearly and we will be fully prepared to handle an entity that produces, but also consumes, a large quantity of energy.

Staking

Our first priority is to nurture RED into becoming the biggest clean energy platform, for both producers and consumers. Every decision that we make is intended to be for the sake of the platform, to help it grow and help all the parties involved.

Due to the recent developments in the community, we felt that some members weren’t happy with the staking system so we’ve revised it as follows.

Crediting KWT

Staking your MWAT has a fixed stake period of 90 days.

KWTi is credited instantly only once by staking in a certain week (which will be announced beforehand).

KWT is credited instantly by a percentage of your stake vs all the stake and taken out of the ECF at the time of staking.

Unlocking KWT

KWTi can be unlocked per day, if you skip a day you won’t lose that kwt in that day, you can unlock any after day for the days you skipped.

KWT can be unlocked per day, if you skip a day you won’t lose that kwt in that day, you can unlock any after day for the days you skipped. YOU WILL GET ALL THE KWT/KWTi DURING THOSE 90 DAYS of staking.

The formula for unlocking is simple, per day you can unlock 1/90 from what was credited to you so that at the end of the 90 days period you will have your full reword.

NOTE: KWTi (initial reward) will automatically burn upon no use after 90 days of when it’s been credited.

Smart Contracts

Every bit of change affects the foundation of the Smart Contracts, which then require change, so we keep on upgrading them and changing them.

Smart contracts help us keep things transparent towards the community and the parties involved.

Even though here at RED we also pentest our smart contracts, and do security analysis on them, after the Smart Contracts are considered final they will be also audited by an external company.

Smart Meters

As you know RED is developing, in-house, a smart meter that is also attachable to the existing industrial meters in order to record live the consumption/production.

The team is working round the clock in assembly deployment and instalment even now as we speak. We also want to mention that, sometimes, we wait for parts from different vendors, thus some delays.

We intend to simulate over 100,000 meters in RED to see how the blockchain will behave :), and also how fast we can do production consumption matching between producers/consumers.

Infrastructure

We are also in the process of upgrading some equipment in our datacenters, as we are in need of redundancy and high availability.

Upcoming

During this month, we intend to start a beta staking process, which will allow us to test live how the staking will behave.

I want everybody to know that the team that we’ve been creating is working round the clock to deliver high quality products in the hands of it’s community, they always listen to your feedback and ideas. We are fortunate to have such a great community that is helping us.

Thank you. About Restart Energy

Restart Energy Democracy (RED) is a blockchain-powered platform, backed by Restart Energy — a European energy provider with 20 million USD in revenues. The company was built with a vision to democratize the energy sector and quash the dominance of legacy monopolies in the energy world. The company’s credentials include a customer base of 27,000 household and 3,000 corporate clients, expanding at more than 2,000 clients per month (5,000 new customers in the first two months of 2018), and its impressive growth: 1,700% from 2015 until today.

Restart Energy is developing the world’s first peer-to-peer, fully decentralized energy transfer platform allowing users to send and receive energy worldwide, based on its proprietary virtual balancing system, that uses A.I., Big Data, and IoT technologies. The RED ecosystem is comprised of the RED-Platform, RED-Franchise, and MWAT Tokens.

The RED-Franchise is the first power retail franchise to simplify and allow any company or entrepreneur to operate their own power utility enterprise, enabling them to start selling energy in more than 35 deregulated energy markets globally.

MWAT tokens are crypto-tokens that enable the buying and selling of up to 1 MWh of electricity per month on the RED-Platform Software and will facilitate the development of affordable clean energy, through free-market practices. Upon completion of registration on the platform, an initial loyalty bonus of 0.11 kWh is applied. Producers send out monthly loyalty bonuses through the Energy Community Fund, totalling 5% of traded on-grid energy in exchange for access to the RED Platform.

Importantly, it should be noted that potential franchise partners will need to own (this is not a form of payment to us) a certain number of MWAT tokens, in order to qualify for our various franchise tiers — the secret to our award-winning growth as a business!

For more information, please visit our website, our Telegram, and read the Restart Energy whitepaper. Join our announcement channel for updates regarding Restart Energy Democracy.

We invite you to join our RED Platform’s beta and earn 50 MWAT for joining now; refer your friends for even more rewards.