BOSTTE: DISTRIBUTED ENERGY TRDING PLATFORM

BOSTTE: DISTRIBUTED ENERGY TRDING PLATFORM

Bostte Distributed Energy Trading Platform is a network that allows consumers to sell energy to their peers in a trustless environment. It is a new component of the distributed economy that allows consumers to realize the value of their investment in Distributed Energy Resources by enabling them to monetize their excess energy in much the same way as other resource sharing business platform which allow people to monetize, for instance their cars space, office space, air plane space and spare rooms. Bostte Blockchain-enabled P2P energy trading platform will transform energy networks into trading platforms and invoke a blockchain economy that moves away from bilateral retail arrangements to multi-lateral trading ecosystems, preserving networks’ relevance to consumers. This will be achievable over the trustless blockchain platform. The blockchain is an agreement machine that can facilitate the financial settlement of these transactions, in the same trading intervals in which the energy is produced and consumed, and it can be achieved at a speed not possible using current market settlement technologies. Bostte global technology revolution will change the power balance between consumers and centralized power authorities.
The booming market in Distributed Energy Resources (DER) like solar photovoltaic systems (PV), batteries, microgrids and embedded networks has moved the power balance from central authorities to the edges of the grid, to where citizens have control. And it is not just about controlling the cost of energy consumption, it is a reflection of peoples’ desires that their energy supplies are more sustainable, more socially-responsible, more local, more resilient and more democratic. All that is needed to move the revolution into the mainstream is a model for energy trading that takes control out of the hands of central players and puts everyday citizens in charge of a co-created energy future.
The Bostte Ecosystem is that platform. Out of the 14.4 trillion dollars invested in electricity generation, $9.8 trillion will be from renewable sources. The current electrification state of the global population is at 74%. Advanced and transitional economies require secure access to modern sources of energy, to underpin their development and growing prosperity. In developing countries, access to affordable and reliable energy is fundamental to reducing poverty, improving health, increasing productivity, enhancing competitiveness and promoting economic growth. Hundreds of millions of people have attained modern energy access over the last two decades through distribution networks, especially in China and India. This means that more people on Earth than ever before are now connected to ever-growing and interconnected electricity networks. This creates an enormous appetite for innovative new energy peer-to-peer (P2P) energy transaction platforms. Bostte Platform is a system that will encourage even greater investment in distributed renewable energy and a new era of network management. This new paradigm will see ever increasing levels of automation and resilience led, not by a small number of large-scale centralized investments, but by millions of micro-investments distributed across the system. The Bostte Platform provides a transparent governance framework that allows the Ecosystem to seamlessly interface with energy markets around the globe, bringing innovation and a wide range of network benefits to consumers. This approach means the Ecosystem is adaptable and scalable for applications within any existing or future regulatory environment, achieving the dynamic agility required to adapt to any number of regulatory structures. The market flexibility of the Ecosystem is facilitated by deployment of the BOSE token. The token, is specifically limited to representing the tokenized value of a unit of electricity in varying markets around the world. Consumers will buy BOSE tokens from the open market. Consumers buy and sell energy, which is settled with BOSE tokens and may redeem the BOSE for cash via trading exchanges. This advances the concept such that BOSE tokens can be used directly in P2P trading between generators and Consumers, with near zero intermediation - and this is the way markets will operate as deregulation as the sector moves forward in the years to come.
The BOSE TOKEN will serve as the fuel of the Bostte Distributed Energy Ecosystem. BOSE tokens help to facilitate low cost and better returns on electricity. They interact with the Ecosystem through: • Providing governance and consumer protection through Smart Bond technology • Facilitating access to use the Platform • Providing loyalty rewards to Participants • Contributing and connecting with renewable energy charities and organizations .The BOSE Token is an Ethereum token created by way of a smart contract. On-chain computer code or “Smart Contracts” are computer protocols that facilitate, verify, or enforce the performance of a contract making a contractual clause unnecessary. Smart contracts often emulate the logic of contractual clauses. Smart contracts can exchange money, property, shares or anything of value in a transparent, conflict-free way, while avoiding the services of a middleman. Ordinarily, a process would require payment to a middleman, government agency, bank, lawyer or a notary, and then a processing time before the receipt of goods or services. However, with smart contract technology it can all be automated. Smart contract technology can be compared to that of an automated vending machine. With a vending machine, money is deposited into the vending machine and the desired item drops for collection, provided that the correct amount is deposited. Comparable to that, with a smart contract, the money is deposited into escrow on the blockchain for receipt of a transfer of a token (e.g. a digital certificate of title for a house), which is instantaneously transferred into a counterparty’s control once conditions are met. Smart contracts not only define the terms and conditions around an agreement in the same way that a traditional contract does, but also provide enforcement of those obligations.
WHY SOCIETY NEEDS AN ENERGY TRADING PLATFORM: It is not just network service providers that benefit from maintaining the relevance of one of our most important social assets. The people that have the most to lose in the face of falling network utilization are the people that have the least ability to influence their exposure to rising network costs and the impact on grid-supplied energy. They are the financially and socially marginalized consumers. Unlike the centrally-managed power systems of the past, the future of the energy system, will be co-created by the consumers and investors that will decide where and when to install DER.
HUMAN ENERGY: Energy trading between citizens brings humanity to the energy system. Instead of faceless traders hedging their positions, Citizen Utilities return profits to communities, incentivize community investments in generating assets, and allow the sharing or gifting of energy. Ultimately, as dynamic distributed energy markets become mainstream, the owners of DERs can earn an income, not just from the energy they sell but from the network services they provide such as frequency and voltage control, load shifting, load shaping and load sinking. EVs will become the back-up power source of choice as the owners of EVs monetize their spare energy, not through selling kilowatt hours but by selling resilient access to the lifestyles we take for granted. In aspiring communities building modern economies through electrification, citizen-owned microgrids are a leap in technology that by-passes the mistakes of the past and supports the development of low-cost, low-carbon, and democratic power systems in towns and gated communities all over the developing world. In modern cities, Neo-retailers, the new species of innovative energy retailer, will support P2P trading through effective aggregation of consumer preference and demand aligned transparently, with consumer capacity managing risk and security and providing choice for consumers. Human energy will change the face of the energy system because instead of being focused solely on profits, it will focus on the broader needs of communities, on aspirations for independence and co-creation, and the long term sustainability of energy creation and consumption.
THE BOSTE TRADING PLATFORM is a trustless, transparent and interoperable energy trading platform that supports an ever-expanding suite of energy applications, with an exchangeable frictionless energy trading token, BOSE. The Bostte Token (BOSE) is the fuel of the Bostte Energy Distributed System with bespoke trading solutions . BOSE are currently purchased and redeemed using fiat currencies with individual trading platforms like Coinexhange.io, a form of Cryptocurrency. A cryptocurency is a digital currency in which mathematical encryption techniques and network consensus protocols are used to regulate the generation of units of currency and verify transactions (i.e. the transfer of funds), operating independently of a central bank. It can be used as a form of P2P digital money, purely relying on the blockchain ledger and verification through encryption algorithms, rather than a centrally controlled entity like a central bank. BOSTTE PLATFORM allows users to simply trade electricity with one another and receive payment in real-time from an automated and trustless reconciliation and settlement system. There are many other immediate benefits such as being able to select a clean energy source, trade with neighbors, receive more money for excess power, benefit from transparency of all your trades on a blockchain, and very low-cost settlement costs, all leading to lower power bills and improved returns for investments in distributed renewable. Also, the Bostte Platform provides retailers with smart demand and supply management, along with almost instantaneous remuneration and payment settlements while managing consumer exposure to the risk of non-supply. Furthermore, the Platform enables electricity metering, big data acquisition, rapid micro-transactions, and grid management at an unprecedented granular scale. Trading in embedded networks breaks the nexus between generation ownership and energy consumption, meaning value can be derived from an investment in DER even if the investor is absent or doesn’t consume all the energy they generate. Again, this offers rapid low-cost and transparent dispatch optimization and management, data aggregation, reconciliation, and settlement for wholesale energy marketplaces. Also, the platform is an innovative energy retailer who supports P2P trading through effective aggregation of consumer preference and demand. This Platfrom provides optimized metering data, the collection of big data, right to access and dispatch of assets, rapid transaction settlement, network load balancing, frequency management, demand side response, and demand side and load management. The optimization of network assets is made viable by the near real-time remuneration of asset owners. This class of Platform Application facilitates real time metering data (interfacing with the Open Charge Point Protocol (OCPP)), collection of data, user identification and rapid transaction settlement. A class of Platform Application whereby virtual pipeline and roadside assistance type assets may be automated via the platform, such as EVs, and can provide a mobile storage discharge facility maintaining energy supplies to predominantly self-sufficient energy consumers. This Platform offers smart contracts for carbon traders to assure digital transactions across organizations: credibility of asset using immutable distributed ledger technology; and transparency and auditability. It supports reporting and surrendering of carbon credits or certificates to regulatory authorities. In the management of transmission networks, the Platform can provide real time metering data, collection of big data, right to access and dispatch assets, rapid transaction settlement, and network load balancing, responding to non-stationary energy. Consumers purchasing renewable energy are rewarded BOSE tokens, under the Green Energy Loyalty Rewards program, for using the Platform. The incentive formula is weighted towards renewable energy producers. The Loyalty Incentive Program is funded by charging a small fee for all P2P transactions on the Platform. Part of the fee is then used to purchase BOSE tokens on exchanges and distribute them under the program, incentivizing renewable energy generation. The goal of the BOSE tokens is to ensure that incentives for Developers, Application Hosts, and Participants are all aligned and, as they contribute to the democratization of energy, they are rewarded for the evolution and future success of the Bostte Energy System. As the Ecosystem user-base grows, the demand for BOSE tokens will likely increase. For the Platform to be truly global and decentralized, the BOSE tokens may in the future facilitate Green Energy Generation Initiatives, driving sustainability. Customers could donate micro-portions of their transactions to charities and/or organizations that contribute towards innovative renewable and sustainable energy projects Through P2P trading of clean energy and the supporting of Green Energy Generation Initiatives, more users are incentivized to adopt the Platform creating a virtuous cycle for sustainable energy
The standardized Ethereum ERC20 BOSE tokens may also be used on public exchanges. Exchanges are independent and not operated by BOSTTE DISTRIBTED SYETEM. However, Exchanges serve to further decentralize and add transparency to BOSE tokens, by giving the holders of BOSE the choice to exit or enter the token Platform. BOSE tokens provide efficiency in the ease of transfer for clean energy. Participants with BOSE tokens will be able to instantly transact through an once the Platform is live in their region and the requisite regulatory framework emerges. As markets become fully deregulated the Participants will be able to transact directly through the platform without the requirement for the platform. Consumers of the Bostte Energy System will be able to transfer and receive clean green energy credits anywhere in the world as the Platform is gradually rolled out globally. If a Consumer moves to another country, it is not necessary for them to close their account and exit the system. The Bostte Ecosystem will be a global Platform that allows users to migrate between applications and instantly transact with their BOSE tokens. The transparent governance framework at the Ecosystems center will be inclusive by design, enabling an easy interface for users. This will drive early adoption and allows seamless interfacing with energy markets around the world, bringing innovation and a wide range of network benefits to Consumers. At its core, the focus is providing lower cost energy and better returns on energy for citizen investors, whilst providing powerful incentives to prioritize the adoption of renewable clean energy. In the Bostte Platform, we aim to minimize the energy consumed by any proof-of-work algorithm. For this reason, a hybrid public and consortium blockchain approach has been selected. BOSE tokens on the public Ethereum blockchain and a feeless Ethereum blockchain handle the high transaction volume of P2P energy trading. The Bostte System has developed its own unique trade matching algorithms which transact available power equitably, between generators and Consumers, without favoring any of the Participants. Consumer orders on both sides of the market are filled in equal increments and cycled continuously, until the market has cleared. This allows new consumers to onboard and immediately receive equal allocation of the available pool of renewable energy in their area, whilst minimizing the distance between consumers. This has an impact on transmission efficiencies and thus minimizing carbon emissions. Trading run cycles are configurable and can be selected, based on the platform requirements.