An Initial Token Offering (ITO) will be launched by VLUX to create VLUX tokens that will allow energy to be traded on the renewable energy trading platform that it has developed. VLUX is coming up with a peer-to-peer energy trading platform by using both blockchain technology and artificial intelligence. This platform will help to improve access to affordable and low carbon energy.
VLUX wants to incorporate energy into the digital economy. VLUX has an AI-based smart hub, Verv, that helps to get a comprehensive and real-time overview of the electricity consumption of a home. This forms the basis of VLUX’s p2p framework. The specialized AI that is used in the Verv smart hub allows the organisation to add an extra layer of intelligence to the trading process. They plan to reduce costs by prioritising consumption of green energy by predicting the supply and demand of power of home.
VLUX has already acquired two government-backed P2P projects, and they have also accomplished the first peer-to-peer trade of energy on the blockchain in the United Kingdom. Now, they are trying to take the next step for digitising power by creating a VLUX token.
The VLUX token will enable users to access the energy-trading network based on the blockchain and thus get benefitted from low cost and low carbon energy. Tokens are used within the network to get Kwh energy, and this is then provided to the users to meet their consumption needs.
The blockchain technology that they will be using will provide a secure platform that uses the decentralized distributed ledger to store continuously the digital records of who owns what.
VLUX intends to roll out its platform on a global scale, and the VLUX token will ensure that a scalable network is in place. The cross-border facilities will also ensure a seamless experience for the users.
VLUX intends to distribute its tokens on a wide scale so that the maximum number of people can participate in the decentralised energy grid based on the advanced trading platform.
Of all the VLUX tokens that will be produced, 70% of the total supply will be distributed to the public, 10% will be reserved for distribution among the first VHH units sold, and 20% will be reserved for the company. Out of the company’s share, 10% will be kept for the Verv float and original contributors while the rest 10% will be kept for future growth. However, the tokens will be locked out and cannot be traded until the launch of VTP which is scheduled for the end of 2018.
The allocation of funds
VLUX has pulged that the funds raised in the token sale will be used for the sole purpose of accelerating development of the VTP. 47% of the funds will be reserved for engineering, research and development, software and also to continue building the blockchain trading technology. Furthermore, 21% of the funds will be kept for user acquisition and also for creating high impact and high-value partnerships. 10% of the funds will be used to subsidize the cost of the first 200,000 VHHs and for accelerating the adoption of the VTP. 9% of the funds will be kept for operations/admin, 8% will be used for legal costs while 5% of the funds will be reserved for any emergency purpose.
VLUX is based in the United Kingdom.
The hard cap of this project is 25,000,000 USD
CEO and Founder: Peter Davies
COO: Maria McKavanagh
CTO: Conrad Spiteri
For further details on the team, please visit this page: https://icobench.com/ico/vlux.
The whitepaper: https://vlux.io/Vlux_Whitepaper_016.pdf
Social media presence:
VLUX is coming up with a platform that will use tokens to ensure that renewable energy is traded efficiently and seamlessly. The P2P energy trading platform wants to put power back into the hands of the consumer by improving access to affordable and renewable energy. We have to wait and see whether VLUX can deliver on its promises or not.