ICO Review: REDi Platform
With the aim of reducing greenhouse gas emissions and carbon discharge into the ozone layer and causing global warming, REDi is seeking to apply the blockchain to increase production and consumption of green energy. Green energy consists of solar power and wind power. However, REDi adds another source of green energy that will also include most of the concentration of the REDi product proposition – the e-mobility charging stations. The e-mobility charging stations will be aimed at combatting the exhaust fumes that are produced from motor-vehicles that contribute to a lot of the environmental degradation.
The major proposition of REDi is that the developers of the platform would like to create an ecosystem of prosumers – participants who both produce and consume energy. This shows that the participants will both produce energy while consuming it and selling the surplus. The REDi platform will ensure that this production and exchange will be based on eco-friendly means.
The REDi platform will integrate blockchain technology to ensure equitable, safe and efficient distribution of green energy within the eco-system. The incentive to participation within the REDi platform is the reward in the form of REDI tokens and W points. W points being the digital electricity points. The REDi infrastructure will include two main components – the REDi plant which is the solar power plant and the REDi Station which is the e-mobility charging station. Initially these components will be built directly with the participants’ contributions to the project, however, later the profits of the platform will be used to make more investments to ensure sustainability.
The whole operation of the platform will be recorded with all production capacity, usage, costs and profits recorded on the blockchain for the community to view. The project will be based on the Ethereum blockchain which also means that the REDi token is ERC-20 compliant. The REDi token will be a utility token used for payment within the REDi ecosystem to acquire electricity and two-fold to incentivize and pay mediators for their services in resolving participant interactions.
Advantages of REDi
Transparency – the blockchain provides a platform where all transactions will be recorded and stored for every one of the participants to see. All profits and costs will be seen, all investments will be able to be voted for or against to ensure democracy in moving the green movement forward.
Support of the Green energy movement – conserving the environment is a noble cause and this project aims at ensuring that the production of electricity does not lead to the destruction of the human habitat and therefore the destruction of the human race.
Self-sustenance – the REDi platform is designed to be self-sustaining in that the producers are incentivized to keep producing energy while the consumers are incentivized to demand the energy due to its low cost and efficiency of the platform.
The white paper of the project is yet to be released and some updates have been given in regards to the development of the project. Most notable is the Crowdsale scheduled in the 3rd quarter of 2018. Here’s a rundown of the roadmap as provided on the project website:
2nd Quarter 2018
• Release REDi Whitepaper v1.0
• Partnerships for REDi ecosystem
3rd Quarter 2018
• REDi ICO
• REDi Smart Metering MVP
• REDi Infrastructure project development
4th Quarter 2018
• Launch REDi Wallet
• W transaction module MVP
2nd Quarter 2019
• Public chain integration to
REDi Smart Metering
• Launch REDi Green Activities
4th Quarter 2019
• The official launch of REDi platform services
• The global expansion of REDi ecosystem
• Start 2nd ICO
The following details are relevant to the token sale scheduled to the held in the 3rd quarter of 2018:
Additional Token Emission No
Soft Cap: 5,000ETH
Hard Cap: 30,000ETH
1ETH: 20,000 REDi
Accepted Currencies: ETH
40%: Token Sale
10%: Business Development. Alliance
20%: Team, Advisors
20%: Point Pool / W
55%: Business, Ecosystem Development.
5%: Strategic Alliance
The team behind REDi platform includes capable engineers and former energy sector players. The CEO has a BSc in Environmental Economics while the CTO is currently an Engineer at SAP Labs Korea. Here’s a preview to some of the team members:
DY Lee (CEO, Co-founder) - Co-founder of SEI Corp. Co-founder of Funded Tongyang Group, Capital. UC Berkeley, BS Environmental Economics. UCLA, MS Public Policy (https://www.linkedin.com/in/dong-young-dy-lee-7a240138/)
Chanyoung Kwon (CTO, Co-founder) - Engineer at SAP Labs Korea. Engineer at Naver. Seoul National Univ., BA Linguistics. (https://www.linkedin.com/in/chanyoung-kwon-a204019/)
Rick Yoon (COO, Co-founder) - Research Engineer of Hyundai Motor Company. Seoul National Univ., MS ECE. Inha Univ., BS EE (https://www.linkedin.com/in/yoonilo/)
REDi is a solid project with a solid team behind it. The only problem would be about the adoption of the platform and get people to actually participate in the ecosystem. The project has a lot of competitors including some in the blockchain space such as ElonCity and several others in the traditional energy sector. Hype score on this project is minimal but with a little marketing, it should be able to surface and score some interest.