The SIM token is a cryptocurrency incentive that is received in a smart energy economy in which the grid becomes more efficient. To become more energy efficient, Simmitri is developing a "smartbox" which is powered by Artificial Intelligence (AI), communicates with all energy-demanding devices and audited through blockchain technology. SIM is an Etherium-based ERC20 compliant token that serves as the utility of the blockchain. Using the Ethereum blockchain, SIM leverages the commonly used public ledger to have no central point of failure and to create security through cryptography. The SIM token is a base currency in the exchange and allowed to provide the electric load reductions as a ‘bid’ in a wholesale energy market.
The tokenized reward system pays users a ratio of SIM to Negawatts in order to reward consumers for becoming energy efficient as well as additional tokens for Prosumers who generate power. In having a platform for users to trade their SIM tokens for other options such as; USD, Renewable Energy Certificates (RECs), carbon credits, other energy tokens and various Home Energy Management Systems (HEMS) products and services, we create an economy with a culture that balances profits with common goals.