Genesis WATER Token’s ICO launched on October 26. Find out everything you need to know about Water Token today in our review.
What Is Genesis WATER Token?
Water Token, found online at WaterToken.io, is a digital token created by Genesis Research & Technology Group Inc, also known simply as “Genesis”.
The company has offered water purification technology since 1998. Genesis has a team of technicians that can delivery a proprietary water purification system to any location, then custom build the technology for a fraction of the industry cost.
The Genesis system uses four patents for water and industrial wastewater treatment, leading to a chemical-free, low energy purification process. Some of the purification processes used include advanced oxidation, coagulation, and ultra-filtration. Overall, the company is dedicated to purifying water without the use of chemicals.
Why is a water purification company starting an ICO? Genesis is creating a blockchain called the Genesis IoT Blockchain. The Genesis Water Token is an Ethereum-based token that will be used to develop that blockchain.
Using the blockchain, Genesis will create an immutable record of water quality. That data cannot be altered by a corporation or municipality – which is good, say, if someone wants to hide contaminated groundwater results to avoid legal problems.
How Does Genesis’s IoT Blockchain Work?
Genesis aims to provide water quality monitoring over blockchain technology. The blockchain uses Arduino as the core controller running on a Linux kernel.
Key features of the Arduino controller include a temperature sensor, conductivity sensor, turbidity sensor, dissolved oxygen sensor, and Ph sensor. All of these values are automatically calculated at the completion of each water treatment batch.
Then, the Arduino IoT device sends and stores water quality data to the blockchain using a built-in internet connection. Once the water quality data is on the blockchain, it can be safely stored and analyzed.
Why is water quality monitoring important? How can this data be used? Water quality monitoring is important for monitoring groundwater quality as well as contamination detection. If there’s fracking or industrial activity taking place nearby, for example, then water quality data is crucial. Blockchain is used to make water quality data immutable – so the quality of that water cannot be fabricated or altered in the future, say, to hide a technician’s mistake.
Records on the quality and quantity of water are stored on the Ethereum blockchain. Through the creation of a permanent, tamper-proof record of water quality on the blockchain, Genesis aims to significantly increase the transparency, efficiency, and accountability of environmental impacts – specifically with regards to fracking activity.
An additional use for the data is to create a carbon footprint for each product. That footprint can be factored into the price of the products. Customers have an incentive to buy products with a low carbon footprint, and companies can be rewarded for selling products that are environmentally responsible.
How Do Water Tokens Work?
Genesis plans to attract investors through an ICO. That ICO will sell WATER tokens, which are ERC20 standard tokens built on the Ethereum blockchain.
The ICO began on October 26, 2017 and will end on November 30, 2017.
You can purchase WATER tokens using Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. There’s a maximum total supply of 52,500,000 WATER tokens (this total supply will be created if the company hits its max funding target of $200 million).
WATER tokens are priced at $5 per token, or 1 ETH = 60 tokens.
As a token holder, you’ll receive a cut of Genesis’s profit.
Out of the total supply of tokens, 76.18% (40 million) are going to ICO investors. The remaining tokens are going to admin/legal costs (5.71%), a Genesis growth fund (5.71%), community grants and partnerships (5.71%), bounties and marketing (4.76%), and founders, advisors, and early contributors (1.90%).
Who’s Behind Water Token?
Water Token is being created by Genesis Research & Technology Group, LLC, a Texas-based company that provides water purification and testing to municipalities and oil and gas facilities.
The company has developed a patented formula that provides clean, reusable water for the world’s populations using a chemical-free purification process. That process relies on pulsed dielectric barrier discharge, or pulsed DBD, which is a type of ozone purification technology. Basically, it oxidizes the water to kill all microorganisms, oxidize some contaminants, and coagulate other contaminants. When combined with ultrafiltration and/or reverse osmosis, it’s an efficient and powerful water purification system.
To bring the project to life, Genesis partnered with ARANA Water Technologies, LLC, a Corpus Christi, Texas-based company. ARANA has a technology that recycles fracked and produced water in regions of Texas affected by oil production.
Key members of Genesis include Ron Price (Chief Executive Officer), Cheryl Ryan (Chief Operating Officer), R. Michael Lagow (Chief Administration Officer), and Jeff Soward (Chief Technology Officer).
Genesis WATER Token Conclusion
Genesis is a Texas-based water purification company that has a unique, patented oxidation process for purifying water. That process is particularly helpful when working with municipalities or oil corporations in regions affected by fracking activity.
Genesis has partnered with ARANA to create the Genesis IoT Blockchain, which consists of multiple sensors. These sensors automatically measure water quality as it comes out of the ground, then record that data onto the blockchain. Once the data is recorded onto the blockchain, it’s immutable and secure. A company or city cannot alter that data in the future – say, if they want to hide harmful fracking activities or groundwater contamination.