Cypress, TX, Sept. 06, 2021 (GLOBE NEWSWIRE) — Following Hatchworks’ announcement earlier this year regarding Spectre Exchange, a project they advise with Solar Oil, a Beyond Oil™ initiative, a meeting took place between both teams in August 2021 to discuss in-depth the next stages of the project moving forward into 2022 and beyond.
Beyond Oil™ is on target to conclude Phase I private pre-sale of the initiative on in Q4 2021. During Phase I which began in December 2020, a $10m oil production portfolio was developed and offered in the pilot program to initial participants. At conclusion of this phase, Beyond Oil™ will move to the significantly more robust and open structure with the DART offering.
As part of the Beyond Oil™ initiative, the DART will be the first and only project that tokenizes energy assets production and will distribute commodity-backed token rewards to all DART holders. This represents a major real-world innovation that combines Internet of Things (IoT) and smart contract technology, setting a precedent for tokenizing other forms of energy assets, such as Solar, Hydropower, Crude Oil, or Natural Gas.
Spectre Exchange was an early investor in the Solar Oil Project, with the aim of establishing an energy-based-buyback-facility for SXDT on Spectre Exchange. From that, the DART initiative was conceived and will commence shortly as a token of the Beyond Oil™ team.
Different aspects of the collaboration were discussed in the meeting, including some major developments which are likely to prove beneficial for both parties. These include:
Launch of the DART initiative
The DART token is the world’s first true IOT driven production, and distribution token specifically for Energy and Commodity markets that is executed entirely via Smart contracts on the blockchain. The DART chain allows producers and operators of various energy projects (such as Crude oil and Natural gas producers) to connect and post audited production on to the DART platform. The margins (profits) from this production is then calculated and distributed to all DART holders via the built in Smart Contract.
Spectre Exchange — Level 1 LP
Spectre Exchange (SPX) will be the first regulated liquidity provider for primary and secondary market sales of DART. However, by offering DART on SPX, the tokens will be available both in a primary market and also secondary market (peer to peer only). The Beyond Oil™ team is delighted to partner with SPX on this process, and SPX will become the only provider of liquidity on an exclusive relationship.
Beyond Oil™ will be doing a significant marketing drive for DART, starting later this year and throughout next. This should also provide flow to SPX and natural growth from users who will learn about other listings on the exchange along with adding a new line of revenues from primary and secondary market sales of DART, for the group.Rewards Interface
A discussion on how the rewards interface will work for DART holders. Hatchworks will lend its technical expertise pertaining to rewards distribution, security and smart contracts to the DART team.
Discussion on the technology to be provided to the influencers for the Solar Oil Project.
Beyond Oil’s representatives said “the DART chain is the first and only application that tokenizes Energy Assets production (such as Crude Oil and Natural Gas) and distributes the profits generated via the Smart Contract on the blockchain to all DART holders. This represents a major real-world innovation that combines IoT and Smart Contract technologies to the benefit of DART holders.”
Hatchworks Director Zisis Skouloudis , who chaired the meeting, said it was “constructive and fruitful”, citing that the partnership will “In addition to generating a new revenue line for SPX, the DART initiative will also result in significant user and volume flow to the entire Spectre ecosystem of products.”
Beyond Oil™ & Team Hatchworks
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Solar Oil Team
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