SolarCoin is a digital currency rewarding solar energy producers.
Launched in January 2014 and inspired from Bitcoin and Blockchain Tech whereby transactions are recorded and validated by a peer to peer network of computers, SolarCoin presents the additional advantage of being coupled to a real-world asset: solar electricity.
Each MWh of solar electricity produced by a photovoltaic installation awards one SolarCoin. Put another way, one can also understand that SolarCoin is Solar Miles for solarelectricity generation… and it’s free!
What is the use of SolarCoin? In itself, a currency has a value assigned to it by a community of users, a social group, as a means of payment and value circulation.
Additionally, SolarCoin has a social utility for its community: by rewarding the owner of a solar photovoltaic system, SolarCoin acts as an incentive, stimulating the implementation of solar power worldwide. With a forward value aimed at a couple dozen dollars, SolarCoin may thus reduce the payback time for the solar installation as well as increase its returns.
The idea of creating a renewable energy-based digital currency is derived from an academic paper “Deko: An electricity-backed currency proposal” in parallel to the publication of “The Nature of Value“, available from Columbia University Press. Nick Gogerty, its author, states that the initiative could provide an effective incentive for people to purchase solar panels and possibly act as a substitute to feed-in tariffs currently in place (FIT, netmeetering…) and encourage more people to participate in renewable energies.
SolarCoin is already present in 17 countries and is intended to be circulated worldwide: any owner of a solar photovoltaic installation may apply and claim his SolarCoinsfor free. To do so, the solar owner simply registers his solar installation online with data proving the existence and operation of his solar installation, using the form available on the solarcoin.org, solcrypto.
The grant mechanism for delivering SolarCoins is based on a simple formula: 1SolarCoin (§ SLR) per MWh of solar electricity generated, regardless of where in the world the energy is produced. This means that a residential solar installation producing yearly 4MWh will receive annually § 4SLR.
SolarCoins are granted by the SolarCoin Foundation to the Wallet Address of the solar owner and can be kept online through the SolarChange platform. Thereafter, every 6 months, SolarCoins will be sent to the solar owner, taking into account the electricity produced, and for as long as the solar installation will be connected to the Grid.
For the first online registration, the grant is also retroactive to the interconnection date to the Grid, or January 2010, whichever comes first. SolarCoin therefore acts as a reward to the world’s 7 million current solar owners and as an additional incentive for future solar owners.
Currently, already more than 70,000 SolarCoins have been granted to owners of a solar photovoltaic system or CSP (concentrated solar power). This is a tiny fraction of what is to be granted, given the 240GWp of solar panels already installed worldwide at the end of 2015. This figure therefore represents 240million SLR to be potentially granted. By 2030, the International Energy Agency estimates that installed capacity could rise upwards of 900GWp and targets 5.500GWp by 2040. 98.5 BillionSolarCoins were created and set aside to reward solar energy producers.
The digital currency is managed by the SolarCoin Foundation which is composed of renewable energy experts as well as economists who believe that solar energy should cover a significant part of our world’s energy needs.
- Dutch Blockchain Company Tymlez Group Starts Trading on Australian Stock Exchange (ASX) - December 13, 2018
- DNAtix Releases Live Demo of its Blockchain based Genetic Infrastructure Platform - December 11, 2018
- IOHK Launches Secure Smart Contracts Technology for Cardano blockchain - December 11, 2018
- XYO Network to Launch of Blockchain Satellite on SpaceX Falcon 9 - December 11, 2018
- Algo Capital to Invest In Promising Companies Built on Algorand Platform – Announces $100 Million Blockchain Fund - December 11, 2018
- Stackr Taps into AI For Investment Solutions to Power a New Savings Solution - December 11, 2018
- Walt Disney Company Cuts Deal with Blockchain-fueled PlayGame.com to Bring Games to Southeast Asian Fans - December 11, 2018
- Huobi Releases New Derivative Market On Huobi Global - December 11, 2018
- Ledger Expands to New York City - November 26, 2018
- Genetics Prof. David Haymer Joins DNAtix Advisory Board - November 12, 2018
- Libra Announces Commitment to Support Circle Trade’s Financial Reporting Requirements - November 10, 2018
- Evident Proof, Leading Blockchain Immutable Proof Platform Accept Dash & XRP As Business Adoption Soars - November 10, 2018
- Ethereum Now On Hyperledger Fabric - October 28, 2018
- 8000+ Expected – Blockchain Expo North America Exhibition Announces Expert Speakers - October 26, 2018
- Enjin Smart Wallet Update Will Allow Users To Melt & Send ERC-1155 Tokens - October 26, 2018
- Crypto-Friendly Gallery HOFA Launches in Los Angeles With Qvantum Exhibition - October 26, 2018
- Blockchain Company WePower Announces Plans to Tokenize Estonian Power Grid - October 25, 2018
- Overstock’s Medici Ventures, Buys into Crypto Social Network, Minds - October 24, 2018
- Xfinite to release new Blockchain content platform - October 24, 2018
- Omnitude set to transform enterprise business with the move of its ECOM token to Stellar and the introduction of micropayments to users - October 24, 2018