Encouraging the production of solar power around the world for the next 40 years is the goal of SolarCoin, the renewable energy Bitcoin that, since its launch, has put millions of cryptocurrencies into circulation around the world. Each SolarCoin equals (and rewards) 1 Mwh of solar energy generated in domestic or commercial installations.
Who is behind SolarCoin.
This international initiative is part of a group of volunteers who, in 2014 and with the academic work “ DeKo: An Electricity-Backed Currency Proposal ” as a starting point, decided to launch this global awards program for solar power generation, which is based on the SolarCoin virtual currency.
The idea originated at the SolarCoin Foundation, which is in charge of distributing the coins to renewable energy generators verified by the foundation. The aim of this work, as they insist on SolarCoin, it is to contribute to the growth of solar energy production by rewarding those who bet on it, either with a small installation on the roof or with a larger commercial installation.
Why solar and not another renewable source? Because it is the most available alternative energy source, above wind, hydroelectricity, geothermal energy and biomass, according to the promoters. Compared to these alternatives, solar also has the advantage of not requiring large industrial installations to operate. This is important for the initiative, from which consider it essential to encourage domestic producers and consumers for SolarCoin circulation to spread.
How does solar energy Bitcoin work?
Technically, it does this by following the path traced by other digital currencies, such as Bitcoin. Thus, SolarCoin uses Blockchain technology to, thanks to it, have an online accounting record that does not depend on any organization or company.
Thus, the individual integration of each of the solar energy producing areas gives rise to a completely independent assessment of both the installations and the contribution that each of them makes to the fight against climate change.
Who can receive SolarCoins and how.
Any producer in any corner of the world can participate for free in this initiativeregardless of whether or not it is connected to the network. To do this, all you need to do is register your solar energy collection system with the SolarCoin Foundation or one of its subsidiaries. For each megawatt hour produced, registrants will receive a SolarCoin. The incentive will occur even for energy already produced.
This solar currency will go to the virtual wallet of each registered user, who can exchange it for Bitcoin or Ethereum, as well as euros or dollars via online marketplaces. In addition, users in France are in luck since, currently, SolarCoin is already accepted as a payment method by some electricity companies in the country.
How far SolarCoin plans to go.
In terms of value, SolarCoin aims to go much further than where it is now. Of the 0’197 dollars in which this cryptocurrency is valued at the beginning of September 2017 – in SolarCoin Blockchain value, units in circulation, etc. can be tracked – promoters hope to increase to around 25.
The evolution will however depend on various aspects, in particular the positioning of the currency and its level of acceptance by the producers, according to Daniel Lestón, engineer and collaborator of SolarCoin.
the support for SolarCoin of the United Nations Climate Change Convention, as well as the European Photovoltaic Association (Solar Power Europe) or the International Renewable Energy Agency, among others, report a growing popularity and circulation of this coin designed by and for solar power.
Although it is already expanding its presence to at least 41 countries around the world, the SolarCoin Foundation hopes to go much further to cover up to 97,500 terawatt hours of solar energy produced. To encourage this production, they expect, out of circulation, neither more nor less than 97.5 billion units of SolarCoins.