What Is SolarCoin?
SolarCoin is a digital currency, which is backed by the sun. It is a coin, which rewards solar energy producers globally. The coin was launched in January 2014. Its creation was inspired by the creation of the Bitcoin and blockchain technology. This coin has the added advantage of being a tangible digital coin. It works by coupling the production of solar electricity to the creation of SolarCoin. As a result, it merges the virtual world with the physical world. In essence, SolarCoin is a free coin, which rewards any producer of electricity that harnesses solar energy.
SolarCoin Solar Electricity Generation Rewards Uses
Every digital currency has a value, which is assigned by the community of users as a means of value circulation and payment. The existing fiat currencies run the risk of one day being over-issued. The result is that they could lead to inflation. It could lead to a significant crisis that could cause economic collapse.
It is in contrast to SolarCoin, which has a social utility for the community that possesses it. By rewarding those who own the solar production system, SolarCoin is used as an incentive. The result is that it can lead to the implementation of solar energy globally. The SolarCoin idea came from an academic paper that proposed the creation of a currency based on electricity.
The Spread Of SolarCoin
SolarCoin is already used in 17 nations. The intention is to ensure that it spreads throughout the world. Anyone who owns a photovoltaic unit can apply to receive the SolarCoins free. To do this, the owner of the installation will need to register online with data proving that the installation exists. The grant mechanism is quite easy. Beneficiaries are given 1 SolarCoin for every MWh of solar power produced. This is regardless of what part of the world they reside.
In the US, it means that a solar installation, which produces a peak amount of 3kWp, could receive about 4SLR every year. The SolarCoin Foundation generates SolarCoins. They are then sent to the wallet address of the solar owner.
After that, SolarCoins are sent to the owner of the solar installation every six months. It will continue as long the solar production unit remains connected to the grid. The reward program can be applied retroactively to connection to the grid or January 2010, whichever is first. Thus, SolarCoin is an incentive to produce solar power.
SolarCoin SLR Token ICO Details
Thus far, over 70,000 SolarCoins have been sent to owners of solar production units. It is a small fraction of what is going to be granted. It is especially so considering that there is 180GWp of solar energy already installed globally by 2014. It represents about 180 million SLR, which could be potentially granted. By 20130, the capacity is expected to reach 900Gwp. Therefore, the company isn't going to hold and ICO.
Even those who do not own solar panels can still benefit from SolarCoins. The digital coins will be traded via an exchange. It will allow anyone to purchase the coins. The SolarCoin Foundation that is composed of specialists in the renewable energy sector and brilliant economists manages this coin.