The alternative digital currency SolarCoin appears just in time to encourage the use of renewable energy. With climate change high on the word`s agend
The alternative digital currency SolarCoin appears just in time to encourage the use of renewable energy. With climate change high on the word`s agenda, experts and activists actively emphasize the need to ditch coal and turn to renewables.
SolarCoin, which was created in 2014 by the SolarCoin Foundation, works like air-miles for Solar electricity generation. “The goal is to provide an incentive to produce more solar electricity globally over the next 40 years by rewarding the generators of solar electricity. “, stated the founders on their website named solarcoin.org.
Users who want to accept the currency for their business or charity need to download a SolarCoin wallet and find their addresses in the application. Next, they should claim their SolarCoins by submitting a proof of Solar electricity generation.
There is a reserve of SolarCoins representing 97, 500 TeraWatt hours of solar energy generation. Moreover, 23 out of 215 countries have been granted the currency so far. As the digital currency relies on the Bitcoin technology, it can be monitored in the SolarCoin blockchain. Apart from that, the SolarCoin volunteers state that they work on the development of a publicly available database.
Public blockchains make it possible for users to trade coins earned in exchange for electricity generation. For instance, startup projects like the Australian Power Ledger and New Zealand Vector allow consumers to sell their renewable energy assets to other consumers.
“This arrangement empowers consumers to better manage and profit from their energy supply and demand.”, states their press release. In addition, Power Ledger co-founder and chair, Jemma Green has said that this kind of commercial deployment heralds the beginning of a new paradigm for energy markets globally.
There is a rising interest in SolarCoin, with more and more people claiming granting. Coinmarketcap.com shows that the Solar Coin`s market cap accounts for $2,077,028 as of Nov. 26.