SolarCoin is an ecological cryptocurrency used to stimulate the production of solar energy. The currency was launched in 2014 and is expected to stimulate the production of 97,500 terawatts of solar energy that can last for almost 40 years. Originally intended for proof-of-concept systems, but since being transferred to risk-proof systems it has become more appropriate. The currency can be mined by anyone, be it an individual or a solar company. For every 1 megawatt of electricity (verified by a third party), producers can get 1 SolarCoin. Solar energy companies who want to earn extra income through SolarCoin do not need to pay any fees to join, SolarCoin does not consume any energy, it only provides tokens to stimulate clean energy production.

Project Introduction

Suncoin, as an open community project, was originally developed by founders and volunteers in the form of the Solarcoin Foundation. The Solarcoin Foundation rewards solar power generators with blockchain-based digital tokens, earning 1 Solarcoin (SLR) for every MW of solar energy produced. Solarcoin is a blockchain-based token that is issued and circulated after the solar energy is verified for power generation. SolarCoin can be traded between nodes. Transactions are collected, verified and summarized in blocks - creating the Suncoin blockchain. The Suncoin blockchain is the high-integrity data foundation of the project: because it is a decentralized, tamper-proof and auditable record of solar power generation.

Project Highlights

SOLARCOIN - A FREE REWARD FOR SOLAR GENERATION

The solar coin project uses the advantages of blockchain to support the development of global solar energy. Solarcoin is a digital asset and currency designed to support the transition from a fossil fuel economy to a solar economy. The Solarcoin Foundation rewards solar power generators with blockchain-based digital tokens, and can get 1 Solarcoin (SLR) for every 1 megawatt of solar energy produced.

Sun Coin is a free extra income, unlike other solar installation incentives, owners need to pass qualification certification (such as government subsidies, feed-in tariffs, green certificates, tax incentives, carbon credits, etc.). But anyone who generates solar power - helping to reduce carbon dioxide emissions - can be rewarded with Solarcoins. Solarcoin is globalized and decentralized, and is not attached to any government. SolarCoin is similar to cryptocurrencies like Bitcoin, except that SolarCoin combines these digital currency payments with a useful economic and environmental activity in the real world: verifiable solar power generation.

SOLARCOIN - A CURRENCY FOR NATURAL CAPITAL CONSERVATION

Solarcoin is more than just an incentive mechanism for solar power generation, it also incorporates the conservation of natural capital into its rationale. The concept of "natural capital" refers to the assessment of the global stock of natural assets (geology, soil, air, water, and living things) that can be converted into investment subjects. As Solarcoin is born with every megawatt of solar power generated, so is its value in protecting natural capital. When used as currency, users bring environmental awareness into the most basic economic activities. Solarcoin's blockchain uses a low-energy proof-of-stake algorithm, meaning it is designed to use less than 0.001% of the energy required by Bitcoin at a similar scale. Solarcoin is indeed an environmentally friendly currency.

SOLARCOIN - A GLOBAL INCENTIVE MECHANISM FOR THE SOLAR INDUSTRY

When the project is successful and the token increases in value, Solarcoin can be declared as an important additional source of income for solar power producers. Solar energy owners or power generators can also receive solar coins that can be redeemed, used or exchanged for legal tender while using/selling the solar power they produce. SolarCoin will thus be a far-reaching incentive mechanism for solar energy investors to install more power generation capacity. The decision-making basis for investors to invest in solar power generation comes from (a) the construction cost of the system, (b) the price of solar power generated, plus (c) the expected benefits brought about by other additional incentive mechanisms (such as the amount of solar coin rewards). Solarcoin will become a unique incentive mechanism in the field of solar power generation, without border restrictions, and not attached to any national or local incentive policies.