SolarCoin – an incentive for solar power
With SolarCoin, the environment is the primary focus. Unlike most cryptocurrencies, the goal here is not the creation of an alternative independent currency, but rather to encourage as many as people as possible to purchase solar panels and increase the production of solar power.
In theory, the more SolarCoins there are, the more electricity is produced. Thus, the use of environmentally friendly power generation is supported and rewarded. In this way, nature is spared. At the same time, the purchase of solar panels pays off faster.
The process works similarly to that of usual bonus programs, such as frequent flyer rewards. The difference is that with SolarCoin, no miles are rewarded, but the generation of environmentally friendly energy is. The switch to renewable energy production is the ultimate reward.
This is the biggest difference to the other digital currencies, because in this case, the coins are distributed free of charge to registered producers, depending on the MWh generated. One SolarCoin equals one megawatt hour.
How does the distribution of SolarCoin work?
The process is actually quite simple, even for novices in the field of cryptocurrencies. First, registration on the website is necessary, followed by confirming your use of solar panels or a solar farm. The operators of the site then verify the information.
After the approval, the SolarCoins will be sent. This is visible to everyone else in the blockchain. The coins are then managed in a wallet. The wallet, in this case, is essentially a wallet in digital form, which can be downloaded separately.
The download is supported for Windows, Linux, macOS and Android. A paper wallet is also available. There is an annual payout of 15 percent of the KW produced by the solar panels. In addition, due to the algorithm used, there’s 2 percent interest on the existing balance in the wallet.
Who is behind SolarCoin?
The cryptocurrency was created in 2014 by a group of motivated volunteers committed to environmental protection. The idea itself comes from an academic paper, and in 2011, the idea of a digital currency with a renewable energy source was used as the basis.
The joint open project is now run as a foundation – the Solar Coin Foundation. The data, in particular the blockchain, are largely public. The maximum issue volume is 98.34 billion coins. By 2050, 95 percent of the coins will be in circulation.
The market values
SolarCoin is traded like all other digital currencies and is available at Bittrex, Livecoin, Bleutrade, Coin Exchange and Lykke Exchange. For one coin, users pay 0.68 US dollars. SolarCoin is currently ranked 309th. In figures, this makes for a market capital of $26,581,669 and a daily volume of $135,147.
Other important details
The website of SolarCoin is available in five languages, including German, English, French, Italian and Spanish. In addition to the FAQs and the download area for the wallet, there are some useful, informative areas. A contact form, for example, allows users to express their ideas or concerns to developers.
SolarCoin can also be found through its various official social media sites. It uses Facebook, Twitter and LinkedIn. There is also a community forum. In order to use it, separate registration is necessary.
Here, users can join in discussions on topics that include the digital currency in general, SolarCoin itself, and everything about solar systems. Furthermore, ideas and suggestions for improvement can also be presented there, including solutions for existing technical problems.