Introduced in January 2014 under the visionary work of Nick Gogerty and Joseph Zitoli and the SolarCoin Foundation, SolarCoin is an asset created with the goal of incentivizing additional solar power generation worldwide, independent of government-backed subsidy schemes. Akin to airline miles (think Solar Renewable Energy Credits) these coins can be claimed and acquired by verified solar energy producers, with one SolarCoin equaling a megawatt hour of Solar Energy.
The SolarCoin ecosystem is managed by an open community of active volunteers in the U.S., Europe, and Asia (600+ solar advocates) via the SolarCoin Foundation.
At the time of this writing, $34 million worth of SolarCoins are in circulation and 13,500 SolarCoin Wallets have been downloaded. The coin distribution program is projected to last 40 years, delivering 97.5 billion SolarCoins, representing 97,500 TerraWatt hours of solar electricity.
Distribution of SolarCoin to solar electricity generators has already occurred in nearly twenty countries. Two platforms, SolarChange and Solcrypto provide the connection point between solar producers and the SolarCoin program.
Fueled By ElectriCChain
ElectriCChain, is the Blockchain engine powering SolarCoin.
The ElectriCChain project continues to draw interest from the likes of NASA, Accenture, IBM, the Microsoft/Ethereum BaaS Platform, Xerox/Parc, and the Massachusetts Institute of Technology, among others.
In his book The Business Blockchain, author William Mougayer writes:
Blockchain applications can help achieve a more efficient management of the power distribution grid, low-cost micro-transactions between parts and machines, secondary market creation, or rule-based payments.
Mougayer cites TransActiveGrid, which delivers real-time metering of local energy generation enabling residents to buy and sell renewable energy from their neighbors and Grid Singularity which is experimenting with the blockchain to authenticate energy transactions to make pay-as-you-go solar more secure as examples of other innovative ventures in the energy sector that are charting fresh new breakthroughs.
Concludes Francois Sonnet, Solar Energy Blockchain Advisor with ElectriCChain, SolarChange and Solcrypto:
“Currently, there are 240GWp of installed solar capacity worldwide, which is roughly the equivalent of 400 nuclear reactors, which isn’t bad! However, in order to replace substantially fossil fuels and switch to a reliable Green Energy power grid, it is necessary, according to the IEA, to reach 5.500GWp of solar capacity within the next 20 years. It took us 20 years to get to 240, so essentially, we would need to install every year that same solar capacity to reach those 5.500. SolarCoin is an interesting tool being employed to help tackle that objective.”
Available on ShapeShift: no
Solarcoin on CoinCap: http://coincap.io/SLR
Solarcoin Website: http://solarchange.co/#/
Solarcoin on Twitter: https://twitter.com/SolarCoin_SLR