What Is SolarCoin (SLR)?
SolarCoin is a digital token based on the SolarCoin blockchain technology. The platform aims at accelerating the transition to a clean energy economy. SolarCoin is an open community project that rewards solar energy producers with digital tokens at the rate of one SolarCoin (SLR) per one MWh (Megawatt hour) of solar energy produced. Since the tokens originate when a solar MWh is produced, the protection of natural capital is inherent to its value. The project thus rewards solar electricity generators for reducing the cost of electricity production.
The token is decentralized and operates globally. SolarCoin seeks to create a unique digital currency to protect natural capital and a non-governmental solar energy incentive program. The asset also wants to create additional rewards for solar energy producers. The token is compatible with any Ethereum wallet that supports the Energy Web Chain.
The project operates on its own SolarCoin blockchain, wherein transactions are collected, verified, and summarized in blocks. The chain functions as a decentralized, incorruptible, and auditable record of solar energy produced. Also, all transactions are publicly viewable using the blockchain explorer.
To get a SolarCoin grant, plant owners can register their solar power system with the project’s foundation, either directly through the website or through a registered SolarCoin affiliate or monitoring platform. Registration includes providing proof of ownership of the installation, grid connection documentation, and production and KYC data. SolarCoins are given every six months to registered plant owners.
Besides being collected, redeemed, or used as digital currency, the tokens can also be exchanged for government currencies on global cryptocurrency exchanges. Further, solar companies are encouraged to circulate SolarCoins by granting digital assets to charity programs, customer reward programs, or other projects.
History of SolarCoin (SLR)
The token was created in 2014 by founders and volunteers working together as the SolarCoin Foundation. The total supply of the coins is 97.5 billion.
