SolarCoin (SLR) The only digital Proof of Work/Proof of Stake currency to date with a Solar Proof of Generation mechanism that grants SolarCoin to generators of clean renewable solar energy! SolarCoin is an alternative digital currency with a built-in mechanism to incentivize the generation of global solar electricity. By simply mining until the PoW phase is complete and then staking SolarCoin holdings once 100% PoS is triggered while also exchanging SolarCoin (via real world use or trading on an exchange) just as you would any other digital currency, you are contributing to the development of clean renewable solar energy! Solar energy, unlike fossil fuels, does not place excess heat or carbon into the atmosphere. The creation of new renewable energy resources by SolarCoin results in a nearly carbon neutral mining footprint via the 100% Proof of Stake mechanism being created to secure the network.
§1 = 1 MWh is the key ingredient of the SolarCoin vision. In economics, this is called
parity. It is the foundation of a global currency that can provide both economic utility (backed by electricity production as a commodity) and economic stability (electricity generation is tied very closely to GDP growth historically). The value of SolarCoin in the future will be directly related to the value placed on generating 1 MWh of solar electricity which has the same utility no matter where in the world it is produced. Please read the
white paper written by the two co-founders for more detail on this economic aspect of the SolarCoin model.
SolarCoin will be a Proof of Stake based alternative digital currency. This hashing method is designed to secure and reward a community of holders who support the SolarCoin vision. But SolarCoin's true innovation comes from its secondary proof of work reward: the
Solar Proof of Generation. Green solar energy producers are entitled to receive one SLR for every MWh of solar electricity they generate:
§1 = 1 MWh. In order to claim a Solar Proof of Generation reward, solar installation owners must submit an
application to The SolarCoin Foundation identifying the nameplate capacity of their system along with their geographic location. Using this information, a 15% formula is applied and SolarCoin is granted to the generator automatically every six months on the anniversary of their application. All Solar Proof of Generation rewards will be stored as transactions in the blockchain.
As an example, a 10 kW solar installation will earn §13.14 per year or approximately §1 per month, to be paid out automatically every six months. This is a temporary granting method until such time as the technology improves to the point that the grants can be made completely autonomous and fully decentralized, preferably through a decentralized contracting system. The goal and vision for SolarCoin in the future is to become a fully decentralized autonomous organization (DAO).
SolarCoin is currently managed as an open community project by
volunteers working together as The SolarCoin Foundation. The Foundation is responsible for all distribution of SLR rewards for the Solar Proof of Generation and other grants (i.e. charities, bounties, etc..). As a
fully transparent organization the Foundation will publicly document all of the SolarCoin transactions in their entirety via a public ledger and the SolarCoin blockchain.
The total supply of SolarCoin in circulation will be approximately §98.1 billion over the next 40 years. This is fully documented and is comprised of the following:
- Public Staking and Mining: ~§100 million (0.1%) of which §34.15 Million are publicly mined using scrypt PoW until such time that the Proof of Stake algorithm is implemented. All publicly mined SolarCoins represent historically generated and unclaimed solar electricity. From block 357,520 forward, the only new supply of coins will come from claimants supplemented by the PoW phase at §1/Block that will be in place until the PoS algorithm comes online and thereafter new supply comes at a rate of 2% staking interest that will be built into the PoS model.
- The Generator Pool: §97.5 billion (99.4%) are currently stored in a secure, non-circulating generator pool account. These will be exchanged for “proof of generation” claims of solar electricity producers submitted over the next 40 years at the rate of §1 per MWh of solar energy generated. As claims grow, these SolarCoins will be released and become part of the “coins in circulation” such that the growth in supply over the next 40 years should mimic the growth in solar electricity generation worldwide, assuming all generators claim their coins.
- The Genesis Pool: §500 million (0.5%) are stored in the genesis pool account for environmental charities, early volunteers, advisers, builders and maintainers of SolarCoin infrastructure. Genesis pool circulation is capped so that it will never represent more than 5% of total SolarCoin in circulation at any given time.
The Foundation is currently organizing its initial charter and members; anyone can
join and participate.
SPECIFICATIONS- Scrypt PoW §1/Block until PoS algorithm is implemented
- 100% Proof of Stake with 2% staking interest (Launch block at 830,000)
- §98.1 billion total coin supply over 40 years
- §33.5 million coins in circulation (as of October 27, 2014)**
- Starting on Block 310,000 the PoW block reward will go from §100 per block down to §1 per block and stay there until the 100% PoS algorithm is implemented
- 1 Minute Block Targets
- KGW Block Difficulty Adjustment in place until PoS kicks in
- 140 Character Transaction Messaging
- RPC PORT = 18188
- P2P PORT = 18181
BLOCK EXPLORER SolarCoin Chainz ExplorerPoW MINING POOLS www.cryptopoolmining.com solarcoin.miningpoolhub.com EXCHANGES Bittrex Allcrypt Solcrypto (auction style exchange for direct purchase with fiat currency) Cryptex Bleutrade SOCIAL Twitter FacebookCONTACT If you have questions or comments, please contact us directly through the following webform:
Contact SolarCoin Foundation**
SolarCoin was released in January 2014. The original ANN thread can be viewed in its entirety here for those interested in digging into the full history and progression of the project.
