SolarCoin (SLR)
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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.