SolarCoin (§ ; SLR) aims to incentivize a planet powered largely by solar energy. To this end, SolarCoin is on a mission to build the foundation for a global energy transition by awarding SolarCoins to solar energy producers, creating the first global, energy-referenced currency.
The cryptocurrency launched in 2014, and is implemented to incentivize global solar electricity generation. Each coin issued to renewable-energy producers represents an estimated carbon offset of 680 kilograms of carbon dioxide equivalent. To date, the project has granted more than 8 million MWh of solar power across 62 countries—enough to power the city of Amsterdam and its residents for a full year.
The supply of SolarCoin is designed to last forty years, delivering incentives for generating 97,500 TWh of solar electricity. With a total market supply of more than US $40 billion to be distributed over the next 35 years, the currency places 5th in total market value behind Bitcoin, Ethereum and Ripple.
Counting more than seven million real-time solar monitoring stations in fifty-six countries around the globe—estimated by UN projections to grow to more than 200M over the next decade—the program has been recognized by the United Nations and the International Renewable Energy Agency (IRENA) as the lowest carbon currency, the largest environmental monitoring experiment, and the largest private renewable energy project in the world.
Our mission in founding SolarCoin and ElectriCChain—to accelerate our societal transition from petroleum-dependent, war-scourged, scarcity economics to a renewable energy based, peaceful, post-scarcity economy—is now shared with Elon Musk.
– Christopher Altman
Cofounder and Chief Scientist
Differences with BitCoin
- Fork from Litecoin source code
- Hash algorithm: Scrypt
- § 98.34 billion
- SolarCoin mining is 50x more energy efficient than BitCoin
SolarCoin was distributed to a large number of investors through Proof-of-work system (PoW) until September 2014. Since then, the Proof-of-Stake-Time (PoST) is used as being more environmentally energy friendly. The transition from PoW to PoST is accompanied by an increase in the scarcity of money, thus, in the long term, increase its price. SolarCoin mining is now only via the production of solar energy.
SolarCoin can be claimed by individuals living in homes with solar energy panels on their roof or by large leased or financed solar electricity farms. The currency is backed by two forms of proof of work. One is the traditional cryptographic proof of work—now proof of stake-time—associated with digital currency. The other proof of work is a third-party verified meter reading representing 1 MWh of generated solar electricity. SolarCoin is equitably distributed using both of these proofs of work as a means to reward solar electricity production.
Generators of solar energy may receive SolarCoin grants, which are made at the rate of 15% of Nameplate Capacity. The annual calculation is:
365 days x 24 hrs x 15% x Your KW Nameplate Capacity
This works out to 1.314 x the installed KW Nameplate Capacity. The initial SolarCoin grant is retroactive to the install date of the facility or Jan 1, 2010; whichever is more recent. Ongoing SLR grants are made every six months, based on the month of installation of the facility.
The first official recipient of a SolarCoin solar electricity generator grant was Lisa Shock, an Arizona resident.