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Cryptocurrency seeks government support

The SolarCoin Foundation is calling on governments, international organisations, NGOs, and the solar industry, to use the cryptocurrency for it to accelerate the global energy transition.

The foundation has released a paper, SolarCoin: A blockchain-based solar energy incentive, which calls for action and outlines the cryptocurrency and its specific use cases to the different stakeholders.

The currency is a blockchain-based digital asset and currency, is designed to accelerate the transition to a clean energy economy. Read more…

The technology works as a value exchange protocol. Just as TCP/IP is the foundational protocol for the exchange of digital information, blockchain enables the exchange of digital value, the paper explains.

Cryptocurrency rewards solar energy producers

SolarCoin is a free additional reward independent of other incentives that the owners of a solar installation might be entitled to (such as government subsidies, feed-in tariffs, green certificates, tax incentives, carbon credits, etc.).

Whoever produces solar power, helping to avoid CO2 emissions, may receive a cryptocurrency reward.

To receive a SolarCoin grant, plant owners must register their solar power system with the Foundation.

This can be done directly through the Foundation’s website or via a registered SolarCoin affiliate or monitoring platform.

Registration includes supplying proof of ownership of the installation, grid connection documentation (third-party independently verifiable), solar power production data (e.g. meter readings) and KYC (“know-your-customer”) data.

Once registered, the Foundation issues coins directly to the owner’s digital SolarCoin wallet.

SolarCoins are issued every six months to registered plant owners.

A call to action

The purpose of this paper is to make a formal call to action to those with potential stake in SolarCoin, including governments, NGOs, international organisations and the solar industry.

“We are asking these entities to endorse SolarCoin as a means of contributing to a global energy transition,” reads passage for the paper.

Governments at the local, state and federal level can claim SolarCoin retroactively back to January 1st, 2010.

Examples of such facilities include schools, universities, hospitals, and municipal buildings. To begin this process, governments are encouraged to:

  1. Inventory government-owned or used solar installations
  2. Register systems with the Foundation
  3. Receive and use SolarCoins.

To learn more, you can download the paper here


Featured image: Stock

Babalwa Bungane
Babalwa Bungane is the content producer for ESI Africa - Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast.