The world seems to be in the midst of a cryptocurrency revolution. Cryptocurrencies are digital currencies built on blockchain technology. Blockchain technology is the new generation of database technology that creates decentralized networks rather than the traditional centralized networks. Centralized networks have shown themselves to be hackable, and new decentralized databases have new cryptographic features that could solve many of the problems of information security.
Two new cryptocurrencies, SolarCoin and ElectriCChain show how new blockchain technology and cryptocurrencies can apply to an infinite variety of situations and needs. For example, SolorCoin is a way for utilities to reward those who install solar panels with credits that will be transferable to cash. And ElectriCChain has been created as a global platform to accelerate the adoption of solar energy, IOT, microenergy generation, and finance projects in the developing world, including Africa.
According to its creators, SolarCoin provides the following incentives:
- SolarCoin is claimed by individuals living in homes with solar panels on their roof or large solar farms
- SolarCoin is intended as a mechanism to incentivize generation of global solar electricity irrespective of political influence or Feed-in Tariffs
- SolarCoin is intended to shift the levelized cost of energy (LOCE) lower
- SolarCoin is built on its own cryptographically secure open Blockchain that is administered by global SolarCoin users in 21 countries.
And SolarCoin doubles as a marketable digital asset:
- SolarCoin can only be allocated from the granting mechanism by the SolarCoin Foundation (SCF) or bought or sold on the exchanges and markets.
- SolarCoin is transparent using zero knowledge proof and trustless data. It is based on Blockchain 2.0 technology (POST Algorithm).
- The user can earn 2% p.a. interest rate from their SolarCoin wallet by running it on low-power node
To obtain SolarCoin, anyone with solar panels can visit Solcrypto and SolarChange, open an account, and submit claims using Grid Connection documentation. Claims are screened, and when accepted, SolorCoins are issued to a user’s digital wallet.
Finally, beneficiaries of these technologies will include those living in rural areas and in developing countries who may have just one solar panel but who will be able to earn credits for using renewable energy.