SolarCoin is an alternative digital currency that works like air-miles for Solar electricity generation. SolarCoin is claimed by individuals living in homes with solar panels on their roof or commercial solar electricity producers. Solar energy, unlike fossil fuels, does not place excess heat or carbon into the atmosphere. The goal is to provide an incentive to produce more solar electricity globally by rewarding the generators of solar electricity. SolarCoin is intended to shift the cost of electricity, thereby reducing the payback time of a solar Installation. In working closely with the solar industry, the SolarCoin Foundation, with SolarCoin, is at the base of a virtuous circle, creating an uptake for solar equipment and helping create jobs in the Renewable Energy sector. Each SolarCoin in circulation represents 1 Mwh of solar electricity generation.
SolarCoin was created in 2014 by a group of volunteers interested in creating an incentive to benefit the environment. The idea for creating an energy backed currency is derived from an academic paper; DeKo: An Electricity-Backed Currency Proposal. SolarCoin is an open community project run by volunteers working together as the SolarCoin Foundation.
The SolarCoin Foundation manages the distribution of SolarCoins to Solar Electricity Generators using verified solar facilities as the “proof of work”. The SolarCoin Foundation maintains a public ledger detailing each SolarCoin given out to solar electricity generators.
The transactions are also publicly visible in the SolarCoin Blockchain. SolarCoin is now using POST algorithm (Proof of Stake Time) which enables users to stake their SolarCoin with an interest rate of 2%.
SolarCoins representing 97,500 TeraWatt hours of solar energy generation are held in reserve:
- §33.7 Million SolarCoins (0.1%) have been mined using Proof of Work. All mined SolarCoins represent historically generated and unclaimed solar electricity.
- §97.5 Billion SolarCoins (99.4%) are stored in the SolarCoin Foundation non-circulating generator pool account. These are exchanged for ongoing claimed “proof of work” of solar electricity generation. Each 1MWh of solar electricity generation is entitled to 1 SLR.
- §500 Million SolarCoins (0.5%) in the genesis pool account represent environmental charities, early volunteers, advisers, builders and maintainers of SolarCoin infrastructure. Genesis pool circulation is restricted to never being more than 5% of total SolarCoin in circulation.
SolarCoin Issuance Process:
- Claimant registers solar facility with The SolarCoin Foundation or Affiliate.
- SolarCoin Foundation approves claim.
- SolarCoin Foundation sends coins from reserve account to claimant (visible in the blockchain).
- SolarCoin claimant spends / circulates coins using wallets etc.
Note: Most electric meters have online APIs and web reporting. These can be integrated with SolarCoin verification methods. Inverter manufacturers, meter companies and large systems integrators are invited to partner with The SolarCoin Foundation to integrate customer web based reading methodologies with the SolarCoin granting community.
|Incentivize global solar electricity for the next 40 years||Goal||Create a decentralized currency|
|SolarCoin Foundation||Originators||Satoshi Nakamoto|
|§98.34 billion||Maximum issuance||21 million|
|Proof of Solar 1MWh generation & proof of cryptographic stake||Equitable circulation methodology||Proof of cryptographic work|
|1 MWh of solar electricity generation||Value representation||Decentralized currency|
|2050 (estimated Solar Energy production)||95% in circulation by||2026|
Generating megawatts with solar energy is good for the planet. Heat is an unavoidable by-product of the energy extracted from non-renewable energy sources. Renewable energy using direct or indirect solar energy are accounted for in the thermal balance of our planet, their use adds minimal heat to the environment. Solar energy is the largest renewable energy source available. Wind, Hydro, Geothermal and Biomass energy sources combined don't add up to the amount of Solar energy landing on Earth's surface every day (Source data). In addition, Wind, Hydro, Geothermal and Biomass electricity generally require industrial size implementations to be cost effective. Even small groups or individuals can use solar panels to earn SolarCoin. The cost to capture solar energy is decreasing rapidly as more solar energy systems are deployed. In the next decades, solar energy is increasingly going to play a key role in the electricity delivered to the grid.
SolarCoin grants 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/1000. This works out to 1.314 X your installed KW Nameplate Capacity. The initial SolarCoin grant is retroactive to the install date of your facility or Jan 1, 2010; whichever is more recent. Ongoing SLR grants are made every 6 months based the facility install month. Various international groups recommend or accept this methodology as a proxy for solar electricity generation.
Off-grid facilities are currently eligible for SolarCoin grants at the rate of 15% of Nameplate Capacity provided documentation is submitted verifying the nameplate capacity, installation date and location.
Many smaller systems are leased or financed. The SolarCoin mission is to incentivize solar electricity generation. Grants to large generators or firms are important, but so is growing the economic community of SolarCoin participants and holders. Residents of homes with residential generating solar facilities are often the primary consumers of that electricity. The SolarCoin Foundation believes that incentivizing the residential consumer directly creates a larger participating base of SolarCoin users and incentivizes Solar electricity generation.
The confirmation transaction ID is a message put in the block chain for each SolarCoin grant. The format for the message is as follows:
|Transfer Type||Country Code||Post Code||Generator UID||Nameplate Capacity||Claimant UID||Facility Interconnection Date||Last Grant Issued Date|
Final blockchain message transaction ID = GRT-US-85032-01-5.64-01-2011/07/01-2013/07/01
- Transfer type: indicates category of transaction from the generator or genesis pool
- Generator UID: assigned incrementally by database to track unique facilities
- Nameplate capacity: declared in KW at the point and time of interconnect or most recent update if expanded/damaged
- Claimant UID: assigned incrementally by database to track unique claimants
Currently, many countries have cut down on their subsidies for solar power. As a result, SolarCoin may represent a new and needed alternative for incentivizing solar facilities. For an installer, SolarCoin represents an alternative free revenue for promoting solar power and the use of renewable energies. The installer is entitled to a Bounty paid out in SolarCoins.The SolarCoin Foundation is reaching out to installers who want to participate in the SolarCoin program.
Creating and using your SolarCoin Wallet
Download your own SolarCoin QT wallet by following this simple 2-step process :
Step 1: Download the SolarCoin-Qt wallet software for your operating system from the official SolarCoin website.
Step 2: Install the SolarCoin-Qt wallet software and wait for the software to synchronize with the network. This may take some time 20 minutes to hours depending on your machine and internet connection speed.
Note: The software will need to ‘catch up’ with the network, this process may take a few hours. You can close the wallet at any time during this process, the program will continue where it left off until the synchronization is complete.
To receive SolarCoin, select in the “Receive” tab the address you wish to receive the SolarCoin to (an address has already been pre-generated). Select the “copy address” tab. Paste and send this address to anyone who should send you SolarCoin.
To send SolarCoin you will first need the recipients SolarCoin address (it should look like something like this 8LKwfeiPuyh6qkQjfiDFftJchgRj9ab72m). Knowing the recipient’s address, select the “Send” tab and paste the address in the “Pay To” blank field. You may also enter the recipients name in the “Label” field for future transactions or a transaction message in the “Comment” field. Enter the amount of SolarCoin to send in the “Amount” field and press “Send”. The recipient should receive his SolarCoin within the next 10-15 minutes.
The first thing to do after downloading your wallet is to “encrypt” it. Select the “Settings” tab followed by “encrypt wallet”. A popup will appear asking for a New Passphrase to be entered twice. Do not lose your password as your SolarCoins will be lost forever. There is no recovery service.
Like any important data on your computer it is very important to backup your wallet. Select the “File” tab followed by “Backup Wallet”. Browse to the folder you wish to save the backup to and name the file “wallet” and save. Remove the Backup File from your computer and store it in a safe place (USB drive…)
You must have a backup in order to recreate your wallet onto a new computer. Assuming you followed the instructions above and created your backup wallet, follow the next steps.
Step 1: Install the SolarCoin QT wallet software as described and run the program once installed.
Step 2: Close the program.
Step 3: Browse to the following default folder…
Mac: ~/Library/Application Support/SolarCoin/
Note: These folders may be hidden, in this case you will need to view hidden folders on your operating system.
Step 4: Copy and paste your Backup "wallet.dat" file directly into the opened SolarCoin folder. This will replace the currently existing file with your backup.
Step 5: Run the SolarCoin QT wallet software once more. You will see that your old wallet is now back.