Symbol SLR, § Inflation 2% annual | User(s) International | |
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Date of introduction 12 January 2014; 3 years ago (2014-01-12) | ||
SolarCoin (**§** ; **SLR**) is a crypto-currency, launched in January 2014 and implemented to incentivize global solar electricity generation.
Contents
The supply of SolarCoin is designed to last 40 years delivering incentives for generating 97,500 TWh of solar electricity.
SolarCoin is backed by two forms of proof of work. One is the traditional cryptographic proof of work associated with digital currency. The other proof of work is a 3rd 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.
SolarCoin can be claimed by individuals living in homes with Solar Energy panels on their roof or large solar electricity farms (leased or financed).
Differences with BitCoin
SolarCoin is not a replacement for BitCoin. It is a complementary currency using blockchain technology implemented to incentivize global Solar electricity generation.
* Fork from LiteCoin source code * Hash algorithm: Scrypt * §98.34 billion * SolarCoin mining is 50x more energy efficient than BitcoinMining
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.
Grants
Generators of solar energy may receive SolarCoin grants. 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. 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 6 months based the facility install month.
The first official recipient of a SolarCoin solar electricity generator grant was Lisa Shock, an Arizona resident.