SolarCoin is used to reward solar energy users and can also be used to trade unused electricity

Rage Review : In order to trade excess energy without going through an intermediary, the SolarCoin Foundation has developed a new altcoin, SolarCoin, which allows homeowners to earn SolarCoins for unused electricity and can be used to reward people who use solar power. The operating principle of SolarCoin is similar to that of flight miles. The more SolarCoins you accumulate, the more benefits you can enjoy in the future. It can also promote the development of the SolarCoin Foundation website and promote the development of blockchain technology.

Translation: Nicole

SolarCoin is an altcoin that rewards people for using solar energy. According to the SolarCoin Foundation website, it was created in January 2014 with the goal of providing an incentive mechanism to increase the use of solar energy around the world over the next four decades by rewarding solar power generation.

People with solar panels at home and commercial solar farms think that SolarCoin will work similarly to airline miles for solar power: one megawatt-hour of energy can be exchanged for one SolarCoin.

The Foundation provides solar power plants with a public ledger of SolarCoins, and all transactions on the SolarCoins blockchain are publicly visible.

Continuous supply for 40 years

SolarCoin’s supply is designed to last for 40 years, providing incentives to generate 97,500 terawatt hours of solar energy. As more people adopt SolarCoin, the network will grow even more.

The Foundation will verify the issuance of SolarCoins based on meter readings, record their issuance on a public ledger, and then send the currency to the requester.

All transfers of SolarCoins are public via a public ledger and can be monitored in the SolarCoin blockchain.

97.5 billion SolarCoins (99.4%) are stored in the Foundation’s non-circulating solar power account. These coins can be used in a “proof of concept” transaction for 40 years of solar power generation.

33.7 million SolarCoins (0.1%) will be mined through proof of work. Mined SolarCoins represent unclaimed solar power.

Users can trade energy

Since SolarCoin is issued on a public blockchain, users can trade the coins earned from power generation.

Homeowners can sell the solar energy they generate to their neighbors via digital tokens.

As CNN reported in August, an Australian startup called PowerLedger is exploring how to let residents sell excess solar power to another resident, rather than selling it back to the power company.

According to Quartz, the owner of a Belgian company called Smappee that installs solar panels believes that homeowners can earn SolarCoins for unused electricity. Stefan Grosjean said that people could install solar panels in areas with high "solar resource" potential, such as Africa, and deduct electricity from their homes in Belgium.

According to coinmarketcap.com, SolarCoin's market cap was $20,956,200 (2,797 BTC) on November 22. The available supply is 34,723,926 SLR, and the total supply is 98,034,029,773 SLR.