SolarCoin (SLR) is a cryptocurrency. SolarCoin was launched in the month of January, in the year 2014. SolarCoin was implemented to provide incentives generation of solar electricity through out the world.
The total supply of SolarCoin (SLR) is so designed that it may last for 40 more years to provide incentives for generating a targeted 97,500 TWh of solar electricity.
Two forms of Proof of Work provide back up to SolarCoin. The first one is he traditional and conventional cryptographic Proof of Work, which is associated with digital currency. The second one is a 3rd party verified meter reading, representing 1MWh of solar electricity generation. The distribution of SolarCoin is equitably done using both these Proof of Works. SolarCoin is a means to reward production of solar electricity.
This incentive of SolarCoin (SLR) can also be claimed by individuals who have Solar Energy Panels fixed on the roofs of their homes. Solar electricity farms are also eligible for this incentive of SolarCoin. The farms may be leased or financed, their eligibility is not affected.
Proof of Work system was used in distributing SolarCoin (SLR) to large number of investors. It was done till September 2014. After that, a new system had been introduced. Proof of Stake Time. This PoST has replaced the PoW because the PoST is far less energy intensive than PoW. An increase in scarcity of money accompanied the transition from PoW to PoST. This has resulted in increase of price in the long term. The mining of SolarCoin can now only be done through production of solar energy.
Now, one SolarCoin (SLR) is equivalent to generation of 1MWh of solar electricity. If one is a verified producer of solar electricity, she/he may get SolarCoins for free. 99% of total SolarCoin (SLR) is to be distributed among the producers of solar electricity, who produce 97,500 TWh of solar electricity for a period of over 40 years. The verified producer of solar electricity needs to choose a wallet first and then she/he needs to register her/his facility to start mining SolarCoin (SLR). SolarCoin (SLR) can also be bought in exchange of FIAT currency using certain wallets, by bank transfer or using credit cards. SolarCoin (SLR) can be bought by exchanging with Bitcoin or other existing crypto assets, with the specified wallets.
SolarCoin is a cryptocurrency which is designed to give incentives to producers of solar electricity. SolarCoin is here to promote production of solar electricity, which is the need of the hour. The potential of SolarCoin is excellent, looking to its social requirements and utility value.
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