What is SolarCoin?
The only digital currency to date with a secondary proof of work mechanism that incentivizes clean renewable solar energy!
SolarCoin is an alternative digital currency with a built-in mechanism to incentivize the generation of global solar electricity. By simply mining and/or exchanging SolarCoin just as you would any other digital currency, you are contributing to the development of clean renewable solar energy! Solar energy, unlike fossil fuels, does not place excess heat or carbon into the atmosphere. The creation of new renewable energy resources by SolarCoin results in a nearly carbon neutral mining footprint.
SolarCoin is a Scrypt based alternative digital currency decendant of LiteCoin. It uses the traditional hashcash proof of work method to reward a community of miners who support the SolarCoin network. But SolarCoin’s true innovation comes from its secondary proof of work reward: the Solar Proof of Work. Green solar energy producers are entitled to receive one SLR for every MWh electricity they generate. In order to claim a Solar Proof of Work reward, solar plant owners must submit 3rd party verified energy generation certificates such as a Solar Renewable Energy Certificate (SREC) or equivalent country specific documentation. All Solar Proof Of Work rewards will be stored as transactions in the blockchain.
SolarCoin is managed as an open community project by Volunteers working together as the Open Currency Association (OCA). The OCA is responsibile for all distribution of SLR rewards for the Solar Proof of Work and other grants. Not a single SolarCoin will be released from the Genesis or Generator pools until the charter and organization is in place and agreed to by the community. As a fully transparent organization the OCA will publicly document all of the SolarCoins transactions in their entirety via a public ledger and the SolarCoin blockchain.
The supply of SLR is fully documented and comprised of the following:
- The Mining Pool: 105 Million SolarCoins (0.1%) to be publicly mined over the next 40 years. All publicly mined SolarCoins represent historically generated and unclaimed solar electricity.
- The Generator Pool: 97.5 Billion SolarCoins (99.4%) are currently stored in the OCA non-circulating generation pool account. These will be exchanged for “proof of work” claims of solar electricity generation submitted over the next 40 years at the rate of 1 SLR per MWh of solar energy.
- The Genesis Pool: 500 Million SolarCoins (0.5%) are stored in the genesis pool account for environmental charities, early volunteers, advisers, builders and maintainers of SolarCoin infrastructure. Genesis pool circulation is capped so that it will never represent more than 5% of total SolarCoin in circulation.
The OCA is currently organizing its initial charter and members; anyone can join and participate.Release date: February 6th, 2014
- Scrypt Algorythm
- 98.1 billion total coins
- 100 coins per block, halving every 525,600 blocks (once a year)
- 1 Minute Block Targets
- 1440 Block Difficulty Adjustments
- 140 Character Transaction Messaging
- RPC PORT = 18188
- P2P PORT = 18181