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Natural resources are being consumed at a speed never seen before in human history. This is why Nick Gegorty and Joseph Zitoli have developed an innovative ecological cryptocurrency that, for 6 years, has been trying to reduce this impact. Learn what SolarCoin is and how it works.
What is SolarCoin (SLR)?
SolarCoin (SLR) is a cryptocurrency created in 2014 with the aim of accelerating the energy transition towards cleaner energy through an incentive program.
In this way, the foundation offers solar energy producers a reward of 1 SolarCoin for each MWh of energy produced. This is a free additional reward independent of the usual benefits of a solar energy producer and is a way to thank them for their contribution to the environment. In addition, the emergence of new producers increases.
SolarCoin is global, decentralized and independent from any government and uses blockchain technology, just as bitcoin does, to create a secure P2P network that allows the exchange of SolarCoins globally.
How does SolarCoin work?
To receive SLR, you just have to register for free with the SolarCoin Foundation and once you get approval, you will start receiving SolarCoins for each MWh produced.
Explanatory table showing the process to receive and spend SolarCoins.
How can SolarCoins be used?
Each Solarcoin obtained through the production of solar energy can be exchanged for euros, dollars or any other FIAT currency in different online exchange portals. They can also be exchanged for other cryptocurrencies, such as Bitcoin, Ethereum, etc.
SolarCoins are stored in virtual wallets, which can be managed from computers or mobile devices, or even in paper wallets. There are many options in the market, so it is important to know what are the types of wallets most used to store cryptocurrencies.
How much is SolarCoin?
In early 2018, each SRT was listed at $ 2.44, though its price has fluctuated since then. Here you can find the current SolarCoin price.
The goal of the SolarCoin Foundation is to issue 98 trillion coins over the next 35 years and give an extra incentive to all producers in the world to create free and clean energy.
If you want to learn more about the crypto world you can find many interesting articles by browsing our blog.