Everyone can admit that 2017 was a wild year for cryptocurrencies. Sure, Bitcoin popularity skyrocketted, but so did many altcoins as well, such as Litecoin, Ripple, and Ethereum. Although many question the utility of thousands of coins on the market, there is one less known coin that may have a very bright future.
This coin is SolarCoin.
What is SolarCoin?
According to their website, “SolarCoin is an alternative digital currency that works like air-miles for Solar electricity generation.” It is an easily adopted incentive for more people to go solar. Ok, sounds simple enough...but what is it really?
SolarCoin was introduced in 2014 by a team of volunteers who believe that solar energy is a key part of securing a healthy future for the planet. This group of people eventually founded the volunteer-run SolarCoin foundation and published this proposal, which introduced SolarCoin to the public.
According to SolarCoin's website, as of January 30th, 2018, over 3.6 million SolarCoins have been granted in 54 countries.
How does it work?
People earn SolarCoin for going solar!
- For every 1 Mwh of energy generated, the individual receives one SolarCoin.
- Additionally, anyone can invest in SolarCoin on any cryptocurrency exchange, which gives it similar attributes to Bitcoin.
- Still, the only way to receive SolarCoin for free is to go solar yourself and produce solar energy. This makes sense, as its purpose is to spread the adoption of solar energy being produced. This is akin to the idea of “mining” cryptocurrency. In this instance you are “mining” energy.
How is SolarCoin different from Bitcoin?
On a foundational level, these two cryptocurrencies are very different, but they do share some similarities, namely in that they are both cryptocurrencies.
The goal for each cryptocurrency, however, is entirely different. Bitcoin is aiming to create a decentralized currency for the world to use. Bitcoin is engineered to be a means of value. SolarCoin, on the other hand, has the goal of increasing the adoption of solar panels across the world through the incentive of the coins themselves.
When someone receives a SolarCoin and wants to make it liquid, they can then convert SolarCoin to Bitcoin, and either use that as a currency or convert that Bitcoin into dollars, euros, etc. Do note that SolarCoin CAN be used as an investment vehicle for people wanting to make a profit, but it is not intended for that use.
The implications of SolarCoin
SolarCoin alone is a really interesting project. In terms of cryptocurrencies, it’s flying under the radar at #222 in terms of total market cap and has a value of around $2.00 as of January 2018. Most people in the world haven’t heard of SolarCoin, either. Still, what is interesting about SolarCoin is that it serves a true purpose, and has a clear direction in mind.
When looking at the top 30 cryptocurrencies, it is very common to see ones that do not have much, if any, utility value. It almost seems like the creators launched these coins with the hope to get rich... and that is it. These are not the types of coins that will last over the coming years.
SolarCoin, although small, has defined their purpose and has latched itself onto a quickly growing industry. Although the risk for SolarCoin is high, as both cryptocurrency and solar are upcoming industries, the potential for it to stand the test of time is promising, due to its clear utility.
How can I start earning SolarCoin?
If you own a solar system, you can start "mining" SolarCoin by:
- First, you are going to need a place to store your SolarCoin, so you will need to use a wallet. Download the wallet onto your computer.
- You will then need to register your facility.
- Once you are recognized in the network, you will be able to receive SolarCoin!
See more details about earning SolarCoin on their FAQ section.
SolarCoin has a bright future
SolarCoin is a step in the right direction for both the solar community and the cryptocurrency community. It is a forward thinking solution that can help spread the adoption of solar, and it is doing so in a very early market space that is only going to mature.
No one can predict the future of cryptocurrencies, but our bet is that Solarcoin is here to stay, and that SolarCoin and similar energy cryptocoins will have a large impact on the adoption of solar across the world.
DISCLAIMER: This article by Pick My Solar has been published for informational purposes only. Cryptocurrency projects listed on pickmysolar.com are not intended to, and should not be assumed to, act as a recommendation of any of them. Pick My Solar does not provide investment, financial or legal advice. This site cannot substitute for professional advice and independent factual verification.