SolarCoin is an alternative, digital currency designed to create an incentive to generate solar energy around the world.
SolarCoins are granted when an independent, verified third party executes a meter reading, with one coin being giving for every 1MWh of energy generated. They are also available to trade through an exchange or Twitter. And, as with other digital currencies, they can be mined using a specialist computer program.
SolarCoin is a global currency that was launched early in 2014 and is a 40 year project designed to generate 97,500 TWh of solar electricity. In that time, it aims to acheive significant market coverage by:
- Meeting the stable target of 1 SolarCoin being equal to $20 in four years
- Having 95 per cent of public mining done in 4 years
- Having 95 per cent in circulation by 2040
- Increasing circulation by 60 million in the next year (2014-2015)
- Reaching a maximum issuance of 98.10 billion
SolarCoin was created by volunteers and is managed by the SolarCoin Foundation.
As with other digital currencies, such as Bitcoin and Litecoin, SolarCoin is a crowd-funded feed-in-tariff in that it will accumulate value over time, as more are mined and traded through digital currency exchanges.
SolarCoin is different to other Payment for Ecosystem Services in how it is a currency in and of itself, making it the first concept based currency of its type.