Solar Coin - The Latest Digital Currency

Source: Forum for the Future / Words: Hugh Knowles

Whilst you are busy trying to catch up with/understand Bitcoin there are digital currencies emerging all over the place. One of the latest ones is SolarCoin. The currency is a "bitcoin-style asset, pegged to units of photovoltaic energy".

"Each SolarCoin can be exchanged for 1MW/hr of solar energy. According to the SolarCoin Foundation, which is stewarding the coin, each unit equates to emissions savings of 1,500lbs of CO2."

SolarCoin will not require as intensive computing to generate each coin and the idea is that awarding "coins to solar energy producers will create fresh incentives for them to invest in solar PV capacity."

Oddly I was discussing a renewable currency with Open Utility last week where an interesting idea emerged. If the postcode of the generation point was encrypted into the currency limiting the currencies use within say 20miles of where it was created then it could be used to subsidise local generation.

Visit SolarCoin here

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