Solarcoin (SLR) is an innovative digital currency built on the Scrypt algorithm, distinguished by its unique secondary proof of work mechanism known as Solar Proof of Work. This system rewards producers of green solar energy, granting them one SLR for every megawatt-hour (MWh) of electricity they generate. To receive these rewards, solar plant operators must provide third-party verified energy generation certificates, such as Solar Renewable Energy Certificates (SRECs) or similar documentation specific to their country. All rewards from the Solar Proof of Work are recorded as transactions on the blockchain, ensuring transparency and security.
The distribution of Solarcoins is structured as follows:
- Mining Pool: A total of 105 million Solarcoins (0.1%) will be available for public mining over the next four decades. These coins correspond to solar electricity that has been historically generated but not previously claimed.
- Generator Pool: The bulk of the supply, amounting to 97.5 billion Solarcoins (99.4%), is held in the OCA non-circulating generation pool. These coins are allocated for Solar Proof of Work claims related to solar energy generation over the next 40 years, with a conversion rate of 1 SLR for each MWh generated.
- Genesis Pool: Comprising 500 million Solarcoins (0.5%), this pool is designated for environmental charities, early supporters, and contributors to the development and maintenance of the SolarCoin infrastructure. To maintain market balance, the circulation from the Genesis Pool is capped, ensuring it never exceeds 5% of the total Solarcoin supply in circulation.
Solarcoin seeks to incentivize the production of renewable energy while providing a sustainable digital currency for environmentally conscious individuals and organizations.