What is SolarCoin (SLR)?
Future of SLR Cryptocurrency and know how to buy SLR

#1: What is SLR?

SLR: The Basics

  1. SolarCoin aims to reduce the world’s dependence on fossil fuels by incentivizing the production of solar energy. Most other cryptocurrencies contribute to the immense strain on the environment, via their wasteful mining and continuous usage of electricity.
  2. SolarCoin, however, actually has a net positive impact on the environment. It takes up no electricity or resources for its own blockchain and also incentivizes the production of clean, renewable energy in the form of solar power.

SLR Development

  1. SolarCoin was created in 2014 by a bunch of volunteers. It was forked from the LTC code base and uses the Scrypt hashing algorithm.
  2. The idea for SLR came about from the research paper DeKo: An Electricity-Backed Currency Proposal.
  3. The SolarCoin open-source project is developed by a group of volunteers collectively known as the SolarCoin Foundation.

 

#2: What are the benefits of SolarCoin?

SLR Technology

  1. SLR was initially a Proof-of-Work (PoW) coin, to enable quick distribution of coins to investors and early adopters. In September 2014, it switched to the much more environmentally friendly Proof-of-Stake-Time (PoST) mechanism. In the PoST mechanism, users receive a small number of SLR coins as interest, in exchange for helping secure the blockchain network via staking their coins.
  2. The new algorithm makes mining SLR 50 times more efficient than BTC mining. Since the PoST mechanism reduces the rate of generation of new coins, it creates an inflationary economy, raising prices gradually over time.
  3. The blockchain is actually stored in high-speed global cloud storage satellites, powered by Cloud Constellation, a space-based data storage company. This means there is no unnecessary wastage of storage space and energy resources by running a central data server. That would also defeat the purpose of a decentralised ecosystem. This makes SLR the “first orbital currency”. It also protects all user transactions on the blockchain from tampering, creating an irrefutable record.
  4. Solar power generators receive 1 SLR for every MWh of electricity generated. In order to claim the reward, the plant owners must submit an energy generation certificate verified by a third party such as a Solar Renewable Energy Certificate (SREC) or equivalent country specific documentation.
  5. The rewards will be stored as transactions on the blockchain. There are 97.5 billion SLR to be generated through the production of solar energy.

Key Features

  • Officially recognized - SolarCoin is world's first cryptocurrency to be recognized by an international inter-governmental organisation - the International Renewable Energy Agency (IRENA).
  • Unique method to generate coins - There is no conventional ‘mining’ done to generate SLR coins, which means that there is actually a positive impact of SLR mining on the environment. By incentivizing clean energy production, SolarCoin saves fast depleting non-renewable energy resources. With SLR rewards, solar array owners can also expect a much faster return on their investment, as they are basically being paid for generating free power.
  • Energy saving blockchain - Another way SolarCoin completely eliminated any use of energy or power resources, is by storing its blockchain on a network of satellites, in cold-storage. This means, no extra power or resources are required to maintain a current, secure, and tamper-proof blockchain. SLR also greatly reduces the size of its blocks, by storing only those transactions which record the rewards given out to owners of solar power generating setups.

 

#3: How to Buy & store SolarCoin?

How to buy SolarCoin

  1. SolarCoin can be bought and traded on exchanges such as Bittrex, Livecoin, Bleutrade, and Coinexchange.
  2. SLR can also be bought in exchange for fiat currency at Lykke.
  3. The only way to ‘mine’ new SLR coins is to register your photovoltaic array (solar generating setup) with SolarCoin.

SLR Wallet

The SLR wallet can be downloaded from their official website[1].

CoinSwitch

While cryptocurrency exchanges provide you with a platform to buy or sell the SLR cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for SLR on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate SLR wallet from the exchange to store your SLR cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4: What is the future of SolarCoin?

Also Read: Complete Analysis of SolarCoin | Live SolarCoin (SLR) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

0.16596

0.43385

0.16449

0.416743

2286

7303360

Apr 01, 2018

0.269233

0.275516

0.250812

0.267251

13697

11292500

Nov 01, 2017

0.375144

0.375144

0.314649

0.350435

349238

13783600

May 01, 2017

0.116071

0.122628

0.102559

0.114164

21387

4061830

Dec 01, 2016

0.062973

0.06439

0.058709

0.060841

2100

2187090

Jun 01, 2016

0.074406

0.174358

0.069871

0.142868

41433

2552960

Dec 01, 2015

0.011508

0.011558

0.010825

0.011053

96

393542

May 01, 2015

0.004265

0.004458

0.004201

0.004201

2

143487

Oct 01, 2014

0.009131

0.00924

0.007856

0.009018

3954

291131

Apr 01, 2014

0.005957

0.019173

0.004813

0.007466

1527

72090

 

#5: How is SolarCoin different from other cryptos?

  1. Innovative purpose - SolarCoin aims to bring about a positive change in the world by promoting the use of solar energy and saving fossil fuels. This is in contrast to other cryptocurrencies, where their intensive mining process actually wastes an immense amount of electricity and energy, like the Bitcoin network.
  2. Unique mining method - The only way to ‘mine’ SLR is to have a solar power generating setup with a third-party verified meter, that will award SLR coins in proportion to the amount of solar power generated. This is unlike other altcoins, which generate coins either after massively wasteful computations, such as PoW coins, or after a large amount of time has passed, like PoS coins.
  3. Extremely low impact cryptocurrency - SLR does not require any conventional ‘mining’ to be done to generate new coins. The SLR blockchain isn’t even actually stored in any node on the network, instead, it is located in distributed cold-storage on low-orbit satellites around the world, permanently immortalising the data. In fact, the production of SLR has a net positive impact on the environment, as new coins can only be generated by the production of solar energy.

 

#6: Should you invest in SolarCoin?

  1. With fossil fuels becoming scarce by the minute, the world is looking to shift to a mostly renewable energy dependent economy, with solar energy being the most widely adopted source of renewable energy.
  2. SolarCoin provides a big incentive for people to shift to solar energy. Since there is no actual mining of SLR, SolarCoin actually allows people to profit on their solar energy setup right from the get-go, providing them with a passive income as they generate solar electricity.
  3. Having delivered returns of over 75x over 3 years (between 2014-2017), it’s certainly rewarded its investors.
  4. While investing in any cryptocurrency is subject to their inherent volatile nature, the innovative nature of SolarCoin, along with the projected increase in the use of renewable energy, makes it a very valuable coin worth investing in.
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