In the family of crypto-currencies, there is something for everyone. Whether you’re a seasoned investor, a beginner, a risk lover or even an environmentalist, there’s something for everyone. Today, ethical and responsible crypto-currencies are flourishing all over the world. It is precisely on ecology that the SolarCoin cryptocurrency has bet on. In a context where climate change is in the headlines, several cryptocurrencies are going green.
SolarCoin is one of these less polluting cryptos. With a desire to develop the production and use of solar energy, the foundation is innovating in this area. Its concept is innovative: SolarCoin finances the energy transition. Created in 2014, the cryptocurrency pays solar energy producers in tokens. After installing your photovoltaic panels and completing a few administrative steps, users are paid according to their production. Throughout the installation of your photovoltaic equipment, you will be accompanied by SolarCoin.
So, ready to jump in?
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Presentation of SolarCoin in some key figures
SolarCoin price chart in dollars
Source : CoinMarketCap
The current price of SolarCoin
Since the beginning of 2021, the SolarCoin price has seen two slight increases. The first came in early March and increased the price of Solar Coin from 0.02 dollar to 0.08 dollar. The second, which occurred in April, was similar, in that the value of SolarCoin increased by 0.02 dollar to 0.08 dollar. Since then, the price of SolarCoin has fallen, and now remains around 0.004 dollar. See the price of other cryptocurrencies
SolarCoin price history
Since 2014, the price of SolarCoin has been fluctuating continuously.
2014: At the end of March, the price of the token was about 0.008 dollar. The value of SolarCoin changes fairly little for 12 months, but ends the year at about 0.005 dollar.
2015: This year will be similar to 2014. With a value in January of 0.005 dollar, the token had a price of just over 0.01 dollar in December.
2016: While in January the price of SolarCoin remained around 0.02 dollar, its value peaked in the middle of the year, reaching 0.2 dollar in June. It eventually fell back to around 0.04 dollar.
2017: During the year, the price of the token undergoes several variations. In January, it was around 0.06 dollar, then recorded a first significant increase in June, reaching 0.28 dollar. A second increase appears in November with the price of SolarCoin this time around 0.54 dollar. At the end of the year, the value of Solarcoin goes down to around 0.5 dollar.
2018: This growth trend continues in 2018. It is even during this year that the token will reach its historical peak in value. After starting the month of January at around 0.81 dollar, the price of SolarCoin exceeds the 2 dollar mark. Almost immediately, its value drops to around 0.3 dollars. A new peak is recorded on February 20 with a price of 0.8 dollar, but the value takes a downward slope after this period. Indeed, this one falls until it reaches 0.02 dollars at the end of December.
2019 : The value of SolarCoin remains rather stable throughout the year, starting at 0.02 dollar and ending at 0.01 dollar.
2020: The same is true with the year 2020, as the price of SolarCoin gravitates around 0.1 during 12 months.
The listing of SolarCoin on the stock exchange
Today, 1 SolarCoin token is worth about 0.004 dollar. In the last 24 hours, this price has even fallen by more than 2%. In terms of market capitalization, it is estimated at 246,857 dollars. Thus, CoinMarketCap positions SolarCoin 2077th in the ranking of cryptocurrencies in the world. In reality, this cryptocurrency is more dependent on solar activity than on the stock market itself.
What factors influence the value of SolarCoin?
There are various causes for the fluctuation of a cryptocurrency’s price. Many of these factors are common to all cryptos, while others are more singular. If you are interested in investing in SolarCoin, we recommend that you consider the following:
The law of supply and demand
Like all crypto-currencies, the price of Solar Coin depends largely on its scarcity, in other words, supply and demand. The more demand there is for SolarCoin, the more its value will rise. Conversely, the more available the cryptocurrency is, the more its price will fall.
The reward for mining
It’s best to offer an attractive reward for miners! Indeed, the higher this reward is, the more the cryptocurrency will attract miners. This will considerably increase the efficiency of its network and consequently, seduce new users, captivated by its performance.
Reputation and media influence
All types of media have an impact on the reputation of a cryptocurrency. People trust these media and their behavior can be influenced by news about a particular token. For example, the publication of interviews with experts or well-known people in the cryptocurrency world have a strong potential to influence the market. Generally speaking, it is above all the reputation that will have an influential power. SolarCoin then has every interest in taking care of its reputation to attract a large number of users.
Regulations and laws
Laws can vary from one country to another. However, these have a real impact on cryptocurrencies and could strongly restrict them in some cases. If crypto-currencies are independent of governments and central banks, they can however be subject to a number of rules, which can change from one government to another.
The economic and financial situation in the world
These are the main factors to take into account in order to evaluate the profitability of your future investment in SolarCoin.
SolarCoin forecasts and future
SolarCoin price forecast in 2021
Solar energy is attracting more and more people, whether they are investors or companies. Even if this type of energy is on the rise, the forecasts for SolarCoin are not particularly unanimous.
Indeed, Wallet Investor believes that SolarCoin is a bad one-year investment, as the token’s value is likely to fall in 2021. Likewise, it does not advise inexperienced investors to take the plunge into SolarCoin, which is quite specific and unsafe. However, it is important to understand that this analysis is oriented on the possibility of profit and return on investment. Some people might have different priorities, but it is still important to note that investing in SolarCoin can be risky.
TradingBeasts, on the contrary, tends to advise this cryptocurrency. The site considers it a good investment for 2021. It expects the price of the SLR token to rise by the end of the year, from $0.0049524 to $0.0083118. This is a more favorable projection offered by TradingBeasts.
These different interpretations for the future may seem contradictory. But in reality, they are complementary. It is important to consider several analyses before investing in the token.
Long-term SolarCoin price forecasts
Like the predictions for 2021, long-term estimates differ. According to WalletInvestor, the negative trend for SolarCoin will continue in the coming years. The site even predicts a significant decline in 2022 in particular. TradingBeasts, on the other hand, predicts a better future for the SolarCoin Foundation. The positive trend for the value of the SolarCoin token in 2021 is also valid for 2022 and even for the following years.
SolarCoin’s plans for the future
The SolarCoin Foundation is brimming with plans, which some may find overly ambitious. Initially, nearly 97.5 billion SLR tokens were created. Since 2014, more than 10,000 solar panel installations have been registered, out of a goal of…. 1 million! So there is still a long way to go.
All about SolarCoin
Origins of the SolarCoin project
The SolarCoin Foundation has developed a virtual currency project with the aim of boosting the consumption of renewable energy. In addition to this, the Foundation is participating in a trend that is becoming more and more popular: the collaborative economy. François Sonnet and Nick Gogerty are at the head of this ambitious project. The result is the SolarCoin cryptocurrency, which among other things allows for the multiplication of solar panels, acting as a subsidy. Thus, analyst Corey Honeyman of Greentech media research in Boston explained to the media Wedemain:
“it could be an incentive (to produce green energy) for all homeowners”
Notable features of SolarCoin
SolarCoin is a cryptocurrency that entered the market in 2014. It is based on blockchain technology, which gives it a decentralized character, as is the case with many of its competitors. On the other hand, it differs from other cryptocurrencies, as the project is part of a more ecological approach.
SLR, the SolarCoin token
Solar Coin uses the SLR token, which is the network’s native token. The maximum number of SLR tokens in circulation is 64,810,697 tokens.
The SolarCoin wallet
Like many reputable cryptocurrencies, SolarCoin has its own wallet, where you can store your valuable SLR tokens.
SolarCoin, greener than most cryptocurrencies
SolarCoin pushes the creation of green energy, specifically solar energy. It does this by incentivizing the production of clean energy and paying owners of solar panels. In exchange for 1 MWh of solar energy, producers are offered 1 SolarCoin. Unlike Bitcoin or other cryptocurrencies, this cryptocurrency is based on very concrete and real assets, where Bitcoin is based on immaterial assets. Therefore, the ecological impact of Solar Coin also differs from that of Bitcoin.
Why are cryptocurrencies polluting?
The impact of cryptocurrencies on the environment is increasingly being criticized, even by the early adopters of these assets. This is due to several factors:
- Blockchain technology. To ensure full transparency to their users, cryptocurrencies use a public ledger, acting as a record of transactions recorded on the network. This is the so-called blockchain.
- The activity of mining. Mining consists in creating blocks and thus validating the transactions made on the platform. Companies or individuals who mine generally receive a reward for their work. But mining is not a trivial activity: it requires very powerful computers, capable of solving complex equations and thus validating the blocks. This practice can attract many users, as it is very profitable. Following this logic, many have initiated mining farms (or pools), grouping several miners. It is the environment that directly suffers the consequences of this phenomenon.
Pros and Cons of SolarCoin
In conclusion of this presentation, here are the main strengths and weaknesses of the cryptocurrency to consider:
The pros of investing in SolarCoin
- A « green » and environmentally friendly cryptocurrency, unlike most of its competitors
- SolarCoin allows you to quickly make your solar installations profitable
- An efficient, fast and effective network
- A financial compensation for solar energy producers
- The possibility to pay directly in SolarCoin at some energy suppliers
Cons of investing in SolarCoin
- A cryptocurrency whose value is unlikely to take off
- A market that is too specific and specialized
- An overly ambitious initiative that some investors feel is too ambitious
How does SolarCoin work?
How SolarCoin works initially
Like many cryptocurrencies, SolarCoin uses the blockchain. SolarCoin works similar to a loyalty system. If you own solar panels, you can register directly with the foundation. After filling in your installation and supporting documents (such as invoices, etc.), you can access your dedicated wallet. Thereafter, SolarCoin will pay you your tokens every 6 months, depending on your solar energy production.
Towards an evolution of the SolarCoin operating mode
At the beginning of the journey, the SLR token operated on a Proof-of-Work (PoW) system to ensure rapid redistribution of tokens to users. In late 2014, the cryptocurrency switched to a more environmentally friendly Proof-of-Stake-Time (PoST) process. In exchange for a few SolarCoins tokens, users can contribute to the security of the network. The change in algorithm makes the cryptocurrency particularly powerful. It is for example 50 times more efficient than Bitcoin mining according to Coinswitch, which is not a small thing!
A very special cloud storage
SolarCoin uses cloud storage. There is no need for a physical data center. This makes SolarCoin the first cryptocurrency based on satellite storage.
What is SolarCoin used for?
This asset has all the advantages of a classic crypto-currency, but on top of that it combines other very valuable aspects.
Limit fossil fuel consumption
Unlike other cryptos, it pollutes little and contributes to the development of solar energy. By funding the producers of this energy, the SolarCoin foundation contributes to the energy transition. It is a strong and praiseworthy project, which structures a long-term vision on the part of the foundation.
Make your solar panel installations profitable
If you have chosen to install solar panels at home, registering your installation on the foundation’s website is a very good way to make your equipment profitable. On your side, you don’t have any specific goals to achieve. If your panel produces less during a certain period, your remuneration will be lower, but this will not affect your credibility within the network.
Developing a network of partners is a major challenge for any self-respecting cryptocurrency. This allows both to perfect the expertise and the dissemination of the cryptocurrency, but also to proceed to knowledge sharing. Because of this, the choice of collaborations is also a major challenge in order not to taint the reputation of a token for example. In the case of SolarCoin Foundation, several partnerships have been established at different times of the project’s existence.
SolarCoin and Alesia
A partnership was concluded with the French company Alesia in 2018. Alesia is a marketing agency specialized in the field of renewable energy. The goal of this partnership is mainly to expand SolarCoin to a brand new market: the French market. Alesia has thus facilitated the adoption of SolarCoin by owners of solar panels. On Alesia’s side, the company is to support solar power producers in their integration with the SolarCoin network. For the cryptocurrency, it was to develop the creation of solar energy, particularly via blockchain technology.
SolarCoin and Solo Energy
Also in 2018, The SolarCoin Foundation collaborated with Solo Energy, with the aim of expanding solar energy development. Solo Energy is a company that produces so-called virtual power plants. These are not located in a specific place, but are a vast network of batteries and electric vehicles. The whole thing is connected by a software called Flexigrid and redistributed according to need. As part of the partnership with the SolarCoin Foundation, Solo Energy contributes as an affiliated contributor. In practice, Solo Energy facilitates access to the foundation for users of its own network. This is clearly in line with the crypto’s long-term goals of increasing the use of green energy, especially renewable energy.
SolarCoin and SMAP Energy
SMAP Energy has also joined the SolarCoin network as an affiliate. SMAP Energy is a company whose goal is to reduce the energy impact of data on the internet. As part of the collaboration, SMAP Energy provides digital services and assists customers with their solar panel installations.
While these different collaborations result in a sharing of experience for each company, they also have the purpose of improving the image of a company. The contracts with the foundation’s partners provide it with expertise. Moreover, such projects also contribute to a renewal of its objectives.
Switching from a blockchain supported by SolarCoin to one based on Ethereum
A change in line with SolarCoin’s goals
SolarCoin recently decided to abandon its own blockchain after 7 years of use. Always with a view to improving performance, the Foundation has chosen a blockchain supported by Ethereum. Indeed, as we have seen, the goals over the next 40 years for SolarCoin are very ambitious. It is therefore necessary to offer a blockchain that meets the requirements of users. This possibility is offered by the Ethereum network. In addition, this solution keeps the essence of the foundation, i.e. solar energy that powers the creation of SLR tokens. More specifically, the Energy Web Chain was chosen to address this issue. This one uses a « Proof of Authority » algorithm.
Ethereum (ETH) in a few words
Ethereum is the second most popular cryptocurrency in the world. Ethereum uses blockchain technology like almost all other cryptocurrencies. The particularity of this cryptocurrency lies in its use of « Smart Contracts ». These allow for transactions that are not controlled by third parties.
How to get SolarCoins in 2021?
It is quite possible to exchange SLR tokens for other tokens. Similarly, you can buy SLR tokens directly from websites like Bittrex, Livecoin, Bleutrade, or Coinexchange.
Become a solar energy supplier
You can get SLR tokens from your own solar installations. After registering your installation on the official website, you can receive the number of tokens corresponding to your production in your SolarCoin wallet.
Is it possible to mine SolarCoin?
It is possible to mine SolarCoin. In fact, this is the case for many cryptocurrencies. However, the mining activity with SolarCoin is a bit different, given the ecological values of the cryptocurrency. Very concretely, one SolarCoin token is mined for one megawatt-hour (MWh) of solar energy. Logically, the sunnier the region where the miner is located and the more powerful its solar energy creation system, the faster the tokens will be supplied.
Why and how to use SolarCoin tokens?
Why use SolarCoin tokens?
There are several reasons why the SolarCoin token is unique.
- An environmentally friendly cryptocurrency: SolarCoin tokens are unlike any other. They are produced much more ethically than most crypto-currencies. They have less of an ecological impact, in addition to funding green energy.
- A recognized cryptocurrency: SolarCoin is officially recognized by the International Renewable Energy Agency (IRENA). It is the first cryptocurrency in the world to be certified by a non-governmental organization.
- An energy-efficient blockchain: Indeed, SolarCoin stores its blockchain in a cold storage space that does not require additional cooling.
How to use SolarCoin tokens?
How to use SolarCoin tokens?
First of all, you can exchange your SLR tokens for other tokens. This is possible on various platforms such as Bittrex or Lykke.
Paying directly in SolarCoin
It is also possible to pay in SLR at businesses that accept this payment solution.
Businesses that accept SLRs in France
In France, it is possible to pay your electricity bill with SolarCoin tokens at ekWateur for example. It is a supplier focused on renewable energy. It is also the first in the field to accept cryptocurrency transactions. In addition, SolarCoin drastically reduces the amount of storage space needed by only keeping a certain number of transactions, including those that provide the reward amount to each energy producer.
Our opinion on SolarCoin: is it too late to invest?
Between innovation and sustainability, SolarCoin is an attractive cryptocurrency. Predictions about its future differ, but there is no denying the innovative nature of the project. The demand for solar energy will most likely explode in the coming years, which is all to SolarCoin’s advantage. There is a real potential around this cryptocurrency, but it may be harder for new investors to grab it. So it’s not too late to invest in SolarCoin, even if the return on investment is unlikely to be as impressive as with Bitcoin for example. It is a question of betting on another project, other values such as respect for the environment and more responsible energy consumption. Such an initiative could well attract new investors and even new solar energy producers. The fact that any individual can enter the network greatly facilitates its effectiveness and accessibility. In view of the current climate issues, such a crypto-currency has a really great interest.
To add a sunbeam to your wallet, what better way than to adopt SLR tokens?