SolarCoin (SLR) is a cryptocurrency that aims to incentivize the generation of solar electricity. It was launched in early 2014 and is based on the Bitcoin blockchain. The creators of SolarCoin wanted to create a system where solar energy producers could earn a reward for their efforts in generating clean energy.
SolarCoin rewards solar energy producers with one SLR for every megawatt-hour (MWh) of electricity produced by a verified solar facility. The process of verifying solar energy production involves submitting data to a third-party organization, which then confirms the solar production and issues the SolarCoins.
In addition to incentivizing solar energy production, SolarCoin also aims to increase the use and adoption of solar energy. The creators of SolarCoin believe that the cryptocurrency can be used as a means of payment for solar goods and services, which could help to further encourage the adoption of solar energy.
As with other cryptocurrencies, SolarCoin can be traded on exchanges and can be held as an investment. However, it is important to note that cryptocurrencies are a highly volatile and speculative asset class and that investing in them carries significant risk.