SolarCoin is now teaming up with Cloud Constellation to offer the first blockchain wallet in space. The cryptocurrency incentivizes renewable energy production by providing grants to individuals or organizations that generate solar power at the rate of one SolarCoin per one MegaWatt hour of production, with participants in 23 countries so far.
SolarCoin was created in 2014 by volunteers with a specific focus on the environment and anyone can join their open community project under the SolarCoin Foundation.
This cryptocurrency is based upon a hybrid proof of work and proof of stake, due to the fact that the cryptocurrency was born from a source code fork in both Litecoin and Vericoin, which allows proof of work via solar production and proof of cryptographic stake.
SolarCoin is supposed to be a complement, instead of a substitute to bitcoin, as users convert SolarCoin to bitcoin, thereby allowing exchange for cash or goods and services.
By partnering with Cloud Constellation’s SpaceBelt, SolarCoin will be able to capitalize on the unique satellite network to provide additional security for the network. There are also plans to achieve the first space-based currency transaction, payment facility and $5 billion off planet treasury, utilizing the SpaceBelt network to securely host its Cold Storage Vault.
The partnership will also see SpaceBelt becomes SolarCoin’s primary connectivity provider for space transactions; by 2018 we will see transaction nodes orbiting the earth. The more nodes there are in a blockchain network, the more secure it is. Nodes are essential to protecting the network from ‘double spending’
On the development, Nick Gogerty, founder of the SolarCoin Foundation, said,
“Cryptocurrency is a hot commodity… so hot, in fact, that hackers have already pulled off heists that have left consumers empty-handed. We wanted to find a way to securely store our currency, and the SpaceBelt is a perfect fit. We look forward to working with Cloud Constellation to enable the first currency transaction to and from space.”
Moreover, Cloud Constellation President of SpaceBelt, Cliff Beek explains,
“We created SpaceBelt to address the serious security gaps in current network infrastructure of data transport and storage. Along the way, we found many applications for this technology, including the financial sector, which is notoriously vulnerable to attack. It’s exciting to work with forward-thinking organizations like SolarCoin Foundation, which not only recognize the possibilities of space-based storage, but also share our mission of reducing the carbon footprint. We are working together to secure the future of data storage and of our planet.”
Non-renewable energy sources are claimed to have had a devastating effect on the Earth’s climate and ecosystem, whereby the production of electricity from non-renewable resources puts constraints on every living being on the planet.
Conversely, generating solar energy is an example of an enterprise that provides benefits to agents those that are not involved in any of the enterprise’s transactions, known as a positive externality. For example, suppose you buy solar energy from a provider, the benefits are shared by society at large, as pollution knows no borders.
So the reduction in the carbon emissions not only contributes to cleaner air for you but for everyone else as well. SolarCoin serves the function of a market solution to address the underproduction problem associated with solar energy.
While SolarCoin’s market value is approximately six cents at the time of writing, the SolarCoin Foundation have set a target of $20 for 2018.
To put cryptocurrency in space is not a new idea. Jeff Garzik, core developer for Bitcoin, also laid out similar plans with his venture Dunvegan Space Systems, partnering with Deep Space Industries Inc., to develop BitSat back in 2014. Furthermore, Genesis mining recently sent bitcoin into orbit achieving the first peer-to-peeer transaction from space.
While cryptocurrency adoption is booming here on Earth, will we see space begin to serve as an effective security measure?