Coin Story: SunCoin
I’m a bit of a magician…
I can catch a ray of golden sun
And turn it into a shimmering tail of sparks…
I will spill them over your rooftop and windows
So even if you’re cold…or lonely…
You will see the bright side of light.
SunCoin (SUN) is an access token used on SunChain, a decentralised network which links small-scale energy producers with buyers via local community microgrids powered by next generation photovoltaic technology. SunCoin is designed to encourage the purchase of energy generating hardware, the marketplace for renewable energy using smart contracts as well as the global growth of SunChain energy producing networks. The network and the cutting edge solar technology are owned by Solar Bankers, an established Singapore-based company with offices in Asia, Europe and the U.S. Solar Bankers are addressing the vast inefficiencies with power generation today: distribution costs add up to 30% to energy costs, fossil fuel plants are polluting the environment, while centralisation of energy production reduces competition and increases prices for the consumer.
SunCoin is part of a unique ecosystem of cryptocurrencies based on revolutionary technologies originating in the SkyCoin Project and launched on the SkyLedger platform. At their core is Obelisk, a novel consensus mechanism involving a decentralised web of trust which enables fast, secure, scalable and environmentally friendly, fee-free transactions. Each node within the SkyLedger operates an independent blockchain easily verifiable by other nodes within the system. In the proposed Solar Bankers’ architecture, each smart meter would be a separate node in the network.
SunCoin’s fortunes are directly linked to the future of solar power, which is the fastest-growing energy market in the world: 70 GW of solar photovoltaic projects were completed in 2016 with an investment of $116 billion. Currently, only slightly over 1% of all energy is powered by the sun. The token derives its value from providing access to a number of services that go beyond the mere liquidity benefits of a standard cryptocurrency or the single commodity backing of other coins. Holders of SunCoin will be able to trade SunCoin for other cryptocurrencies or fiat currency; buy cheaper and cleaner electricity from other members in the decentralised network; purchase Solar Bankers’ energy-generating equipment to produce energy for private consumption or sale on the local marketplace; and trade SunCoin for CO2 Emission Certificates. These services are backed by the internationally patented nano-structured film technology which is currently being tested in Turkey, Dubai and China. Solar Bankers are working on other research projects to develop more efficient solar energy generating technologies. In the future the value of the token will also be backed by hard assets in the form of manufacturing facilities and the decentralised electricity network run by Solar Bankers. SunCoin’s ICO was launched in November 2017 to end in late December 2017.
Solar Bankers at signing ceremony with DEWA (Dubai Electricity and Water Authority) at the Dubai Future Accelerators.
YouTube video of the ceremony: https://www.youtube.com/watch?v=ySk8M0Zxtug