People often ask us why we use bitcoin when it is still an early technology, it uses a lot of energy and the price is volatile. Here's why:
Sun Exchange has raised $1.6 million in seed financing from several strategic partners to accelerate global access to solar power. Our new partners include Network Society Ventures (New York City), Kalon Venture Partners (Johannesburg, South Africa) and three of the world's leading technology accelerators, BoostVC (San Francisco Bay Area), Techstars (Boulder, Colorado) and Powerhouse (Oakland, California).
On May 29th I pitched the Sun Exchange to an esteemed audience in Dubai as part of the Smart Dubai Office Global Blockchain Challenge that we were invited to attend. We were competing against 20 other businesses from all over the globe working with blockchain technology and we won 1st place and a modest cash prize.
South Africa's first ever crowd-funded solar plant at the Stellenbosch Waldorf School has now been operating for over four months. So has the solar output met our estimates? The simple answer is yes. The longer answer is yes and it is has exceeded our expectations by 12%, which means the backers of that solar project are receiving 12% more solar powered income. The reason why this is the case is that we use a very conservative method for forecasting solar energy production. We work on a basis that the probability of exceeding our estimate is more likely than falling short.
Off the back of The Sun Exchange winning the Best Bitcoin/Blockchain in Africa 2016 Award at the African Fintech awards in South Africa last week, I thought it fine time to give all of our followers an update.
SolarCoin is digital currency that is being issued to owners of solar power plants around the world. This means that if you contribute funds towards a solar project through The Sun Exchange, you not only will receive your portion of revenue generated by the solar plant, but you are also going to receive a second revenue stream of Solar Coin for the lifespan of the project. This is a very exciting collaboration! In the next iteration of The Sun Exchange platform currently in development you will have a SolarCoin wallet embedded in your User Account so you can view your SolarCoin balance.
We have made history! All users of The Sun Exchange have just made history by collectively financing a solar plant in South Africa. Although crowd-funding in Europe is very common, this is the first time such a solution has EVER been deployed in South Africa.
Not only that, but this was also the first time that digital currency has ever been used to finance a solar project…. In the entire world!
So that is two firsts in our inaugural project. And we are just getting going! We have a few more world firsts lined up….. watch this space!
You may of seen on our Twitter feeds and Facebook page things like 'welcome to the age of the Solar powered money'. We truly mean that. The value of the dollar is to a large degree propped up by oil, aka the petro-dollar. Now, consider that any Bitcoin miner can create digital currency from a computer. Not all digital currency mines are solar powered (for now at least) and they still need to increase in efficiency a great deal.
Hi all, Just a quick update to let you know how things are progressing since our Indiegogo campaign ended. We did enjoy a nice xmas break but now fully back up to steam and very excited about what is coming up in 2016.
As part of our ongoing Indiegogo Campaign, we are going to build a fully upcycled fully functioning solar tree to commemorate the start of community-owned solar in South Africa. Our Indiegogo pledgers are to have their names emblazened on the leaves for passers by to see for evermore!