SolarCoin Foundation (SCF) seeks to make its global Cryptocurrency program that rewards owners of solar power systems the first Blockchain currency wallet in space. It will purchase orbital storage capacity on SpaceBelt storage to provide its customers with an inviolable record of their transactions. Blockchain is already being used to track solar power production across the globe.
The satellite network, designed to provide secure storage and transport of sensitive data, is a way to securely store SolarCoin, says Nick Gogerty, SCF founder.
Cold storage 40 years plan
In a statement to CoinTelegraph, SCF says:
“The cold storage is going to be part of the cold storage model used by the SolarCoin foundation. The plan is to have a Logical gap and the extra-territoriality of space for the 40 year plan. The logical gap arises out of the fact that the plan right for cold storage wallets will be off-line and accessible for retrieval using a non-TCP-IP protocol and "hardwired". Thus, the wallets will be logically "off-line" from the internet Ideally, the networks are physically discrete with multiple exclusive fixed retrieval locations.”
Though not available to individuals and/or member states listed on the US Treasury’s OFAC list or the UN sanctions list, SolarCoin is given freely to any verified producer of solar energy at the rate of 1SLR for 1Mhw of solar energy produced.
The rewards are converted to Bitcoins that can then be used to purchase goods and services or converted to hard currency in 23 countries after verification is performed by SCF and/or one of its affiliates using a mix of paper and or digital methods based on the size of the installation and amounts being claimed. Producers/owners of facilities greater than 20KW are charged.
The anticipated launch date of the orbital storage is by the end of 2018.