menu

Virtual Currency Rewards Homeowners For Going Green

Virtual Currency Rewards Homeowners For Going Green
Home

SolarCoin is an eco-friendly version of Bitcoin that could do great things

Ross Brooks
  • 7 february 2014

Most people are aware of the importance of sustainable energy, especially solar power, but there are those that still need a little bit of incentive. SolarCoin, a new type of crypto-currency that you can earn in the same way as Bitcoins, could be that incentive as it could be given out in exchange for the amount of solar power you generate from your home or business.

People with solar panels on their house already receive renewable energy certificates from their energy company in return for feeding a megawatt-hour of electricity back into the grid. While homeowners still have the option of exchanging them for cash, they will soon be able to exchange them for SolarCoin as well.

solarcoin-eco-friendly-cryptocurrency

Unlike Bitcoin, which has attracted negative press for the amount of energy required to mine for coins, SolarCoin would be 50 times more energy-efficient because its algorithm allows the total number of coins to be mined faster, according to SolarCoin Foundation spokesman Nick Gogerty.

If SolarCoin proves to be a success, the model could quite easily be applied to other environmental projects, such as conserving the rainforest or endangered species. “If someone can come up with the mechanism and the approach, it would be a great thing,” says Gogerty.

Source: NewScientist

Images: now picnicpaulinaclemente

Trending

Machine Printer Uses Coffee Drips To Create Intricate Portraits

Arts & Culture
Technology Yesterday

Why Nest Doesn't Get The Holidays

PSFK founder reacts to the damaging effects of poor email marketing

Children Yesterday

Robots Could Be Joining Dubai’s Police Force In 2017

The real-life RoboCops can salute, shake hands and collect traffic fines

Trending

Get PSFK's Related Report: CES 2016 Guide

See All
Travel Yesterday

Parka Hides And Charges Portable Devices

Bolt is a jacket that lets people carry and charge their various electronics without the need for an outlet

Related Expert

Ada Poon

Electrical Engineering, Wearable Tech

Food Yesterday

Yelp's New 'Yelfie' Feature Lets Diners Take Selfies

The update is designed to encourage people to attach a selfie when they share their experiences

Design & Architecture Yesterday

Build Your Own Savory Cheese Advent Calendar

A British food blogger has created a guide to building a different kind of holiday surprise

Fitness & Sport Yesterday

Floating Gym Concept In Paris Is Powered By Your Workout

The proposed design from Carlo Ratti Associati lets passengers ride a stationary bike as they travel through Paris along the Seine River

PSFK LABS REPORT

Future Of Retail 2017
Transformation Strategies For Customer-First Business
NEW

PSFK Op-Ed november 22, 2016

Digital Strategist: Why “Big Sensing” Is Key To Retail’s Future

Bud Caddell, Founder of NOBL, shares why the most capable and useful asset in any retail environment is the workforce

PSFK Labs december 1, 2016

Retail Spotlight: Home Depot Reimagines How Employees Conduct Tasks

The home improvement retailer puts the customer first by initiating local fulfillment centers and simplifying freight-to-shelf inventory management

Syndicated Yesterday

What Does The Future Of Android Look Like In A World With The Pixel?

Google’s decision to make its own phone might have looked like a blow to the likes of Samsung but the reality is much more interesting

Retail Yesterday

Customer Service Expert: Why Offline Retail Has Better Data Than Online Retail

Healey Cypher, Founder and CEO of Oak Labs, shares why we should be thinking about the physical store as an e-commerce site

Fashion Yesterday

Alexander McQueen Designs A 3D-Printed Umbrella

3D-printed fashion arrives in time for the winter season

Work Yesterday

Why Training Associates To Be Advocates Is Key To Retail Success

In our Future of Retail 2017 report, PSFK Labs discusses strategies to prioritize customer service, which begins with associate advocates

Media & Publishing Yesterday

Netflix Creates Binge Candle To Celebrate A New Season Of Gilmore Girls

The streaming service developed a special layered candle that creates candle with episode-specific smells

PSFK LABS REPORT

Future Of Work
Cultivating The Next Generation Of Leaders
NEW

Arts & Culture Yesterday

Interactive Film Tells A Story About Living With Cancer

A moving song written by a father of a cancer patient comes alive in a 3D environment

Automotive Yesterday

Audi And LEGO Exhibit Autonomous Vehicle Installation

The installation at Design Miami explores the 25th hour, which represents bonus productive work or play time

No search results found.