Designed to commercialize sustainable energy, its purpose is to serve as a digital currency for renewable electricity. With blockchain technology, the cryptocurrency ensures transparency and decentralization.
One of the primary supporters is Corfo, Chile’s famous Regional Entrepreneurship Support Program. Others include the Chilean Solar Energy Association, Cowork Atacama, Chrysalis Incubator, as well as the Catholic University of Chile.
“It is a project that will allow democratizing energy transactions,” said José Ignacio Escobar, the president of the Chilean Association of Renewable Energy and Storage. “Being able to access international markets through these virtual tokens and mainly helping renewable energy markets in Chile and the world.”
July 2020 is when the official launch of the beta phase will launch.
Based in Viña del Mar, Belinus facilitates clean and renewable energy projects throughout the region. It collaborated with Genesis Zero to create this new cryptocurrency based on its expertise in cybersecurity as well as cryptographic technology.
According to reports, each token will equal one kilowatt per hour of renewable energy. It will operate on the Ethereum network as an ERC-20 digital asset and intelligent contracts.
As of right now, there is going to be 150 million SolarTokens available. Based on reports, 65 percent of which will go to the public and private companies. All the while, 15 percent will go to the work team. Another 15 percent will stimulate community growth and the remaining 5 percent will go towards current platform managers.
“The project was born because of our interest in the development of renewable energies,” said project co-founder Andrés Vega.
“Seeing how to take advantage of Blockchain technology for these purposes, we decided to create this tool. It involved a thorough study of energy markets in order to develop a business model that ensures massification.”