If you have ever heard of #Moldova, you might know it as an underprivileged Eastern European country. It is home to approximately 4 million people, but it might soon become familiar as a place associated with renewable/#solar #energy – that is, #cryptocurrency-funded solar energy.
Sun Exchange is a blockchain startup based in South Africa, and it has formed a partnership with The United Nations Development Program to power one of the largest universities in Moldova, as per the UNDP.
What is Sun Exchange?
Sun Exchange happens to be a marketplace that allows people to buy solar cells with cryptocurrencies – these solar cells are used to power schools and even companies. The exchange uses a cryptocurrency called SolarCoin, which was launched by a blockchain startup known as ElectriCChain.
Crypto-Powered Solar Energy: The Way of the Future?
If everything goes how it is expected to, the Technical University of Moldova is set to be a big name in solar energy powered by cryptocurrency. It should have all of its needs met in terms of energy through this crypto-powered solar energy. One megawatt of energy is going to be installed this summer at the Technical University of Moldova. Since Moldova is one of the most underprivileged countries in Europe, it could really benefit tremendously from solar power – as of right now, just under 75 percent of its energy is imported.
Why the interest in #crypto-funded solar? Well, energy costs in Moldova have skyrocketed over the last few years – as a matter of fact, they have gone up more than 50 percent in the last five years alone. Taking advantage of solar could allow Moldova to shift its focus from being dependent on energy imports such as gas and oil from Russia, to being independent in terms of energy because it is using solar.
Moldova is the perfect match for this solar-energy project. Why? It has thousands of square meters of roof space which is not used – more than 10,000 square feet, to be exact. This space would be better filled with solar panels.
If this crypto-powered solar project in Moldova happens to be met with success, big changes are coming – because the United Nations Development Program (UNDP) will replicate it elsewhere.
The system would simplify the process for anyone to own a solar cell, regardless of where they are in the world. It is such a great idea to take advantage of some of the most popular developments, such as solar and cryptocurrency. Both are truly gaining momentum all over the world. People want convenience when it comes to money and the storage of data (read: cryptocurrency and blockchain technology), and they want to help the planet by using energy sources such as solar. Stay on top of solar news to stay in the know, because solar is gaining momentum all across the globe faster than ever before.