ACWA Power is adopting SolarCoin -the global reward program for solar electricity generation, marking the first time a utility-scale generator joins the SolarCoin ecosystem. SolarCoin adoption will provide the company digital tokens for every MWh of solar energy produced and will provide a supplementary means of payment for goods and services than conventional currency. The service is a bit like Bitcoin.
SolarCoin is a blockchain-based digital asset and currency designed to accelerate the transition to clean energy technology. The energy-referenced crypto currency aims to incentivize global solar energy production by disbursing digital coins to verifiably produced solar energy, rewarding energy producers with digital tokens at the rate of 1 SolarCoin (SLR) per 1 MWh of solar energy produced.