Sun Exchange, the crypto startup and the United Nations Development Program (UNDP) have decided to run a pilot program that will provide solar power to a university in Moldova. The blockchain-based solar power leasing company also recently debuted SUNEX, a digital token especially designed to keep the risk to a minimum and provide finance to the underserved solar projects.
The digital token from the startup is built on Ethereum blockchain and is an ERC20 standard token. The company wants to make solar asset ownership more affordable and rewarding through SUNEX. The company launched new Sun Exchange Insurance Fund (SPIF) during a public sale on April 22 and it will receive power from the newly launched digital token. According to the company, its members can simultaneously earn income while they contribute to the projects bringing solar power to the developing parts of the world.
Pilot Program To Pay Sellers In Cryptocurrency
The pilot program co-run by UNDP and Sun Exchange will allow people around the world to lease their solar cell to the university in Moldova and will pay the sellers exclusively in cryptocurrency. The leasing out process will help the university save on the amount required for building solar cells. According to Abe Cambridge, the chief executive of Sun Exchange, the solar cell lease will be for 20 years when the sellers will keep getting paid for building and installing the solar cells at the rate of $10 per piece.
Cambridge said, “Our goal is to tokenize the solar cell so they can be traded on exchanges. That’s going to be a non-fungible token and for the moment we can’t see that working under the current state of blockchain development.”
Apart from making the payment in popular cryptocurrencies such as Bitcoin (BTC) or SolarCoin (SLR), Sun Exchange will also make some payment in its digital token SUNEX.
Panels To Start Generating Power In Three Months
As of now, no particular school has been determined as the beneficiary of the pilot program although the UN blog post says that it will be the Technical University of Moldova. The solar cells will start generating power in the coming three months. Both UNDP and Sun Exchange have plans to expand the project further into other nations if it becomes successful.