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Cryptocurrencies such as SolarCoin have been able to steal the limelight in the crypto ecosystem for all the right reasons. When SolarCoin launched in 2014, cryptocurrencies were still gaining traction and weren’t considered a mainstream discussion topic.
Although, for its time, the initiative by SolarCoin was quite interesting. It wanted to reward users for installing solar panels. This meant promoting solar energy while distributing their cryptocurrency.
However, a lack of awareness, and not much activity, there has been a sense of ambiguity and mystery around SolarCoin’s status and its future too. It even is mentioned as an ‘Untracked Listing’ on CoinMarketCap, raising more questions. So, where is SolarCoin headed? Is it dead?
Moreover, do coins like IMPT stand a chance in replacing SolarCoin as the next big green crypto? Let us find the answers to all these questions.
What is SolarCoin?
SolarCoin is a cryptocurrency aiming to expedite the transition towards green energy, specifically solar energy. It is an open community project that rewards solar energy producers with crypto tokens. The measure for the reward is one SolarCoin (SLR) per Megawatt hour (MWh) of solar energy produced. This, in turn, reduces the cost of electricity production.
It is a decentralized token that aims to promote solar energy adoption by providing incentives and further wants to reward solar energy producers. The project operates on the SolarCoin blockchain, where the transactions are recorded, verified, and audited in blocks.
The SolarCoin rewards are available for plant owners that can register their solar power system with the project’s foundation, either through their website or through one of their affiliates. To register, the user needs to provide proof of ownership of the installation, a grid connection document and production, and KYC information.
Price Prediction for SolarCoin (SLR)
The price prediction for SolarCoin (SLR) in 2022, 2023, and 2025 seems a little mixed.
From 2022, till now, the cryptocurrency has increased from $0.03 to $0.08 and then eventually corrected to its original value. At the end of 2022, it looks like that SolarCoin might be able to regain the $0.08 levels which have been a resilience line for the crypto in the past.
In 2023, the overall crypto market conditions and the performance of Bitcoin might decide the fate and price of SolarCoin. With the price of producing solar energy reducing, it has become even more beneficial for investors to acquire and earn rewards from SolarCoin. It can be said that if the crypto tends to breach the $0.08 mark by the end of 2022, it definitely will reach the $0.1 mark by the end of 2023.
Beyond 2023, it’s the overall acceptance of the concept of SolarCoin and awareness that might be able to sell it. As the global demand for renewable energy revives, SolarCoin might benefit from all the news and gain a potential high of $1 and beyond by the end of 2025.
Is IMPT a Better Choice?
While SolarCoin (SLR) might be suffering from a lack of awareness around its utilities and benefits, there’s a newer, effective version of green crypto in town- IMPT token.
IMPT is a blockchain-based crypto platform that aims to help businesses and individuals make a positive impact by managing their carbon credits using blockchain-based mechanisms.
With bigwigs like Gamestop, Amazon, Microsoft, Macy’s & Bloomingdales on the list, it certainly holds a fair share of goodwill amongst other cryptocurrencies. The concept of IMPT affiliates is pretty simple. Each time a customer shops from either of the affiliates via the IMPT widgets, the retailer will donate a portion of their earnings to IMPT. The users will receive an IMPT token in return, which can be exchanged for carbon credits.
These carbon credits can be listed as a Non-fungible token (NFT) on the IMPT website. The users also have the option to retire their carbon credits to offset their carbon footprints or list their credits for sale.
What makes it special is that it gives common consumers a chance to save the environment while shopping from their favorite brands. IMPT has the aim to showcase that sustainability and profitability can go hand in hand for a business.
A Successful Presale for IMPT
The Presale for the IMPT token has already reached Stage 2. The crypto concluded its Stage 1 round on October 3rd, 2022. With a supply of 3 billion tokens, almost 20% of them were listed in the Stage 1 round.
IMPT raise $10.8 million on October 26th and sold 600 million tokens.
This has led the project to move to Stage 2 of the Presale. At the time of writing, 1 IMPT is listed at $0.023 with a total of coins sold 621 million and almost $11.3 million raised. It is aiming to raise $15.1 million, eventually taking the total valuation to be around $25 million.
Conclusion: Rise of The Green Coins is the New Trend?
2022 certainly wasn’t the year that cryptocurrencies would’ve strived for. With the crypto winter extending for the entire year, there was a little recovery that could be done by any of the cryptocurrencies.
However, the entry of green cryptos into the picture has led to a fresh wave of innovation in the world of cryptocurrencies, with a new concept to look forward to.
As the demand for the crypto industry to become more energy conscious grows every year, the entry of green tokens will ensure that the specific issue is being looked into. Moreover, tokens like IMPT are NFT-based with specific utilities in place, unlike the payment tokens of the past.
The right set of utilities combined with strong tokenomics can certainly pave the way for a ton of green crypto projects in 2023.
However, being cryptocurrencies they still hold the same degree of volatility as any other token that you might consider. Therefore, it is necessary that while choosing the right green cryptos you conduct your due diligence and only invest an amount that’s suitable as per your risk appetite.
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