In the autumn of 2017, an interesting moment occurred. The price of solar, wind and battery power fell below 15 cents per kWh. Which meant for the first time it cost less than fossil fuels. This moment in history went largely unnoticed by most people. But for us, SolarGridX, the significance was not lost. Theoretically, this was the beginning of a new era. This should have been great news for electricity prices. And for the planet, too. When renewables and storage become cheaper than coal, coal should become so yesterday. But not so fast. The reason for this lies in the investment aspect of renewable energy most popular being Solar energy. With blockchain becoming popular in 2017, this created a new opportunity for us to tokenize a real-life commodity like solar panels. We didn’t create a new photovoltaic cell nor a new type of battery. That’s for others to do. We combined our knowledge in fields of Blockchain, and Renewable energy to create a product that solves bottlenecks of Solar Energy market creating a product that makes everyone who buys our token investor, and electricity users as consumers, bringing both investors and consumers together. In December 2018, we successfully created our token on NEM blockchain platform and tested two-way transactions on the blockchain.
What it does
SolarGridX is an exchange platform where people can buy and sell virtual-ownership of solar panels. We’ve created a cryptocurrency token built on NEM blockchain which lets the public invest in solar panels anywhere in the world. Each SolarGridX (SGX) token acts as an investment commodity which represents ownership of a solar panel installed at any place in the world. Owning SolarGridX token(s) via our exchange gives an investor virtual ownership of solar panels and the electricity generated by it is sold to consumers like residential complexes, shops, etc. and the proceeds go to the owner of the SolarGridX token. Investing in our token will be more fruitful than a savings account in a bank - it guarantees higher returns for a longer duration of time from the energy the panels produce. We’re at the same time providing renewable energy to consumers at a less price/kWh than high-cost, high-carbon electricity while providing profit to the investors, buying our tokens as an investment commodity.
How I built it
We started conceptualizing the project in the midst of 2018, and since then we’ve refined as well as added to significant advancements to the initial idea. We’ve deployed the alpha token on NEM test net in December 2018 for initial testing purposes, which portrayed a successful outcome. We have successfully deployed utility tokens on NEM blockchain platform. Ides of December 2019, we would’ve completed the development of our P2P Exchange Platform. The mentioned steps are the crucial parts of the project and are believed to last the longest. The next step leads to testing the physical prototype with the current electricity infrastructure on a model micro-grid. This integral part would be accomplished by the end of December 2019. We look forward to being on track and observe the ‘ICO’- the Initial Coin Offering in motion in the month of September. Based on the results of the ICO and the feedback we receive, we will be on the road to sign contracts with residential complexes and industrial parks. Finally, the sale of tokens to the general public on our exchange platform would be started as the contracts are signed.
Accomplishments that I'm proud of
Deployment of our SGX Token and winning NEM blockchain challenge.
What I learned
Teamwork is the major thing I learned also I learned blockchain and front end development.