Moldova is a country in Eastern Europe bordered by Romania and Ukraine. The country is going to get renewable energy with the help of a blockchain startup called Sun Exchange. Let’s look into this blockchain news in detail.
Moldova – Small Country in Europe
Moldova is officially called as “Repbulic of Moldova”. This is a small country with a population of 3 million – 4 million with a GDP of $20 billion. The country is a member state of United Nations. In per capita terms, Moldova is the poorest country in Europe and its tourism industry is also not very big, unlike other European countries.
Sun Exchange is a cryptocurrency related business where they provide Solar cells in exchange for a cryptocurrency coin. One can buy the cells and place them in schools or universities and earn passive income paid in a coin called SolarCoin. The Solarcoin is a cryptocurrency launched by blockchain startup ElectriCChain.
Electricchain is a blockchain based company that dynamically posts live solar production and usage data to a single blockchain. Electricchain is posting live solar data from seven million global solar facilities worldwide. Scientists and researchers also make use of this open blockchain data to analyze the data on solar energy and use it for analytics and research. Electricchain uses SolarCoin as the cryptocurrency and is used as an exchange for solar cells.
University of Moldova Get Crypto Powered Solar Energy
The University of Moldova is going to be powered by solar energy once they buy 1 megawatt of energy from Sun Exchange and this was achieved by crowdfunding and also with the help of UNDP. Moldova’s energy cost is very expensive since it imports 74% of its energy from outside.
The university is getting powered due to the initiative that was taken by UNDP – United Nations Development Program. If this is successful then UNDP plans to replicate this with other neighboring nations.
Moldova is making use of blockchain and cryptocurrencies to improve its struggling economy and getting powered using an abundance of solar energy.
Moldova is going to get all the benefits since the country has 10,000 square meters of unused rooftops on public buildings. This crypto-related project would help its struggling economy and will help it become less dependent on imported oil and gas from Russia.
This is a Win-Win situation for the country as well for the Sun Exchange because the crypto-related startup helps in reducing the cost of going solar. Many poor countries hesitate in going solar due to the exorbitant cost related to it. But this crypto-related project not only reduces the cost of going solar dramatically but also helps in earning passive income in terms of cryptocurrency. This helps the poor countries in earning a steady source of sunlight-powered income in crypto.
Many Crypto-related Usecases Helping Humanity
This is not the only use case of blockchain technology. Blockchain technology is also reported to be used for child-sex trafficking. Children don’t have an identity on their own and they run the risk of getting kidnapped. Blockchain technology helps to record their biometric details to blockchain hence helping them to be tracked easily.
Due to various benefits and use-cases, neighboring countries like Ukraine are trying to legalize cryptocurrencies and blockchain products to help humanity make use of blockchain technology to the fullest.