Why is classic SolarCoin migrating to an Ethereum-based blockchain, what are the advantages of doing so?
When SolarCoin started, blockchain technology was in its early stages. Several compromises had to be made, such as a large pre-mine. In order to take advantage of advances in blockchain, as well as provide compatibility and the best end-user experience possible, we are migrating. More detail is available in the Overview.
Has the mission changed?
No — the purpose of the SolarCoin project is still the incentivizing of solar energy production with a 40-year time horizon.
Migration, Claiming, and Wallets:
What is the overall procedure for migrating to the new SolarCoin chain?
Everyone will download a new wallet and import their existing SolarCoin Classic private key from their existing wallet. We will migrate many users’ balances automatically, depending on their activity, but some will require additional information to migrate. More detail is available in the Technical Guide.
What will happen to my old SolarCoin Classic wallet, can I still use my old SolarCoin?
The chain will continue to operate as normal and your coins will be unaffected. No new grants will be issued on SolarCoin Classic. Exchanges may choose to continue to support the previous version, or they may switch over.
When will it happen, how long do I have until the new SolarCoin-v2 blockchain is running?
A snapshot of SolarCoin balances will be taken using the SCC blockchain. This will be used to populate balances on the new solarcoin blockchain shortly afterwards. In light of the changes at Lykke, the snapshot is targeted for when the ability to withdraw SLR ends at Lykke, estimated to be approximately April 15. We can then be sure that all balances will be represented on-chain and their respective holders possess the private keys to those wallets. If any chain issues occur prior to this block an earlier one will be used.
Can I migrate my coins later?
Yes. Most users will be migrated automatically, and their new SolarCoin will be waiting for them when they import their private keys into the new SolarCoin wallet (any wallet supporting ethereum and ERC20 tokens on the Energy Web Foundation blockchain). Manual migration will be available for 12 months after the official migration block is announced and is available by filling out this form.
Am I still able to stake on the new SolarCoin blockchain?
No. The new SolarCoin chain is a proof-of-authority mechanism and does not allow for staking. Proof-of-authority is low-carbon, similar to SolarCoin Classic’s PoST consensus algorithm.
Can I send-receive SolarCoins from my old wallet to the new wallet? Are both blockchains compatible?
No. Each chain operates independently.
How will I be notified of successfully transferring my coins to the new SolarCoin blockchain?
As the SolarCoin Foundation does not keep contact details mapped to wallet addresses for security (and practical) reasons, holders will not be notified directly. The balance will be available after importing your SolarCoin Classic private key into your new SolarCoin wallet.
Do I need to download a new wallet?
You will need an Ethereum-compatible wallet that allows importing of private keys as strings. MetaMask has been tested and is compatible.
What happens to the granting process?
Users who have been migrated will have grants automatically sent to their new EWC address after migration. No new grants will be issued on the SolarCoin classic blockchain. If you were not automatically migrated, your grants will be paused until you have an address on the new chain.
Do I need to file a new claim for my solar installation?
No, existing claims will be processed as normal and granted on the new chain.
What if I’ve lost my keys/password/deleted my SolarCoin Classic wallet?
The funds are unrecoverable. For security, tokens will only be migrated to an address with a public key that matches your existing wallet address. If you have lost access to this wallet, you may provide a new address for future grants to be issued to.
Do I need to own EWF Tokens to transact?
Yes, all transactions on the EWC require EWT to pay for the transaction costs, or ‘gas’. They can be purchased at various exchanges. Most transactions on the EWT cost fractions of a cent.
How do I sync my wallet?
Most consumer Ethereum wallets do not require syncing.
What will happen to SolarCoin Classic in terms of value and price?
Unfortunately, the SolarCoin Foundation cannot control price nor comment on market price.
Will the new SolarCoin blockchain still have 98 billion pre-mined coins in circulation?
No. There will be a hard limit of 98 billion ever allowed into circulation, but they only be created at the time of grant issuance. The economics remain the same, 1 MWh = 1 SLR. Minting only at grant issuance time removes confusion regarding the amount of circulating SolarCoin and is more secure than a large pre-mine.
What is the economic impact of the migration?
The issuance mechanism for the tokens will remain the same. SolarCoin will no longer have the inflationary impacts due to staking: the staking rewards gave SolarCoin Classic a 0.5–2.0% annual inflation rate.
How can an exchange list SolarCoin?
SolarCoin will use the ERC-20 interface standard, exchanges can list SolarCoin in the same manner as any other token.
Can I trade SolarCoin on Ethereum Mainnet?
The contract will be deployed on the EWC. We are investigating gateway support.