After 7 years on our existing blockchain, the SolarCoin project is undergoing an upgrade. The blockchain ecosystem has evolved drastically since our inception, and the current chain doesn’t meet the needs of our customers, nor does it serve our 40-year mission to incentivize solar energy.
We need to grow the grow the SolarCoin network of participants and the potential value of the incentive, and that means integrating into an environment that gives customers state-of-the-art tools to hold, spend, trade, innovate, and accept SolarCoin.
That means an Ethereum-based solution, but the energy and associated carbon required to power the Ethereum main network’s proof-of-work algorithm is at odds with our mission.
Same mission, new chain
After 9 months of research and review, the SolarCoin core development team has chosen the Energy Web Chain, the Energy Web Foundation’s blockchain as the new technology for the SolarCoin token. The Energy Web Chain uses a Proof of Authority (POA) algorithm, meeting our needs for a secure, open chain as well as a low-carbon implementation.
Like many other Ethereum tokens, SolarCoin on the Energy Web Chain complies with the ERC20 standard, making it compatible with existing, popular wallets as well as software run by exchanges and merchants. The Energy Web Chain is maintained by the EWF foundation and its partners.
What about the existing customers?
The existing SolarCoin chain (hereafter SolarCoin Classic or SCC) is safe, as are all the balances. The migration of SolarCoin to the EWF blockchain will happen in the following way:
- A snapshot of the current SolarCoin Classic blockchain will be taken. 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. All balances at this block will be the reference point for the migration. If there is a technical issue between this announcement and this block, such as chain failure, a recent snapshot will be used.
- The snapshot of account balances will be used to populate the new wallets’ SolarCoin balances on the Energy Web Chain.
- SolarCoin Classic holders will use their current private keys (found in your wallet) to claim your new SolarCoin on the Energy Web Chain. Detailed instructions and tools are available in the Technical Guide.
- The SolarCoin Classic chain will continue to run, and the tokens will not disappear, but all subsequent SolarCoin grants will be issued on the Energy Web Chain.
- All SolarCoin claims will be sent to the new EWF blockchain using the old SolarCoin classic addresses from now on.
This is a big change, with a lot of moving parts — we’ve provided more detail in the FAQ