Cryptocurrency-Funded Solar Energy Could Power Technical University of Moldova This Summer
Moldova, an undercover Eastern European nation having a population of 4 million people, could soon emerge as an unwitting brand ambassador for cryptocurrency-powered, renewable energy.
The United Nations Development Program has partnered with South Africa-based blockchain startup, Sun Exchange, to power among Moldova’s biggest universities, the UNDP declared in a statement.
Sun Exchange is a market where you can buy solar cells together with cryptocurrencies to electricity schools or businesses. The exchange uses SolarCoin, a cryptocurrency started by blockchain startup ElectriCChain.
If all goes according to plan, the Technical University of Moldova will have all of its energy needs met through crypto-powered solar energy. The university will get 1 megawatt of energy installed this summer, thanks to enthusiastic crowd-funding attempts, Reuters reported.
This program may be a boon for the landlocked country, which imports 74 percent of its energy, and is among the poorest countries in Europe.
Moldova’s energy costs have spiked greater than 50 percent during the previous five years, spotlighting the need for a cheaper energy source. This newest crypto-funded endeavor could help Moldova become less reliant on electricity imports such as oil and gas from Russia.
Moldova is a perfect match for this solar-energy project, because it’s more than 10,000 square meters of unused rooftop space on public buildings which could be used for solar panels, ” said Dumitru Vasilescu, a program manager with UNDP.
In the event the Moldovan crypto-powered project is successful, the UNDP plans to replicate it in neighboring states. “Ultimately, this may revolutionize the renewable energy marketplace for Eastern Europe and Central Asia,” said Vasilescu.
Abraham Cambridge, the CEO of Sun Exchange, said he’s not surprised that Moldova has adopted cryptocurrencies and blockchain, in light of the way the industry could strengthen its struggling economy.
“It is no wonder this is one of the fastest-growing crypto markets,” Cambridge said. “The system has all of the right incentives in place. It decreases the costs of moving solar dramatically for the end-user. Plus it makes it easy for anybody on the planet to get a solar mobile anywhere in the world, and out of it, make a steady supply of sunlight-powered income.”
Blockchain To The Rescue
Since BMI previously mentioned, Moldova is utilizing blockchain technologies to stamp out child-sex trafficking. Countless Moldovan women are kidnapped and smuggled to Turkey, Russia, the United Arab Emirates, along with other nations to work as sex slaves.
Kids in rural areas are all easy targets for gender traffickers since they frequently don’t possess identification, therefore kidnappers can transfer them across boundaries using fake IDs. However, Moldovan authorities have recognized that blockchain, the tech supporting bitcoin, can supply kids with forgery-proof, paperless ID records with their fingerprints and facial scans.
Ukraine continues to be in the forefront of comprehensive crypto regulations because January 2018.
“Given the accelerated development of cryptocurrencies on the planet, this issue can’t be left out of their nation’s focus,” said Ukraine’s safety council.