You would be stunned if you would know the energy consumption statistics of the past few years. Cryptocurrency mining has been consuming more electricity than entire countries! Miners account for consumption of more electricity than Iceland, Syria, Jordan and Oman! Renewable energy is the need of the hour. A new cryptocurrency is all set to debut in the markets which will help fund organizations and institutions working towards renewable energy sources - Optonium Coin.
To understand how the process of mining consumes such massive amounts of electricity - it is critical to know what it is. It is basically the solving of blocks on a blockchain - which result in generation of cryptocurrencies which are given to the miners as profit. Miners make use of their computing power to solve complex cryptographic algorithms. The amount of energy used in this calculations is massive. Moreover, a lot of heat is produced during these operations.
While Optonium Coin will also be mined, the cryptocurrency generated will be made use of to fund research of renewable energy.
Renewable energy is basically non-traditional sources of energy, which is generated by the help of natural sources such as wind energy and solar energy. While it is getting critical to develop this sector further - it remains a closed market - and even the investment in this market is being reduced. In 2017, only $242 Bn were invested in the research of renewable energy. This is a reduction of 23% compared to 2016.
Optonium Coin was created as a result of brainstorming that took place in early 2017. The coin will help make it possible for p2p trading of energy. Moreover, the long term goal of this coin is to help reduce carbon dioxide emissions - and to keep a track of the impact as well. The team behind Optonium Coin makes it clear that they also want to keep a track of the way they have impacted the environment.
Following the release of this coin, the aim is to open up the markets of renewable energy. Traditionally, investments are made by business organizations or governments. However, following the arrival of Optonium Coin, the markets will open their doors to everyone who wishes to invest. Gathering capital would become much easier.
A total of 2 Billion Optonium Coins will ever exist.
Out of these 2 Billion coins, 50 Million will be kept by the founders and advisors while 100 Million coins will be utilized towards marketing efforts. Another 250 Million will go out during the pre-sale and ICO period.
1.6 Billion Optonium Coins will be mineable - estimates indicate that it will take 100 years for all of these coins to be mined. About 160 Million coins will be mined every year - which means that 44,444 coins will be mined every day. An hourly breakdown further reveals 1851 coins will be mined per hour. The average block time here will be that of 2 Minutes. A reward of 154 coins per block has been fixed.
Optonium Coin comes with a vision towards a cleaner, greener future. However, more important than having a vision is having a plan. The team does have a plan for the future of the technology that powers the coin.
Various US based agencies and institutions have been approached - the current plans are to first being operations with US based agencies and then take it to a global scale. Following this, the miners and traders will also be approached for furthering the strategic alliances. Government organizations are being contacted for consuming energy in commercial prices.
Social media has evolved, you can now, not just earn likes and comments on the platforms. You can use them to win free Optonium coin. If you use Facebook, Twitter, Instagram, Reddit, Bitcoin Talk, Medium, and YouTube, you shall join the bounty program and earn free Optonium coin. Read more about the bounty program.
In addition, you can get 250 free OPO coins on signup, extra bonus for your early participation and income from referral business.
Optonium Coin opens the doors to the future of energy conservation. It would be interesting to see the path the markets adapt. You can refer to their website
https://optonium.io for a detailed idea on their technology.
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