What is SunContract (SNC) Crypto Beginner’s Guide
SunContract is a platform that allows electricity providers to connect directly with customers. The platform lets consumers and providers to connect on an online, decentralized marketplace. Providers and consumers can join energy pools, and the pool only features providers who produce electricity using renewable resources (solar, wind, hydro, etc.). Their objective is to encourage the use of renewable energy.
SunContract utilizers Ethereum based smart contracts. Producers and consumers are both able to join the platform for free. In order to buy or sell electricity, individuals must use SunContract Tokens (SNC). All transactions on the platform are done with SNC.
SunContract has created an energy pool, which allows people to buy and sell electricity worldwide. Consumers are able to find lower rates for renewable energy than traditional, centralized vendors, and providers are able to obtain more profit. Most providers sell their electricity in trading blocks, and have little influence in negotiations. SunContract allows users to compare rates offered from providers.
SunContract Token (SNC)
You can only acquire SNC with ETH when buying SNC from the SunContract platform. Currently, 10,000 SNC is pegged to be worth 1 ETH. The value of the SNC token was based on the amount of ETH SunContract raised during its funding process. SunContract raised $4.5 million in ETH, which equates to the number of SNC in circulation. 80% of all SNC in circulation is available to the public, and 20% is retained for the SunContract team and operating expenses, including bounties. Users who participated in SunContract’s ICO received free SNC tokens based on their level of participation. Additionally, SunContract rewards individuals free SNC based on bounties and referrals. Most of the bounty tasks involve interactions such as following SunContract on social media websites.
SunContract was formed and created in Slovenia, and their initial launch was limited to Slovenia. They hope to create platforms for additional countries in the future. Each market they create would be limited to one country.
SunContract plans to implement demand responses to smart grids, which will match demand with supply. If individuals need electricity at certain times, such as to charge an electric car, grid operators can easily manage and oversee electricity flow. The platform also aims to create a system where users can store excess energy during periods of low demand, and users can be compensated for storing the energy.
SunContract cites research from Bloomberg New Energy Finance which found that, by 2040, 60% all of energy sector investments will be in the renewable energy field. By 2050, demand for energy and electricity will double, and current power plants will be unable to meet the increased demands.
SunContract sees hope in the Rocky Mountain Institutes findings that 15% of the electricity used in the United States was powered by wind and solar renewable energy. Projections show that, by 2050, as much as 80% of all electricity in the United States will come from renewable energy resources.
With the cost of individuals producing renewable energy dropping, and the price of solar panels becoming more affordable, SunContract wants to create a platform to incentivize self-sufficiency and use of renewable energy.