PRESS RELEASE. Past Oil™ has formally launched the Photo voltaic Oil Challenge – the blockchain powered decentralized oil manufacturing platform that recycles deserted oil wells to supply oil whereas eliminating a trillion greenback ecological nightmare.
What the Photo voltaic Oil Challenge does in another way:
- Companions with native oil Operators and inexperienced tools producers.
- Collectively, they establish previous oil wells that usually produce lower than 5 barrels of oil per-day.
- These wells typically grow to be severe ecological hazards when deserted and leak toxins into the soil and water desk. Present clean-up prices are estimated to be over $500billion in North America.
- SOP token gross sales are used to fund buy of recent, patented know-how to rehabilitate these previous wells into worthwhile, productive websites.
- This new know-how drops price of manufacturing by as a lot as 50% and carbon footprint by over 90%.
- The oil manufacturing achieved is tokenized and distributed to the token holders that bought the SOP tokens to make the mission doable. Tokenized oil holdings will be traded on the Commodity Trade know-how platform by customers at their comfort.
The Triangle Operation
SOP eliminates third-party interference permitting direct interplay between the Operators, Producers, and installers.
SOP connects Properly homeowners, Shoppers, and Tools suppliers thereby forming a triangle type of partnership. It achieves this by incorporating the blockchain know-how that operates on a peer-to-peer protocol.
See how the Photo voltaic Oil Challenge works behind the scenes: https://solaroil.io/due-diligence
The Key Token “SOAX”
This Key utility token to entry SOP, is a stake-able token that’s run on Good-Contract protocol. The surprise token grants the customers limitless viewership of the accessible Oil Properties on the platform, whereas the customers can determine to stake the token (SOAX) on the accessible properties. This triggers a number of actions within the enterprise world. The Properly homeowners and operators can maximize the staked quantity to enhance on the infrastructure and putting in the newest fashionable oil extraction tools and instruments. The Oil that’s produced is afterward credited to the Token holders who staked on the mission or property.
What Occurs With SOAX Token?
The token will be bought on the platform’s web site by way of a number of fee choices together with different cryptocurrencies, tokens, and fiat choices. Being a non-speculative utility token, it has a set worth of $0.10 and solely features because the mechanism to permit participation within the oil effectively rehabilitation and subsequent oil manufacturing.
Oil produced from these websites is then tokenized and rewarded to customers in proportion of their SOAX token holdings. Photo voltaic Oil Manufacturing Token (SOPX) represents the oil from the staked properties, whose worth is linked to the Crude Oil Costs Globally and set at 60% of the WTI Crude Oil Worth. If WTI retails at $50, the value of SOPX is $30. Nevertheless, that is based mostly on the redemption value that’s supplied by SOP and never the value inside varied exchanges. A barrel that’s extracted from the SOP contracted properties, is equated to 1 SOPX.
The distinction between the SOAX, and SOPX, is that whereas, SOAX can solely be bought from SOP, SOPX token might finally be supplied or traded on varied open exchanges thereby changing into The Solely Open Decentralized Token that’s backed by precise commodity manufacturing.
How Good Contract Is available in
The sensible contract checks every portfolio each day to evaluate the quantity produced. The proceeds are then fed to the SOP community for validation. The anticipated oil manufacturing is measured with a metric known as ‘BPM’ or ‘Barrels per Million SOAX Tokens’, whereas its worth ranges between 1.5 to three.5 BPM. This implies for each 1,000,000 SOAX staked within the platform, the mission expects to supply 1.5 to three.5 barrels of oil per day. Nevertheless, the quantity will not be fixed and fluctuates typically relying on varied elements. The nice factor is that the complete course of is automated and requires no human intervention. For every barrel, 1 SOPX is created and credited to the stakeholder’s account in proportion to the person staked quantity.
Token holders can promote or maintain SOPX Token on the prevailing value and obtain BTC or ETH Equal. After being bought this fashion, the tokens are both destroyed or burned to beat market inflation, manipulation, and saturation.
That’s how SOP intends to unravel the challenges associated to grease extraction and manufacturing by ensuring that each participant positive factors.
For extra Details about SOP, get in contact by way of https://solaroil.io
About Past Oil™
Led by Chief Technique Officer Hitesh Juneja, goals to transition the vitality sector from fossil fuels to extra sustainable inexperienced vitality additional time in a fashion that’s sensible, and doesn’t trigger the financial or ecological hurt that sudden and compelled adjustments may trigger.
17918 Blueridge Shores Dr.
Cypress, TX 77433
This can be a press launch. Readers ought to do their very own due diligence earlier than taking any actions associated to the promoted firm or any of its associates or providers. Bitcoin.com will not be accountable, instantly or not directly, for any harm or loss induced or alleged to be brought on by or in reference to using or reliance on any content material, items or providers talked about within the press launch.
Picture Credit: Shutterstock, Pixabay, Wiki Commons