The Sun Exchange, a South Africa-based blockchain startup, has announced the launch of its new SUNEX network token. The SUNEX token will be used to create a solar project insurance fund for emerging markets on The Sun Exchange platform.
The SUNEX network token will be utilised on the new Sun Exchange Solar Project Insurance Fund (SPIF) which has been built to unlock financing and minimise risk for financially underserved solar projects.
The Sun Exchange is a blockchain-based solution that provides members with a unique opportunity to earn income by investing in clean solar energy projects across Africa. Those looking to invest in the solar panels are able to purchase each solar photovoltaic (PV) cell online at $10 and lease them for installation to schools, businesses, hospitals as well as other organisations in Africa and the Middle East.
Individuals who invest in the solar cells are able to earn monthly income from the lease of the solar cells that are either paid in cryptocurrency or fiat currency with the consumers benefitting from access to clean energy that is affordable.
The new SUNEX digital network token and SPIF are the latest additions to the innovation designs that The Sun Exchange is developing to maximise benefits for its stakeholders while eliminating the obstacles hindering the financing of solar energy installations in developing countries.
SUNEX Digital Token Features
As an ERC20 standard token that has been built on the Ethereum blockchain and is designed to make solar asset ownership more affordable and rewarding, the SUNEX token’s features include:
- Opportunities to receive up to a 20 percent return in tokens by staking SUNEX tokens into the Sun Exchange SPIF
- Access to discounts and lease bonuses when using The Sun Exchange
- Priority access to new solar projects on the platform
- A gamified rewards programme, which guides users towards maximising the diversification and social impact of their solar cell portfolio
One of the main concerns for The Sun Exchange is to provide its members with a secure financial environment. For this reason, all the solar projects they have launched to date have proven reliable due to their rigorous approach to due diligence.
“The new Sun Exchange SPIF creates a new layer of security and reliability as the company grows, stimulating investment in impactful solar projects,” stated Larry Temlock, co-founder and CFO in a company press release, and will be “the world’s first crowd-sourced default insurance fund for clean energy projects in emerging markets.”
The Sun Exchange’s SPIF will:
- Safeguard The Sun Exchange solar cell owners against costs associated with potential solar project defaults
- Unlock the flow of capital into emerging markets Commercial & Industrial (C&I) solar projects, accelerating critical economic and social development
- Allow The Sun Exchange members can grow their token holdings by staking SUNEX tokens into the SPIF
Solar Projects Financing a Drive for Economic Development
Speaking on the new SUNEX digital token and SPIF, Abraham Cambridge, founder and CEO of The Sun Exchange said: “Small commercial and industrial solar projects can drive urgent economic development by powering organisations such as hospitals, schools, small and medium businesses in developing regions. However, with aid organisations and NGOs primarily funding residential solar, and large banks and financiers only backing large and utility-scale projects, C&I solar projects fall into a major funding gap. With the new SUNEX network token and SPIF, Sun Exchange is leveraging blockchain and the crypto-economy to further bridge that funding gap and address a very real global challenge with the power to impact the lives of millions.”
David Orban, the founder and Managing Partner of Network Society Ventures, and one of the investors in The Sun Exchange’s projects said: “We have invested in The Sun Exchange and purchased SUNEX tokens, because we believe in the fundamental value of the business, and in the healthy growth of the network as people all over the world embrace renewable energy. The innovation of coupling blockchain with solar energy decentralizes renewable energy funding and production, democratizing access and setting the stage for the long-term growth of Sun Exchange’s activities.”
To date, The Sun Exchange has provided financing for four different solar projects across South Africa that are fully operational. These include two wildlife rescue and protection parks, a school and a tire recycling factory. In addition, The Sun Exchange’s crowdsale for its fifth project that is meant to provide power for an environmental NGO South South North sold out in a record-breaking two weeks.
“What is fantastic about The Sun Exchange model is that it benefits us as the recipient of power and it benefits the people buying the solar cells and it’s also a win for the environment,” said the Director of South South North, Carl Wesslink. “Their unprecedented approach to solar financing can achieve installation at scale on a commercially sustainable basis. This is the catalyst required for realising our (distributed) energy revolution.”
The SUNEX network token will be available for sale through a public token event from April 22, 2018, at 12:00 PM UCT to both existing Sun Exchange members as well as the general public. The Sun Exchange SPIF will then be created shortly after the token sale comes to an end. Additional information on the new SUNEX token, token sale and SPIF can be found on the SUNEX Network Token Whitepaper.
Particl Launches Decentralised Marketplace With Zero Commission Fees
Privacy-focused cryptocurrency project Particl has launched a decentralised marketplace with zero commission fees. The new e-commerce platform is leveraging blockchain technology to compete with the likes of Amazon and OpenBazaar.
Privacy and Zero Commission Fees
The new decentralised marketplace respects user privacy and does not require personal information from its users. The platform only requires a shipping address. Moreover, the decentralised nature of the Particl marketplace ensures that no commissions are added to sales as is the case on Amazon.
According to an article on Big Commerce, fees for sellers can be as much as 45 percent of a product’s cost on Amazon. Particl’s zero-free model, therefore, enables sellers to significantly increase their revenue and lower their prices to stay ahead of the competition while still making a profit.
“Using a combination of P2P and blockchain technologies, Particl Open Marketplace can provide a verifiable private shopping experience that ensures no user data can be created or collected by any party other than the one you are transacting with. The Particl protocol also brings the cost of buying and selling online to the bare minimum as no central entity can charge fees,” said Particl’s Project Marketing and Strategy Manager Paul Schmitzer.
How Particl’s Decentralised Marketplace Works
Particl is uniquely approaching fraud and trade insurance through the use of a double deposit escrow system without intermediaries and with zero fees. This system is based on MAD game theory where two parties deposit PART coins as collateral into a smart contract. Once the transaction between them is complete, the coins are released back to the parties and no fees are charged. This system allows users to be in control of their transactions and to eliminate fraud.
Since the marketplace is decentralised, the protocol generates all listing fees and redistributes them to the global network of users.
Particl is made up of three components: an untraceable multi-purpose privacy coin, a private decentralised marketplace where users can shop with cryptocurrencies, and a platform where developers can build decentralised applications.
Particl allows a wide range of cryptocurrencies and uses atomic swaps and third-party integrations to convert these coins to PART during transactions. The company will soon add more payment options to its marketplace.
In 2018, Bitcoin Africa talked to Particl’s spokesperson Desi-Rae about the project. Read the full interview here.
South Africans Can Now Buy Ether (ETH) Using Rand on Luno
Global cryptocurrency exchange Luno has now enabled crypto traders in South Africa to buy ether using rand on its platform.
Trading on Luno
Luno offers users an easy and safe place to buy bitcoin and ether and to learn about cryptocurrencies. The exchange has more than 2.7 million customers across 40 countries.
Luno also has a dedicated Ethereum series on its learning platform to help users make informed investment decisions.
Commenting on the new launch, Luno’s General Manager in Africa, Marius Reitz, said: “The direct Ethereum/Rand pair will make it quicker, simpler, and cheaper for customers to interact with and use Ethereum on the exchange. We are working on a number of enhancements to our platform and this pairing has been introduced in response to demand from our customers. Previously, customers could buy Ethereum through our instant buy option but having this ability directly on the exchange makes it faster and cheaper for traders.”
According to Reitz, Luno makes sure that every coin listed in its exchange has undergone due diligence. “There are over 2000 cryptocurrencies. However, many of these are scams, so customers need to trust that the exchange they use has verified the track records of cryptocurrencies available on their platforms. Luno limits the currencies on offer to those on which we have completed extensive research and due diligence and we are satisfied with their credibility in terms of security and adoption. Luno will be adding additional cryptocurrencies to its platform later this year,” he explained.
“Individuals in these markets cannot afford to, and should no longer need to, pay high exchange rates, accept national currency devaluation or lose out when they simply transfer money. Access to a more inclusive financial system will enable people everywhere to think of new and better ways of exchanging value and technology allows this,” Reitz elaborated.
Luno plans to upgrade its platform, expand its team, and open new offices in expectation of the next surge in the value of cryptoassets.
Emerging Markets More Likely to Adopt Cryptocurrencies from Global Brands, Luno Study Says
A new study by digital asset exchange Luno indicates that emerging markets are more likely to adopt cryptocurrencies from global brands. This finding was collected from a survey called the ‘Future of Money’ carried out between May 17, 2019, and June 7, 2019. The survey interviewed over 7000 respondents from Nigeria, South Africa, the United Kingdom, France, Indonesia, Italy, and Malaysia.
Emerging Markets, the Future of Money and Libra
According to the ‘Future of Money’ survey, the early adopters of cryptocurrencies are likely to come from emerging markets. The findings, therefore, show a close connection between emerging markets and the future of money confirming the view that those with “less appear to take greater financial risks.”
These results come at a time when Facebook recently announced that it will introduce Libra, a new digital currency in 2020. The aim of Libra is to help people make financial transactions online, especially in emerging markets where banks are not servicing the population as well as they should be.
Luno’s CEO Marcus Swanepoel said: “As some of the world’s largest tech giants announce they are launching cryptocurrency coins, we believe developing markets will be the lead adopters. Our research shows that in these markets people are more financially savvy because they have to be, which means that they need and understand the benefits the new coins can offer.”
To further show why the future of money could have a greater impact on emerging markets, data from the survey indicated that 33 percent of people in Indonesia are more likely to remain within a set budget compared to 0 percent in the UK.
Additionally, the number of people that establish a monthly budget is 80 percent in Malaysia, 65 percent in Nigeria, 73 percent in South Africa, 74 percent in Indonesia, and 54 percent in the UK. Asked why money is crucial to them, the respondents said it was to secure their families’ well-being (60 percent) and to pay for education. This answer was given by 25 percent of the respondents from Nigeria compared to 8 percent in the UK.
Luno is a global cryptocurrency company headquartered in London and with offices in South Africa.
Crypto adoption will probably take place at the grassroots level than at the institutional level, Swanepoel observed. He based this argument on the findings that most people from emerging markets will probably seek financial advice from family, friends, and colleagues than from government organisations.
“It is very clear that if money is not simply a ‘nice to have’ and is vital for your future, then you spend more time understanding it, managing it, preserving it and to an extent being creative with how you maximise the use of it. Therefore, if a cryptocurrency can provide a secure and cheaper means of exchanging value better than the existing system, it will be used. This is why we believe that as new cryptocurrencies linked to global brands are introduced, they will find an important audience in emerging markets,” Swanepoel added.
Luno’s study paints a clear picture of what the future of money could look like. However, certain factors such as Internet connectivity could inhibit the fast adoption of crypto in developing markets.
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