• South African startup Momint has launched Suncash, a blockchain-based solution to ease the country’s power generation challenges.
• Investors can buy non-fungible tokens (NFTs) linked to solar cells which are then leased to institutions such as schools and hospitals.
• Momint’s blockchain solution makes the project more transparent while also lowering risks for the startup.
South African Startup Uses Blockchain-Based Solution to Boost Electricity Generation
South African startup Momint has recently announced the launch of Suncash, an initiative that aims to use a blockchain-based solution in order to ease the country’s power generation challenges. According to reports, investors can purchase non-fungible tokens (NFTs) linked to solar cells for about $9 which will then be leased out to public institutions like schools and hospitals. The blockchain powered solution has already been piloted at Delmas High School in South Africa’s Mpumalanga province.
How Does Blockchain Help?
Momint CEO Ahren Posthumus commented on how his company is using blockchain technology for this project: “We take legal contracts that represent ownership of each individual cell, and we put those legal contracts into a file that’s typically referred to as ‚the token‘ on the blockchain. It’s called a smart contract. That smart contract says, ‚whoever owns this token has the right to the underlying asset‘ and they have the right to the revenues that the underlying asset generates.“ He further noted that utilizing blockchain makes this project more transparent while also lowering risks for his organization.
Why This Project?
According Posthumus, his company chose to pursue this project because it wants to help South Africa overcome its power generation challenges despite not expecting any financial profits from it: „We are a technology company that’s trying to build for the next 15 years, but what we realised is we can’t build a technology company in a country that doesn’t have electricity.“
What Will This Project Do?
The goal of Suncash is twofold: firstly, by allowing investors access into rooftop solar systems through purchasing NFTs it encourages people with financial means or capital who are not necessarily tech savvy or industry experts; secondly, by leasing out these systems at reduced prices it allows lower income institutions access these services without having large up front investments associated with them.
Momint hopes its innovative approach will help alleviate some of South Africa’s energy woes and provide both high end investors and lower income institutions with an equal opportunity for success in their energy production ventures.
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