The United Nations Development Program has partnered with South Africa-based blockchain startup, Sun Exchange, to power one of Moldova’s largest universities, the UNDP announced in a statement.
Sun Exchange is a marketplace where you can purchase solar cells with cryptocurrencies to power businesses or schools. The exchange uses SolarCoin, a cryptocurrency launched by blockchain startup ElectriCChain.
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If all goes according to plan, the Technical University of Moldova will have all its energy needs met through crypto-powered solar energy. The university will get one megawatt of energy installed this summer, thanks to enthusiastic crowd-funding efforts, Reuters reported.
This program could be a boon for the landlocked nation, which imports 74 percent of its energy, and is one of the poorest countries in Europe.
Moldova’s energy costs have spiked more than 50 percent during the past five years, spotlighting the need for a cheaper energy source. This latest crypto-funded project could help Moldova become less dependent on energy imports such as oil and gas from Russia.
Moldova is a perfect fit for this solar-energy project, because it has more than 10,000 square meters of unused rooftop space on public buildings that could be used for solar panels, said Dumitru Vasilescu, a program manager with UNDP…