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Cypress, TX, June 14, 2021 (GLOBE NEWSWIRE) – (via Blockchain Wire) Headlines have been everywhere lately – just over the past week, major news outlets have been releasing claims such as “The Cryptocurrency mining consumes more electricity than the entire annual energy consumption of the Netherlands “and” Bitcoin has a carbon footprint comparable to that of New Zealand “.
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While these claims go back years, Elon Musk recently tweeted that Tesla would suspend acceptance of Bitcoin payments due to environmental concerns brought these claims to the fore.
Strong arguments claiming that these allegations are unfounded are excluded from these reports. Oddly, none of the reports attempt to answer the only question that matters: How much * extra * energy has been generated as a result of crypto mining? Instead, they treat the excess energy generated by power plants and used by miners as energy created for miners – even though that energy has already been created and would have been wasted otherwise.
Sadly, the public only presented one side of the story, and now many view cryptocurrency as bad for the environment.
But the Solar Oil project is a step in the right direction for power generation, helping to reduce emissions and environmental risks – and everything is fueled by crypto …
Beyond Oil is delighted to announce the launch of a revolutionary tokenization platform TheSolar Oil Project.
The technology platform aims to be the largest symbolic commodity production and exchange mechanism in the world. The platform helps local oil well operators deploy innovative technological solutions that significantly reduce the carbon footprint of oil production while recycling old abandoned or underused oil wells.
This oil well recycling program achieves several objectives from an economic and environmental point of view:
Reduce production and maintenance costs by almost 60% Dramatically reduce the carbon intensity of production (up to 90%!) Eliminate the need to drill new oil wells Recycle and rehabilitate old oil wells Eliminate the ecological risk of chemical leaks from abandoned oil wells
The project uses the Blockchain network to distribute tokenized oil production via ERC-20 token rewards to users. It uses one of the latest oil extraction technology, Air Lift Technology (ALT). The innovation eliminates soil pollution and makes the whole process environmentally friendly.
Photo: The solar oil platform is already LIVE and fully functional!
The trillion dollar problem …
In the southern United States alone, more than 100,000 low-volume oil wells are either abandoned or underutilized. These wells can quickly become an ecological hazard and cost nearly a trillion dollars to clean up across North America. The current estimate for the cleanup in the US state of Texas alone is over US $ 117 billion.
What SOP intends to do differently …
SOP provides operators and owners with the technology and expertise to replace old equipment with solar-powered pumps that are economically viable, efficient and automated. With this, the wells get a new lease of life for profitable production. This is particularly effective for well sites that are older and have minimal profit margins with traditional technologies.
How the process works …
After review by Solar Oil team members, selected oil well sites are equipped with environmentally friendly pneumatic pumps, solar panels (if applicable), air compressors and remote monitoring capabilities. The combination of these technologies results in a modern production mechanism that puts these abandoned wells back into active production.
Anyone can participate and enjoy the rewards …
Perhaps the most appealing part of the project is the way it encourages participation from all interested users. Anyone can create a free account on the Solar OilProjects website (solaroil.io) and purchase the Solar Oil Access Token (SOAX). This non-speculative utility token then gives the user access to the platform where they can assign the access tokens to jobs at selected oil well sites. The revenue generated from token sales is then used to update the wells in the selected wallets.
For this reason, the token does not meet the requirements to be classified as a security, which means that American investors who generally cannot participate in the launch of new crypto-based projects can invest in Solar Oil.
In return, users who participate in this way receive a portion of the realized oil production in the form of the SOPX The Solar Oil Production token. The SOPX distribution is proportional to the number of access tokens allocated by a user to the oil portfolio. SOPX Rewards can then be traded on the Commodity Exchange for other commodities, currencies, or crypto assets.
This elegant solution enables a fair distribution of rewards for all users who help protect the environment while producing profitable production of energy resources.
About Beyond Oil
Beyond Oil, led by Strategy Director Hitesh Juneja, aims to shift the energy sector from fossil fuels to more sustainable green energy in a practical way and without causing the economic or ecological damage that sudden changes and forced could cause.
To make this happen in a practical way, Beyond Oil is divided into three phases, phase 1 being the solar oil project – a rare and revolutionary technological application to address one of the main ecological challenges of our time while delivering products. oil tankers backed by symbolic rewards!
The objective of this phase is to attract a large number of participants thanks to an attractive and profitable business model.
On phase 2 of the Open Commodity Exchange:
Oil production from the Solar Oil project is issued to stakeholders in the form of the ERC-20 – SOPX (Solar Oil Production) token.
The SOPX is indexed to the global spot price of WTi and is immediately liquidable via the Solar Oil Commodity exchange to a multitude of other assets such as gold, silver, natural gas, as well as dozens of stocks. and cryptocurrencies. This is the first major blockchain development enabling open exchange between true commodity-backed crypto-assets and other fiat-based assets.
The objective of this phase is to establish a solid financial ecosystem in which new disruptive technologies can be integrated.
In phase 3, we are focusing on emerging disruptive technologies:
Hemp-bioplastic substitute Hydrogen-based transport Microbial Fuel cells
And other emerging technologies that have not established profitable business models will be guided to maturity during this phase.
For more information about SOP, please contact us via https: //solaroil.ioorhttps: //solaroil.io/contact-us
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