Cypress, TX, June 14, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) The headlines have been everywhere lately – just within the last week major news outlets have published claims like ‘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’.
While these claims go back years, Elon Musk recently tweeting that Tesla will suspend accepting Bitcoin payments because of environmental concerns brought these claims to the forefront.
Excluded from these reports are the strong arguments saying these claims are unfounded. Oddly, none of the reports attempt to answer the only question that matters – how much *additional* energy was generated because of crypto mining? Instead, they treat excess energy generated by power plants and used by miners as energy created for the miners – even though that energy was already created, and would have been wasted otherwise.
Unfortunately, the public was presented only one side of the story, and now many see cryptocurrency as harmful to the environment.
But The Solar Oil Project represents a step in the right direction for energy production, helping to lower emissions and reduce environmental hazards – and it’s all powered by crypto…
Beyond Oil™ is excited to announce the launch of a revolutionary tokenization platform – The Solar Oil Project.
The technology platform aims to be the largest tokenized commodity production and exchange mechanism in the world. The platform supports local oil well operators to deploy innovative technology solutions that dramatically reduce the carbon footprint of oil production while recycling old oil wells that are abandoned or underutilized.
This ‘oil well recycling’ program accomplishes multiple goals from an economic and environmental perspective:
- Reduce cost of production and maintenance by almost 60%
- Greatly reduce carbon intensity of production (as much as 90%!)
- Eliminate need for new oil well drilling
- Recycle and rehab old oil wells
- Eliminate eco-hazard of chemical leaks from abandoned oil wells
The Project uses the Blockchain network to distribute tokenized oil production via ERC-20 token rewards to the users. It uses one of the latest oil extraction technologies, the “Air Lift Technology” (ALT). The Innovation eliminates soil pollution and makes the entire process eco friendly.
The Trillion Dollar Problem…
In the Southern US alone, more than 100,000 Low-Volume Oil Wells are either abandoned or underutilized. These wells can quickly become an ecological hazard and cost close to a Trillion Dollars in clean up across North America. The current estimate for just the cleanup in the US state of Texas alone comes in at over $117 Billion USD.
What SOP Intends to do differently…
SOP supplies Operators and Owners with the technology and the expertise to replace the old equipment with solar-powered pumps that are economically viable, efficient, and automated. With this, the wells are given a fresh breath of life into profitable production. This is particularly effective for the well sites that are older and have minimal profit margins with traditional technologies.
How the Process Works…
After review by members of the Solar Oil team, selected oil well sites are equipped with eco-friendly pneumatic pumps, solar panels (where applicable), air compressors, and remote monitoring capabilities. The combination of these technologies results in a modern production mechanism that brings these abandoned wells back into active production.
Anyone Can Participate, And Enjoy The Rewards…
Perhaps the most attractive part of the project is how it encourages participation of all interested users. Anyone can create a free account on Solar Oil Project’s 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 towards the work on selected oil well sites. The revenue generated from the token sales is used to then update the wells in the selected portfolios.
Because of this, the token does not meet requirements to be classified as a security, meaning US investors who typically cannot participate in the launch of new crypto-based projects are able to invest in Solar Oil.
In return, users who participate in this manner receive a portion of the oil production achieved in the form of the SOPX token – The Solar Oil Production token. SOPX distribution is in proportion to how many Access tokens a user assigned to the oil portfolio. The SOPX rewards may then be traded on the Commodity Exchange for other commodities, currencies, or crypto assets.
This elegant solution allows for equitable rewards distribution for any users that help protect the environment while resulting in profitable energy resource production.
About Beyond Oil™
Beyond Oil, led by Chief Strategy Officer Hitesh Juneja, aims to transition the energy sector from fossil fuels to more sustainable green energy overtime in a manner that is practical, and does not cause the economic or ecological harm that sudden and forced changes might cause.
To make this happen in a practical manner, Beyond Oil is broken up into three phases with Phase 1, being the Solar Oil Project – a rare and revolutionary application of technology to address one of the major ecological challenges of our time while providing oil commodity backed token rewards!
The goal in this phase is to attract a large number of participants through an attractive, profitable business model.
On Phase 2 – The Open Commodity Exchange:
The oil production from the Solar Oil Project is issued to the stakeholders in the form of the ERC-20 token – SOPX (Solar Oil Production).
The SOPX is pegged to the global WTi spot price and is immediately liquidable through the Solar Oil Commodity exchange to a host of other assets such as Gold, Silver, Natural Gas, as well as tens of equities and cryptocurrencies. This represents the first major blockchain development allowing for open exchange between true commodity-backed crypto-assets and other fiat-based assets.
The goal of this phase is to establish a robust financial ecosystem that new disruptive technologies can be onboarded into.
On Phase 3 – We are focusing on Emerging Disruptive Technologies:
- Hemp-bioplastic replacement
- Hydrogen based transport
- Microbial Fuel cells
And additional emerging technologies that do not have established profitable business models will be guided to maturity during this phase.