What is the Solar Oil Project?
Solar Oil Project is an eco-friendly & sustainable venture that provides people with incentives towards using renewable energy. The token rewards offered by this project are backed by the production of oil.
The Solar Oil Project- a Sustainable Initiative to Reinvent the Way We Consume Energy
There are many reasons why the world needs sustainable energy. One main reason is that the planet is running out of fossil fuels, which are non-renewable resources. The Solar Oil Project is a project designed to make cars run on solar oil, or hydrogen fuel cells. This would be a great solution because it could solve the problem of vehicle emissions and contribute to solving our energy crisis.
100,000 wells producing less than 10 BPD of oil are left idle in the US. Oil rigs produce a significant environmental threat with leaks and the potential of leaching contaminants into groundwater and the surrounding environment. In just North America, taxpayers will have to spend nearly half a trillion dollars to fix it.
The Root Cause
The current state of these wells is unsustainable, and remedying the situation requires costly equipment upgrades or replacing the pumps outright.
The Ideal Solution
Solar Oil International is a pioneer of sustainable, clean energy. As an oilfield contractor, the Solar Oil project team members rehabilitate and service these oil wells in partnership with local operators. They replaced old pump jacks with reliable and new technological replacements. Functional solar-powered pumps are eco-friendly and cost effective. Automated features are time sufficient and economical. They also generate income by working on abandoned oil wells.
The Step by Step Process
It all begins when you purchase utility access tokens – SOAX – or Solar Oil Access. Token holders can access the Solar Oil Platform, that displays all the oil wells that are available on their network. Selectable properties are available to rejuvenate by staking SOPX tokens for a 10 year blockchain based Smart Contract. Quick deployment of eco-friendly equipment on these wells actions generation of profitable oil. The oil being produced from these properties are represented by a second token – The SOPX – or Solar Oil Production.
With oil prices on the rise, there is no better time than now for SOPX token holders to earn a profit. These tokens are backed by 1 barrel of oil each and can be sold on exchanges according to the current global WTI price for oil. The price of these tokens is much lower than that of a barrel of oil, therefore it’s much easier for anyone to buy them in bulk. With a continually changing market in terms of oil exploration, property values can fluctuate over time.
The Solar Oil Project is a massive undertaking. With hundreds of thousands of these oil wells in existence and the ever increasing need of fixing this problem, we can scale massively over time. The Solar Oil Project is a new, sustainable approach to oil drilling that provides a cleaner future with less risk for the environment. By heating up the water enough, the heat exchanger can create steam, which in turn is used to produce electricity or be used in drilling for oil. The blockchain ensures that the content goes through a fair distribution process, which you can track in real time to make sure that it is properly enforced. The project is also committed to being transparent and decentralized, giving our users the most exclusive power over their social & economic impact.