Report: South African startup Moment is looking to boost electricity generation using a blockchain-based solution
South African startup, Momint recently It says it has launched a blockchain-powered solution that could definitively ease the energy crisis in African countries by installing more rooftop solar systems in public places like hospitals and schools, as reported by news24 above. The startup’s solution has already been tested at Delmas High School in Mpumalanga province, South Africa. As per the report, investors who wish to participate in the project can do so by acquiring NFTs, which are linked to solar cells and are sold for as low as $9. Of course the solar cells are then leased to the institutions when the electricity generated is agreed to be purchased through a power purchase agreement allegedly benchmarked to the norm. Commenting on his company’s solution to South Africa’s power crisis, Momint CEO Ahren Posthumus says that we are a technology company trying to build for the next 15 years but we have realized that We cannot build a technology company in a country where electricity is not available or not available. Posthumus also claims that his company cannot expect to make a profit from the project, which he says is not financially sustainable, and the CEO claims that his organization has decided to go ahead with the project because it is in the South. wants to help Africa deal with its electricity generation challenges. On why blockchain was chosen by the startup, they say that it not only gives a transparent nature to the project but it also reduces the risk for us and With that it is certified and supported by a variety of technologies. CEOs take a legal contract that represents the ownership of each individual cell and they put the legal contracts into a file that is usually expressed as tokens and such are called smart contracts. Whoever owns this token of course owns the rights to the underlying asset and has the right to the revenue that the underlying asset can generate. While the solution based on blockchain can be seen as one of the most suitable ones, it is also displayed with drawbacks and certainly one such drawback is a risk of default in public institutions.
