Report: South African Startup Momint Seeks to Boost Electricity Generation Using Blockchain-Based Solution 
Using a solution that is based on blockchain technology, the South African startup Momint has said the recently launched Suncash initiative aims to ease the country’s power generation challenges. For about $9, investors can reportedly buy non-fungible tokens (NFTs) linked to solar cells which are then leased to institutions such as schools and hospitals.
Momint Pilots Solution at One Local School
A South African startup, Momint, recently said it has launched a blockchain-powered solution that can ease the African country’s energy woes by installing more rooftop solar systems at public institutions like hospitals and schools. According to a News 24 report, the startup’s solution has already been piloted at Delmas High School in South Africa’s Mpumalanga province.
As explained in the report, investors that wish to participate in this project can do so by acquiring non-fungible tokens (NFTs) which are linked to solar cells and are sold for a minimum price of just under $9. The solar cells are then leased to institutions that agree to purchase the generated electricity via a so-called standard power purchase agreement.
Commenting on his company’s solution to South Africa’s power generation crisis, Ahren Posthumus, the CEO of Momint, said:
We are a technology company that’s trying to build for the next 15 years, but what we realised is we can’t build a technology company in a country that doesn’t have electricity.
Posthumus also claimed that his company does not expect to profit from the project which he described as “not financially sustainable.” The CEO claimed, however, that his organization chose to pursue this project because it wants to help South Africa overcome its power generation challenges.
Blockchain Solution Lowers Risks for Momint
On why the startup chose blockchain, Posthumus insisted that this not only makes the project transparent but it also lowers risks for Momint.
“We take legal contracts that represent ownership of each individual cell, and we put those legal contracts into a file that’s typically referred to as ‘the token’ on the blockchain. It’s called a smart contract. That smart contract says, ‘whoever owns this token has the right to the underlying asset’ and they have the right to the revenues that the underlying asset generates,” the CEO reportedly said.
While the blockchain-based solution is seen as one of the most appropriate ones, it nevertheless comes with its own drawbacks. According to Posthumus, one such drawback is the risk of public institutions defaulting.
Register your email here to get a weekly update on African news sent to your inbox:
Tags in this story Ahren Posthumus, blockchain solution, Electricity crisis, Momint, Non-fungible Token, Smart Contract
What are your thoughts on this story? Let us know what you think in the comments section below.
Terence Zimwara
Ordinal Inscription Collections on Bitcoin Blockchain Grow as Creators Monetize Art NEWS | 22 hours ago 
Crypto Dominates as Payment Method for Remote Workers in Latam NEWS | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons
Previous article
Sensorium Galaxy Enters Public Playtest and Lays Out Global Metaverse Vision
Next article
Awaken Completes $500k Seed Round Led By Hong Kong Incubator TopoStation
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimerShow comments
More Popular News
In Case You Missed It
Ripple CEO: SEC Lawsuit Over XRP ‘Has Gone Exceedingly Well’
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP “has gone exceedingly well.” He stressed: “This case is important, not just for Ripple, it’s … read more.
Fidelity Investments Launches Crypto, Metaverse ETFs — Says ‘We Continue to See Demand’ Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design