A solar project by Beyond Oil has made its maiden entry into the token space with the launch of its tokenization platform called The Solar Oil Project (SOP).
The platform aims to become the largest tokenized commodity production and exchange mechanism in the world. It supports local oil well operators by deploying innovative technology solutions like replacing old pumps in low volume, old oil wells with solar-powered and efficient pumps. The company believes that these solutions will dramatically reduce the carbon footprint of oil production while recycling old oil wells that are usually abandoned or underutilized.
To achieve their required goal, the company has created an ‘oil well recycling’ program. This program aims to accomplish several goals taking the perspective of both economics and the environment.
- Reduction of production cost and maintenance by almost 60%
- Decrease in carbon production intensity (up to 90%!)
- Eliminating the need for new oil well drilling
- Recycling and reusing old oil wells
- Eliminating eco-hazard of chemical leaks from abandoned oil wells
This project’s trump card is its tokenization system through which anyone can create an account on SOP’s website and buy the Solar Oil Access Token (SOAX). This token allows users access to the platform and assigns their tokens to the selected oil well sites. In return, users receive a portion of the oil production in another token called SOPX or Solar Oil Production Token. This token is in proportion with the former token, and SOPX rewards can be traded on the commodity exchange for other commodities, currencies and crypto-assets.
This allows for equitable rewards distribution for users wanting to protect the environment and help in profitable energy resource production.