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. 

Solar Oil Platform is Already LIVE and Fully Functional!

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. 

For more Information about SOP, kindly get in touch via https://solaroil.io or https://solaroil.io/contact-us.

Company Address

Beyond Oil

17918 Blueridge Shores Dr.

Cypress, TX 77433

United States ------
Information Provided via Press Release
Distributed by Global Crypto Press Association
Breaking Crypto News

The photograph of Kabosu, a smiling Shiba Inu dog who is known as the face of Dogecoin (DOGE), was sold yesterday June 11 as a non-fungible token (NFT) for 4 million USD.

A recent decline in NFT sales indicates people are done making impulse buys triggered by the initial NFT hype - but images with meaning or memories behind them can still fetch massive prices.

Now 14 years old, the legendary pet is more famous than ever...

The sale of the iconic image was organized by the NFT Zora auction site, with curatorship by Know Your Meme, the Internet meme database.

The auction opened on June 9, being announced by Kabosu's owner, a Japan based teacher named Atsuko Sato.  She first announced it to her followers on Instagram, saying she had decided to coin the original meme and images from the 2010 photoshoot as NFT.

But when she first saw the image she posted on her small personal blog spreading everywhere, she was 'terrified'...

“When I first found out about the Kabosu memes, I was very surprised. I was terrified at the thought that just one photo I had casually posted on my blog could spread all over the world to places I didn’t know” Sato said.

She explained how it happened “I took the photos to update my blog. I take a lot of pictures every day, so that day was nothing out of the ordinary. Kabosu loves having her photo taken, so she was delighted to have the camera pointed towards her.”

Sato said the auction is for charitable purposes.

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Author: Adam Lee
Asia News Desk / Breaking Crypto News

One of the most important Ethereum upgrades is scheduled to happen next month - EIP 1559 (Ethereum Improvement Proposal 1559) aims to address the current monstrously-high priced, and sluggishly slow transactions on the Ethereum blockchain.

Currently, Ethereum transactions run on basically an auction system - the more you're willing to pay the sooner your transaction will be processed.  On a network with limited transaction capacity, and exploding popularity, it's no surprise fees broke $70 for the first time just weeks ago.

That's the standard model for most blockchains at the moment - and this new proposal throws it out entirely.

Once implemented, instead of going to whichever miner included your transaction in a block, the fee will go to the network itself, where a 'fair' base fee for all transactions will be set.

The base fee will change based on network congestion, however this pricing structure will be predictable, allowing wallets to automatically detect which tier the base fee is currently at - meaning this should be the end to any user having to adjust their own gas settings.

Removing the auction structure  means we should see a dramatic drop in transaction costs.

The auction structure also caused transactions to wait several blocks before being included, but will now go out on the first available block that can include it - which means we should see a dramatic drop in transaction time as well.

Support From Everyone... Except Miners...

To object is like saying "Even though you could get faster service, and pay less for it - we believe millions of people should continue to overpay for awful, sluggish transactions". But some miners as well as some of the the largest mining pools are apparently taking that stance.

Initially I thought 'of course the miners who are currently making a killing won't like it, but surely they know how ridiculous they would look if they officially took a public stance against it EIP 1559'.

But nope, turns out they REALLY loved squeezing every penny from Ethereum users over this last year. "We feel it is not right to support an initiative that proposes to pay our miners significantly less for the same work. No money is being saved on transactions; instead, it’s being paid then destroyed. Our miners don’t support EIP-1559 and thus are against it too." says mining pool Flexpool in a post on their blog.

It's Coming, Whether Miners Want It or Not...

With the only remaining option to stop it being a malicious attack by miners on the network, a scenerio which Ethereum developer Micah Zoltu warned against, saying "Any censorship attack by miners against the interest of users will almost certainly result in the core developers taking very aggressive action against miners. The most likely retaliation that the core devs could execute would be a rush to launch Proof of Stake, which would completely remove all miners/mining from Ethereum."

EIP 1559 is part of the package that will also implement the London hard fork, along with up to 5 other approved proposals. It goes live next month (July 2021) as long as things remain on track. 

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Author: Mark Pippen
London News Desk / Breaking Crypto News

Game Changer DEX Launching IDO on BSCstarter on May 28

Soku Swap, a fully decentralized exchange, will be launching its IDO on BSCstarter on May 28, 2021, the first community-led fundraising platform. The launch will enable the DEX to unlock a new business model for its native token SOKU on the Binance Smart Chain (BSC).

Deployed on Ethereum and BSC networks, Soku Swap is a decentralized exchange that uses an automated market maker (AMM) to create liquidity pools of both BEP-20 and ERC-20 tokens. In addition, its native SOKU token allows holders to vote on changes or upcoming upgrades within its ecosystem. The platform will shortly launch SOKU tokens through an Initial DEX Offering (IDO) on BSCstarter's launchpad.

BSCstarter is one of the most active community-oriented token presale platforms for Binance Smart Chain tokens. Therefore, it presents an ideal way to raise capital for projects without strict KYC/AML rules. Besides, the BSC-tied ecosystem of BSCstarter makes it a viable option since Binance Smart Chain is currently the most used network in the blockchain space. Furthermore, by choosing the BSCstarter for the IDO launch, Soku Swap intends to benefit its traders and investors with one of the most advanced launchpads available.

About Soku Swap

Soku Swap is a decentralized exchange and a fork of Uniswap and PancakeSwap that lives on Ethereum Network and the Binance Smart Chain. It allows direct peer-to-peer cryptocurrency transactions to take place online, securely, and without the need for an intermediary. The exchange focuses on education and customer support while also rewarding users who stake LP tokens on the farm and make at least three trades a week with SOKU tokens.

About BSCstarter

BSCstarter, the first community-driven launchpad for Binance Smart Chain (BSC), providing projects access to funding opportunities without the hassle of bureaucratic hurdles, complex KYC requirements, and a manual selection process. BSCstarter's solution allows the community to determine which projects to list using collective due diligence and DYOR skills. BSCstarter provides a decentralized fundraising platform as meant to be: community-driven, open, and free with equal opportunity for all, ultimately empowering investors to filter through the messy landscape where rug pulls overshadow the potential of BSC's growing ecosystem.

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For more information about Soku Swap, please visit its website at sokuswap.finance or email Rafael Alcaraz, Ph.D., (Global CMO) at rafael@sokuswap.finance or Sammy Arora (Marketing Head) at sammy@sokuswap.finance

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Information Provided via Press Release
Distributed by Global Crypto Press Association
Breaking Crypto News

Ethereum developer Carl Beekhuizer says 'Ethereum’s power-hungry days are numbered' and explores the energy usage difference that will be seen when Ethereum makes the switch to proof-of-stake(PoS). This replaces the current network's validation method known as proof-of-work (PoW, aka traditional 'mining') and will allow the platform to run on just 0.05% of it's current power usage level, claims Beekuizer.

According to Digiconomist miners currently consume 44.49 TWh per year, and Beekuizer says that could go as low as 0.02 THw by changing to PoS.

While critics compare Bitcoin's power usage to that of a small country, Beekuizer says Ethereum's total usage would be more like 'a small town of around 2100 American homes'.

Energy Usage Has Been This Month's Hot-button Issue...

This comes days after Tesla CEO Elon Musk said that his company will stop accepting bitcoin, and citing a large energy expenditure from non-renewable energy sources as his reason.

However, various studies have shown that most of the electricity consumption of crypto miners comes from renewal energy sources.

Energy costs are the most important factor in mining, that's why there's few cities where it's considered profitable. In most locations you'll spend more on electricity than you'll make mining, buying coins instead of paying large power bills becomes the smarter option.

Naturally, miners seek out locations with cheap electricity, and ironically, the cheapest comes from hydroelectric dams and geothermal power plants - and both are completely free of carbon emissions.


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Author: Fernando Perez
Latin America Newsdesk

Time in the crypto space seems to move much faster than elsewhere. BitClout pre-launched only last month. Since then it’s seen explosive growth. In the first month of its launch, more than $225 million worth of bitcoin has flowed into the BitClout platform. Pantera Capital’s Joey Krug estimates that with the additional investment from venture capital, a company valuation of BitClout would exceed $1 billion. This kind of money is attracting serious attention.