Beyond Oil ™ Introduces Smart Contract-Driven Environmentally Friendly Oil Production – Bitcoin News Press Release

Press release

PRESS RELEASE. Beyond Oil ™ officially launched the Solar Oil Project – the blockchain-powered decentralized oil production platform that recycles abandoned oil wells to produce oil while eliminating a trillion dollar environmental nightmare.

What the Solar oil project does it differently:

  • Partnerships with local oil operators and green equipment manufacturers.
  • Together they identify old oil wells that typically produce less than 5 barrels of oil per day.
  • These wells often pose serious environmental threats when abandoned and toxins enter the soil and water table. Current cleanup costs in North America are estimated at over $ 500 billion.
  • The sale of SOP tokens will be used to fund the purchase of new, patented technology to rehabilitate these old wells into profitable, productive locations.
  • This new technology cuts production costs by up to 50% and the carbon footprint by over 90%.
  • The oil production achieved will be tokenized and distributed to the token holders who bought the SOP tokens to make the project possible. Tokenized oil stocks can be traded at will by users on the Commodity Exchange technology platform.

The triangle operation

SOP eliminates interference from third parties and enables direct interaction between operators, manufacturers and installers.

SOP connects well owners, consumers and equipment providers and thus forms a triangular partnership. This is achieved through the integration of blockchain technology, which works on a peer-to-peer protocol.

See how the Solar Oil Project works behind the scenes: https://ift.tt/2TpiWxM

The key token “SOAX”

This key utility token for accessing SOP is a detachable token that runs on the smart contract protocol. The miracle token grants users unlimited viewing of the available oil plots on the platform while users can choose to put the token (SOAX) on the available plots. This triggers several activities in the business world. Well owners and operators can maximize the amount staked to improve infrastructure and install the latest modern oil extraction equipment and tools. The oil produced is then credited to the token holders who were involved in the project or property.

What happens to SOAX tokens?

The token can be purchased through several payment options on the platform’s website, including other cryptocurrencies, tokens, and fiat options. Since it is a non-speculative utility token, it has a fixed value of $ 0.10 and only serves as a mechanism to allow participation in the oil well refurbishment and subsequent oil production.

The oil produced by these locations is then tokenized and rewarded to users in proportion to their SOAX token stocks. The Solar Oil Production Token (SOPX) represents the oil from the staked properties, the value of which is linked to global crude oil prices and is set at 60% of the WTI crude oil price. If WTI is $ 50, the price of SOPX is $ 30. However, this is based on the redemption price offered by SOP and not on the price within various exchanges. A barrel extracted from the SOP contracted land is equated to 1 SOPX.

The difference between SOAX and SOPX is that while SOAX can only be bought from SOP, the SOPX token can eventually be offered or traded on various open exchanges, making it the only open decentralized token that aids through actual commodity production becomes.

This is how smart contract comes into play

The smart contract checks every portfolio on a daily basis to determine the quantity produced. The proceeds are then sent to the SOP network for validation. Expected oil production is measured using a metric called “BPM” or “Barrels per Million SOAX Tokens” while its value is between 1.5 and 3.5 BPM. That means the project will produce 1.5 to 3.5 barrels of oil per day for every 1,000,000 SOAX staked on the platform. However, the amount is not constant and often fluctuates depending on various factors. The good thing is that the whole process is automated and doesn’t require human intervention. For each barrel, 1 SOPX is created and credited to the stakeholder’s account in proportion to the individual stake.

Token holders can sell or hold SOPX tokens at the prevailing price and receive BTC or ETH equivalent. After being sold this way, the tokens are either destroyed or burned to overcome market inflation, manipulation and saturation.

In this way, SOP aims to solve the challenges related to oil exploration and production by ensuring that every participant benefits from it.

For more information on SOP, contact us via https://solaroil.io

About Beyond Oil ™

Led by Chief Strategy Officer Hitesh Juneja, the aim is to move the energy sector from fossil fuels to more sustainable green energy overtime in a practical way, without causing the economic or environmental damage that sudden and forced changes could cause.

Beyond oil

17918 Blueridge Shores Dr.

Cypress, TX 77433

United States

This is a press release. Readers should do their own due diligence before taking any action in relation to the advertised company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in the press release.

Photo credits: Shutterstock, Pixabay, Wiki Commons



source https://bidsfor.me/beyond-oil-introduces-smart-contract-driven-environmentally-friendly-oil-production-bitcoin-news-press-release/

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