Beyond Oil™ has announced the Solar Oil Project, a blockchain-based platform that recycles abandoned wells to produce oil while avoiding a trillion-dollar environmental disaster.
What makes the Solar Oil Project unique:
- The project partners 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 become serious ecological hazards when abandoned and leak toxins into the soil and water table. Current clean up costs for these wells is estimated to be over $500billion dollars in North America.
- With this new technology, cost of production drops by as much as 50% and carbon footprint is reduced by over 90%.
- Expected oil production from this method requires no new drilling, is solar powered, and vastly profitable with expected gross ROI of over 500% over its 10 year term.
The Triangle Operation
The Beyond Oil Platform pioneered SOP, which is the first phase. In archaic regions, the platform improves and modernizes operating efficiencies. SOP avoids third-party interference, allowing a direct connection between operators, manufacturers, and installers, as it does with other industry stakeholders.
SOP creates a triangle of partnership by connecting well owners, consumers, and equipment providers. This is accomplished through the use of blockchain technology, which is based on a peer-to-peer protocol. The good news is that everyone wins since they all gain something.
View how the Solar Oil Project works behind the scenes to bring the Beyond OilTM vision to life: https://solaroil.io/due-diligence
The Key To The Solar Oil Platform Is The “SOAX” Token
To access SOP, you’ll need this utility token. It’s a stakeable coin that uses the Smart Contract system to operate. The wonder token gives users limitless viewing of the platform’s various Oil Properties. After seeing the properties, the user can decide whether or not to stake the token (SOAX) on them. This sets off a chain of events in the corporate sector.
The staked amount can be used to develop the infrastructure and install the most up-to-date oil extraction equipment and tools by good owners and operators. After that, the Oil is credited to the Token holders who invested in the project or property.
The SOAX Token is used
On the platform’s website, the token can be acquired using a variety of payment methods, including other cryptocurrencies, tokens, and fiat currency. It has a fixed value of $0.10 as a non-speculative utility token and simply serves as a tool to allow involvement in oil well rehabilitation and future oil production.
The oil generated at these locations is then tokenized, and users are paid in proportion to their SOAX token holdings. The oil production from the staked properties is represented by the Solar Oil Production Token (SOPX).
This is a token whose value is fixed at 60% of the WTI Crude Oil Price and is tied to global Crude Oil Prices. If WTI sells for $50, SOPX will cost you $30.
This, however, is based on the redemption price supplied by SOP rather than the price offered by multiple exchanges. 1 SOPX is equal to a barrel of oil extracted from SOP-contracted properties.
Each day, the Solar Oil Platform records the amount of oil produced in BPD (Barrels Per Day), resulting in the development of more SOPX Tokens based on individual Staking.
The distinction between SOAX and SOPX is that, whereas SOAX can only be purchased via SOP, SOPX Token could someday be issued or traded on a variety of open exchanges, making it the only open decentralized token backed by genuine commodity production.
Where Do Smart Contracts Fit?
Each portfolio is checked everyday by the smart contract to determine the amount produced. After that, the proceeds are transmitted into the SOP network for verification.
A metric termed ‘BPM,’ or ‘Barrels per Million SOAX Tokens,’ is used to calculate predicted oil production. This figure is expected to be between 1.5 and 3.5 BPM, according to the project. This means that the project aims to produce 1.5 to 3.5 barrels of oil per day for every 1,000,000 SOAX invested in the platform.
The amount, however, is not consistent and fluctuates frequently based on a variety of factors. The good news is that the entire procedure is fully automated and does not necessitate human intervention. 1 SOPX is created for each barrel and credited to the stakeholder’s account in accordance to the staked amount.
At the current pricing, a token holder can sell or keep SOPX Token and obtain BTC or ETH Equivalent. To avoid market inflation, manipulation, and saturation, the tokens are either destroyed or burned after being sold this manner.
They will first be traded at SOP, but they will eventually be able to be traded or swapped as crypto assets on a variety of exchanges and platforms. That is how SOP seeks to address the issues of oil extraction and production by ensuring that all participants benefit.
Source: Global Crypto Press
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