SolarCoin Foundation Board Meeting Minutes: July 2, 2014

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8 p.m. EDT / 9 p.m. ADT / 5 p.m. PDT -- Conference call via Skype

Acting Chair: Joseph Zitoli
Acting Secretary: Eric Stetson
Other Board Members Present: Douglas Felmann, Joely Balazs
Other Team Members Present: Nick Gogerty (co-founder)

  • Eric Stetson submitted a written report in advance of the meeting with recommendations for legal incorporation of the SolarCoin Foundation.
  • Discussion of incorporation, in which the following key points were raised:
    • Generator and Genesis Pools may need to be governed by different legal entities.
    • Possibility of dividing the Generator Pool to be governed by multiple legal entities in multiple countries.
    • Importance of flexibility to be able to change jurisdictions if necessary.
    • Need to consult with attorneys in jurisdictions of interest prior to establishing complex legal structures, e.g. multiple entities.
    • Importance of establishing legal existence of the SolarCoin Foundation in a simple way as soon as possible.
  • Unanimous decision: Eric Stetson is authorized to proceed immediately, acting on behalf of the Board, to incorporate The SolarCoin Foundation as a 501(c)(3)-eligible non-profit (i.e. an "Exempt Corporation") in the state of Delaware, USA, using Harvard Business Services, Inc. ( to prepare and file the Articles and Certificate of Incorporation and as registered agent.
  • Discussion of desired qualities of 5th Board member and possible candidate.
  • Unanimous decision: Nick Gogerty is appointed to the position of Chair of the Economics & Monetary Policy Committee.
  • Douglas Felmann reported that 15-block difficulty retargeting is working well and that forking the coin to implement DigiShield no longer appears to be necessary.
  • Unanimous decision: DigiShield will not be implemented at this time.
  • Nick Gogerty reported on ideas for reducing SolarCoin inflation rate and securing the network. Will submit more detailed written report to the Board by July 5.
  • Unanimous decision: The Board will signal to the SolarCoin community that we're seeking subject-matter experts (SMEs) on potential migration to proof-of-stake (PoS).
  • Discussion of possible block reward reduction prior to potential migration to PoS tabled pending Nick Gogerty's written report.
  • Discussion of tech resources and strategy, including role of developer Justin Levinson and outreach to resources who could potentially advise or assist.
  • Unanimous decision: Fourth draft of SolarCoin Charter approved for presentation to the community and 4-week public comment period prior to final editing and approval.
  • Joseph Zitoli reported on generator grants issuance, personnel, process, and recommended changes.
  • Unanimous decision to approve three-phase plan for generator grants as follows:
    • Phase 1: A flat grant based on nameplate capacity factor of 15% to be granted automatically every six months on the anniversary of utility installation date to each verified solar electricity generator facility.
    • Phase 2: A grant based on energy estimates from PVWatts calculator or equivalent.
    • Phase 3: A grant based on actual solar electricity generated as recorded from monitoring software or third-party data capture system.
  • Eric Stetson reported on progress of 5-minute SolarCoin intro/video project.
  • Nick Gogerty reported on progress of Tokelau/SolarCoin collectible notes project.
  • Meeting adjourned at 10:10 p.m. EDT.

Minutes unanimously approved by the Board on July 6, 2014, via email vote.