Since the early 2000's, the founder of The Thorium Network, Mr. Jeremiah Josey, was aware of the potential of energy production from thorium molten salt technology (TMS) and the research that occurred in TMS over the middle of the 20th century. But at that time it was too early for TMS: oil and old nuclear were still very strong, climate change awareness was weak. Fukushima hadn't happened yet. The world was blissfully unaware of technology for clean, green energy that was over 50 years old.
However recently the tide had changed: Fukushima: enough said. Climate change: pushed into the spotlight by many, including school girl Greta Thunberg, on the back of a lifetime of work by Al Gore, made it impossible for governments to ignore alternatives for energy production from fossil fuels. But renewables such as solar, wind and biomass are not enough. They are not efficient enough. Not dense enough. They take up too much land. Their energy densities are very low. Their production is also has questionable environmental consequences. If the world's society is to advance, we need dense energy, to address climate change, and to simply have clean air to breath in densely populated urban areas, then fossil fuels must go. The only viable alternative is electrical energy produced by extracting the heat from thorium molten salt technology. A process proven over more than 65 years of critical thinking and research. Also heavily obfuscated and ignored by those with vested interests and competing values and businesses.
And so it started - the Thorium project. A meeting with the Minister of Energy of Armenia in May of 2017 kicked it off. The request was to access Armenia's spent nuclear fuel and convert it into energy. It is estimated that there is 300 kg of SNF at Metsamor, enough for 20 years of the country's energy needs. The request was summarily dismissed, but it was an entry to discuss how to move forward from old nuclear technology into the future. [Note, the Minister of Energy of Armenia is responsible for the "most dangerous nuclear facility in the world" - National Geographic Article on Metsamor, Armenia. This is a facility that the European Union offered 200 m Euros to shut down after the devastating earthquake in Armenia in 1988].
Earlier correspondence from the late 2000's with the Minister of Energy of Australia had gone nowhere.
But what to do? The business risks for being first in the thorium industry are very high: thorium technology is relatively simple to create, so copycat designs would become prevalent after the first successful restart of the technology, destroying any return on initial investment. Also, thorium reserves are spread around the world - almost every country can become energy independent with thorium. What economic model makes sense to accelerate such technology in a profit focused, quarterly report driven society of today's modern world?
Blockchain: for transparency, accountability, operations and for funding.
By codifying the red tape and the regulations, blockchain provides a way of reducing the barriers to entry for anyone willing to give it a go.
As the blockchain world unfolded, it became natural to think how to combine these two modern variations of proven technologies: TMS – developed, proven and operating in the 1950’s and 1960’s; and the science of cryptography which has been developing for centuries. The modern version, SHA256 – being the basis of bitcoin, stemming from the Merkle–Damgård hash function, completed as Merkle’s PhD thesis in 1979, an hence an enabler for building trust across a decentralised network.
It's significant to note that fuel used for TMS is consumed at the rate of less than 0.5% per year. Thus it is the fuel supply that becomes the asset in making energy from thorium. A fuel that lasts a very long time. This led to the natural conclusion that putting this asset onto a blockchain and tokenizing the necessary activities to keep it there – mining, processing, storing, transporting, burning, cleaning, replenishing, reusing, and waste handling – we would achieve our objective of transparency and accountability for an energy system that will change the world.