1 Solar (SXP) is an open-source layer 1 blockchain for decentralized peer-to-peer payments.
2 Solar bitcoin Network is about to launch its mobile and browser wallets, where users will be able to create tokens and monitor the blockchain.
3 The time of block submission on Solar is eight seconds, and it is thus considerably faster than other blockchains.
Solar Network is a blockchain network that utilizes delegated Proof of Stake (DPoS). Solar Core, a safe and secure layer-1 blockchain framework, powers the network.
The Solar blockchain named its native token SXP. It is fast, modular, sustainable, efficient, and fully decentralized.
The block producers have responsibilities to maintain the blockchain by creating and witnessing blocks, voting on governance issues, and validating transactions.
Founders and Development of Solar Blockchain
Joselito Lizarondo and Nayiem Willems founded Solar Network in 2018. They previously launched Swipechain, and then they built Solar with a similar mission to provide sustainable, clean energy solutions to remote areas by leveraging blockchain technology.
The Solar Blockchain Foundation was formed in December 2021 in Estonia. It was established after Binance acquired the remaining outstanding shares of Swipe (SXP).
The key focus of this foundation is to build a blockchain ecosystem that involves open source developers and a growing community.
Advancements in the Solar Blockchain
It resolves the issues and vulnerabilities visible in traditional Proof of Work (PoW) mechanism-based blockchains. Issues include being energy intensive, the risk of a 51% attack, or other PoW-centered attack vectors.
Solar Core utilizes BIP340 Schnorr for signatures, and with the upcoming release of Solar Core 5.0, Byzantine Fault Tolerance and Boneh-Lynn-Schachan signatures will be introduced.
Solar Core also provides a more robust block production routine to minimize the likelihood of node failures and therefore create a more stable and operational blockchain.
The blockchain framework is available as open-source software, and dedicated Solar Core developers actively maintain it on GitHub.
Anyone can contribute to the network using pull requests or by opening an issue on their GitHub repositories to discuss features or new implementations.
Any new feature or implementation will be subject to review to ensure the safety of the framework for users.
Solar Blockchain Foundation
The Solar Blockchain Foundation is a non-profit organization established in Estonia. It focuses on creating a blockchain ecosystem with open-source developers and community involvement.
The mission of the foundation is to build a growing ecosystem and to provide both financial and technical support to projects and entities within the Solar Community. It is to be done to accelerate the growth of the ecosystem.
It does not aim to control the solar blockchain, nor does it target becoming the only organization to fund critical solar-related technologies.
Funding applications are open to everyone and are not limited to people already working within the solar ecosystem. Each application is evaluated on the basis of its individual merits. Projects that directly benefit Solar will be awarded funding.
Any user or application can apply to become a member of the Foundation. To enhance the work of the solar ecosystem, each member is encouraged to use their skills. To become a member of a foundation, a few requirements must be met, as mentioned on the website.
Solar Coin (SXP)
SXP coin is the native cryptocurrency of the Solar Blockchain. It can be used to vote for solar block producers, transfer value, or utilize the various services and offerings across the solar ecosystem.
SXP coin holders can vote for solar block producers. The voting is straightforward, and token holders can vote for one or more block producers. Block producers can reward their voters with a percentage of block rewards. The payout time and amount can vary with each block producer.
Solar encourages block producers to contribute to the project using their skills. Each SXP held in the voting wallet carries one vote. Voting does not lock up funds; votes can be changed at any time, and SXP coins can be removed or added to a voter’s wallet at any time, unlike traditional staking mechanisms. Adding SXP coins to an already existing voting wallet increases its voting weight.
SXP has a market cap of $198,917,717 and a current daily trading volume of $10,654,781. It has a circulating supply of 585,808,455 coins and a total supply of 585,807,352. It has no cap on maximum supply.
Solar Wallet users can vote for block producers, nominate themselves for a block producer role, create tokens in the solar network, and more.
Currently, only the desktop version is available for the Wallet. It allows for storing cryptocurrencies and participating in the network’s life.
The network is working on developing the Solar Mobile Wallet and the Solar Browser Wallet, and these are expected to be available soon.
With these advanced versions of wallets, users will be able to create tokens, monitor the blockchain, or interact with the metaverse from any device.
Usage of SXP Crypto
Like every other crypto, Solar can be used for trading and investing. SXP is listed on over 40 exchanges and can be traded in 250+ trading pairs.
Moreover, SXP can be used to pay for goods and services, which is implemented on many third-party service platforms.
A wide perspective for SXP crypto usage will be developed through launching its own marketplace for NFTs and by creating a metaverse.
Conclusion: The Future of Solar Network
The Solar Network is trying to revive a long-standing project with an interesting take on all the things that are currently vague in the crypto industry, such as NFTs, metaverses, and launchpads.
Its consensus mechanism and blockchain network are sound and should work well with the increased awareness of carbon-neutral blockchains.
If Solar is able to deliver its extensive plans, it can turn out to be one of the bullish surprises in the near future.
Which is the best exchange to buy SXP?
SXP tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade SXP is Gate.io.
Which is the most active trading pair?
The most active trading pair is SXP/USDT.
What is the current market sentiment for SXP?
The current market is bearish as more than 50% of the community are negative about SXP.