SXP is the native utility token of the Solar blockchain. It was created by Solar Network, a decentralized finance (DeFi) platform that aims to provide fast and secure transactions for users worldwide.
The Solar Network is designed to provide a suite of financial services, including decentralized exchange (DEX) functionality, liquidity pools, and yield farming opportunities. The SXP token serves as the native utility token for the Solar Network, and it is used to pay transaction fees and to incentivize users to participate in the network.
Solar (SXP) Features and Updates
Solar Wallet
The Solar wallet serves as a storage space for SXP coins, allowing users to create their tokens and applications directly within the wallet using a simplified process. However, users also have the option to use an SDK to create their tokens and applications. Additionally, the Solar wallet enables users to vote for new Delegates. The wallet is accessible through both mobile and desktop applications.
Solar Side Ledger Protocol
The Solar protocol provides a fast and simplified method for developing Solar-based non-fungible tokens and ERC-20 tokens. Users who create these tokens are required to pay the transaction fees using SXP.
Solar Core
The Solar ecosystem relies heavily on the Solar Core, which uses a delegated proof of stake consensus mechanism and is built on the ARK blockchain. Like the ARK blockchain, the Solar Core is modular, decentralized, fast, and sustainable. However, one key difference is that the Solar Core offers improved user privacy through the use of Schnorr signatures, which is not available on the ARK blockchain.
Metaverse
Solar developers have announced their intention to launch the Solar Metaverse, which aims to significantly improve the user experience and minting functionality. While specific details regarding the Solar Metaverse are not yet fully known, some features and benefits have been disclosed. One of the key features of the Solar Metaverse is that transaction fees will be paid using SXP coins. Additionally, the Solar Metaverse will have a marketplace where NFT collectibles can be sold.
Who are the Founders of Solar (SXP) Tokens?
Joselito Lizarondo and Nayiem Willems are the founders of Solar Network, which was established in 2018 with a mission to provide sustainable energy solutions to remote areas using blockchain technology. They previously launched Swipechain before founding Solar.
What Makes Solar (SXP) Unique?
The Solar Network is built on Solar Core, which is a Layer-1 Blockchain Framework. It uses the Delegated Proof-of-Stake Consensus (DPoS) to secure its network, with 53 delegates or node operators acting as validators. The DPoS consensus mechanism allows for fast transaction processing, energy efficiency, and improved scalability.
The Solar Network aims to create a transparent governance ecosystem powered by open-source developers and community participation. The network provides an enterprise-level blockchain ecosystem that supports developers constructing DApps on the platform. Developers have access to a wide range of features, such as smart contracts, decentralized storage, and various tools and resources, all of which are provided by the Solar Core.
With these features, developers can build innovative and robust applications on the Solar Network. At the same time, users can enjoy the benefits of fast and secure transactions, transparent governance, and a thriving decentralized ecosystem.
How Many Solar (SXP) Token are There in Circulation?
According to the data available on coinmarketcap, the total SXP available in circulation is 561,022,283 SXP tokens.
How is Solar (SXP) Network Secured?
Solar network Delegates are responsible for producing blocks and securing the network. They utilize SXP and a voting system to achieve this task. The voting process happens within Solar wallets; only the top 53 candidates become Delegates. These selected Delegates are responsible for maintaining and securing the network and are compensated through transaction fees and block rewards based on their ranking.
Additionally, every Delegate also serves as a node. It can submit a block every eight seconds, which is faster than Ethereum and Bitcoin but slightly slower than Solana’s block submission time.
Where Can You Buy Solar (SXP) Tokens?
Solar (SXP) can be bought and traded on various cryptocurrency exchanges, including Binance, Huobi, OKEx, Gate.io, and BitMax.
FAQ
Is SXP a good cryptocurrency?
To ascertain which cryptocurrency project is good, several variables should be considered. However, the usecase of a token sometimes determines how well it’s going to do in the crypto space.
