What is Solar (SXP)?

WhiteBIT
Published 26 May 2023
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What is Solar (SXP)?

Content

Solar is a decentralized blockchain that uses a Delegated Proof-of-Stake consensus algorithm (DPoS) in which 53 elected block producers validate the transactions. The native project’s cryptocurrency is called SXP coin and its ticker is SXP. The project and token used to be called Swipe, and the new name after rebranding is Solar.

The block producers have responsibilities to maintain the blockchain via creating and witnessing blocks, voting on governance issues, and validating transactions. According to the project, the Solar blockchain is incredibly fast, with transactions typically taking just 8 seconds to process. It is also very secure, sustainable, and energy efficient.

As a Layer 1 network, Solar solves the inherent blockchain problems of speed, scalability, and decentralization. The project has a White Paper where one can find all the necessary information for the project’s tokenomics and a roadmap.

What is the Solar Blockchain Foundation?

The Solar Blockchain Foundation was established in Estonia, and it is a non-profit organization. The foundation focuses on creating a blockchain ecosystem with open-source developers and community involvement. The foundation aims to bring financial and technical support to its projects and entities in the greater Solar community. This will help grow the Solar ecosystem in terms of volume and acceptance.

What is Solar Coin (SXP)?

SXP coin is the native cryptocurrency of the Solar blockchain. You can use the SXP coin to vote for Solar block producers, transfer value, or utilize the various services and offerings across the Solar ecosystem.

Using the Solar Desktop Wallet, 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 may reward their voters with a percentage of block rewards. The amount and payout time varies with each block producer. Solar encourages block producers to contribute to the project using their skills. For example, some block producers provide community support, marketing materials, plugins, or security services.

Each SXP coin the user holds in a voting wallet weighs one vote. Unlike more traditional staking mechanics, voting does not lock up funds, votes can be changed at any time, and SXP coins can be added or removed from a voter’s wallet at any time. Adding SXP tokens to an already voting wallet simply increases its vote weight.

What is SXP Crypto Usage?

Like almost any other crypto, Solar can be used for trading. SXP is listed on over 40 exchanges and can be traded in 250+ spot trading pairs. Yet another usage of SXP cryptocurrency is to pay for goods and services, which is implemented on many third-party services. Launching its own marketplace for NFT and creating a metaverse opens wide perspectives for SXP crypto usage.

SXP Coin Swap

The users owning SXP tokens of ERC20, BEP2, or BEP20 standards must swap them in the SXP Swap portal to the mainnet coins. This transition must be made before the 30th of June, 2023. After that, the portal will be closed. The transition process marks an important milestone in Solar’s history and is supported by Solar’s team. It is a smooth, efficient, and simple way to give your legacy tokens a new life!

SXP Wallets

The users of Solar Wallet can vote for block producers, offer themselves for a block producer role, create tokens in the Solar network, and more. Currently, just Solar Desktop Wallet is available for storing cryptocurrencies and participating in the network’s life. Solar Mobile Wallet and The Solar Browser Wallet will be available soon. With them, users will be able to create tokens, monitor the blockchain, or interact with the metaverse from any device.

SXP Metaverse and NFT Marketplace

You can find the creation of a metaverse in 2D and 3D for social interaction on the project’s roadmap. The Solar project community is focusing on enabling a set of key utilities for this cosmic-spiced metaverse:

  • Integrated features for creating fungible tokens on Solar and NFTs;
  • Marketplace, allowing creators to sell digital artifacts in the metaverse like characters, furniture, and art;
  • Buy, modify, and upgrade spacecraft with SXP coins;
  • Create worldwide quests, digitally and offline, in the form of puzzles like in Cicada 3301;
  • Interact with the SXP blockchain and create dApps on it;
  • Access passes for private Q&A sessions with VIPs, celebrities, and influencers;
  • Burning SXP transaction fees in the metaverse.

You will be able to create NFTs and purchase items to display or to use inside the metaverse. It is believed that the NFT marketplace will be in great demand. This marketplace will function similarly to OpenSea and allow users to sell their NFT via third-party services or the original Solar marketplace currently under development.

The Future of Solar

The Solar mainnet launched in March 2022 and has seen steady growth within this short period. It has a very active community, and the project is active on Social Media. It has its blog where the latest updates are published and accounts on Twitter, Discord, and Telegram. SXP Solar’s future certainly looks bright, and we look forward to seeing how this project evolves.