What is Solar?

SXP is a popular altcoin among investors. However, before you Trade SXP, it is vital that you understand what you are investing in. Let's find out what's SXP and how it functions.

Solar, formerly known as Swipe, is a layer-1 blockchain that prioritizes decentralization and user involvement. Solar uses a Delegated Proof of Stake consensus technique and has 53 node operators, or Delegates, to run the network.

Solar developers are firm believers in the original vision of cryptocurrency development, which prioritized transparency, openness, and safety. In this way, anybody may have a say in shaping the future of the Solar environment by offering their thoughts, ideas, and suggestions. The creators have an incredibly lofty goal: to compete with market giants like Solana and Ethereum.

How is Solar different?

Because Solar employs the Delegated Proof of Stake consensus process, the blockchain is more eco-friendly, efficient, decentralized and immune to 51% attacks. There are now 53 validators keeping the network safe and running smoothly. Voting determines who will serve as delegates. Users can vote for the Delegate directly in the Solar wallet.

The weight of the wallet is the most important consideration for selecting validators. The greater the weight of the wallet, the more likely a potential validator is to become a Delegate and begin receiving rewards. In exchange for their services, delegates are rewarded with a portion of the block rewards and transaction fees.

While Solar is a P2P payment network, its users may also utilize the Side Ledger Protocol to build DApps and issue their own tokens, both of which can be exchanged for other tokens or used independently. The project's developers have highlighted the simplicity and speed with which tokens may be generated.

A Solar wallet or a custom-built software development kit (SDK) makes it possible for even a complete crypto rookie to create their own fungible tokens or NFTs. Solar's minimal service expenses are another perk for token launch developers. For example, manufacturing fresh new tokens costs only 5 SXP.

How many SXP tokens are there?

SXP tokens are limited to 300 million. However, the protocol issues more than 2 million SXP per month, with a portion of these tokens being paid as staking incentives to users participating in the network's operation. The remaining supply is distributed to Swipe, where it is utilized to pay back the company's original founders and employees.

With the token supply of SXP set to be reduced over time, there will eventually be only 100 million tokens in circulation.

Network Security

The Solar (SXP) network is secured using a delegated proof-of-stake (DPoS) consensus mechanism. In a DPoS system, token holders can delegate their tokens to validators, who are responsible for verifying and validating transactions on the network. Token holders elect these validators based on their reputation and track record of maintaining the security and stability of the network.

The Solar network uses a consensus algorithm that combines DPoS with random sampling and verifiable secret sharing (VRF) to create a secure and efficient network. In this system, a small group of validators is randomly selected to validate a block of transactions, and the VRF ensures that the validators are selected fairly and transparently. The validators are then incentivized to act honestly and maintain the network's security by being rewarded with transaction fees and block rewards.

By using a DPoS system, the Solar network can achieve fast and efficient transaction processing while also maintaining a high level of security. The combination of token holder delegation, random sampling, and VRF ensure that the network is highly resistant to malicious actors while also providing a high degree of decentralization.

Founders

Swipe was established in London by Joselito Lizarondo, but it also has offices in New York, Tallinn, and Manila.

Through a combination of private and public token sales, Swipe was able to generate almost $24 million. A total of 60 million SXP, or 20% of the total supply, were sold throughout these fundraising efforts.

In 2020, Binance, a cryptocurrency exchange, bought Swipe. Since then, Swipe has rebranded as Solar.

Where can you buy SXP?

SXP is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.

Disclaimer: Cryptocurrencies are highly volatile and subject to market, technical, and regulatory risks. Crypto trading requires one’s own diligence, and Cryptoforce will not be responsible for any losses incurred. Any information provided here should not be regarded as Cryptoforce’s technical or financial advice