Solar is a decentralized community-driven project focused on creating an ecosystem with true governance. It is an enterprise-grade ecosystem with open-source developers and community involvement powered by Blockchain. Solar has a transparent mission and vision initially created by the founders of the project. Its mission is to develop a community-based blockchain project governed by the community and not led by an individual or a single entity.
Anyone is able to participate in the project and provide an open opinion or proposal towards the project. Its vision is to build an ecosystem that allows us to level with other DAOs and provide a blockchain platform that can be compared with projects such as EOS, Solana, and Ethereum. SXP is the native cryptocurrency of the network and is used throughout the protocol and Solar ecosystem.
Solar is designed from open-source blockchain protocols to power peer-to-peer decentralized payments with unique features governed by a DAO. It is built with a DPoS consensus, secured and validated by block producers known as Delegates who are voted in based on SXP vote delegation.
The Side Ledger Protocol, also known as SLP is a feature that enables users to create fungible and non-fungible tokens on the SXP Blockchain. The goal of deploying SLP on the SXP blockchain is to allow anyone to create either simple utility tokens or creating assets with specialized mechanics for advanced utility in the enterprise sector or any other industry where blockchain is needed.
The Blockchain Framework Solar is powered by Solar Core; it is a safe and secure Layer-1 Blockchain Framework that utilizes the Delegated Proof of Stake Consensus, also known as DPoS. The Blockchain with its own native coin named SXP is fast, modular, sustainable, efficient, and fully decentralized without the known issues and vulnerabilities of traditional Proof of Work (PoW) blockchains.
As blockchain technology and the market demand evolves over time, so does Solar. By the end of each year, a new project leader will be elected by the community and the voters. The project leader will be able to improve on the set goals by the founders or manage the project in a completely different way with a new roadmap that sets new goals and milestones for the future.
What is Solar (SXP) used for?
Staking
Block rewards and transaction fees are awarded to the active delegate responsible for reporting a given block and securing the network.
NFT development
Creating fungible tokens or NFTs can be done by using Solar wallets or by using the SDKs. The SLP features will be similar to ERC20/BEP20 or ERC721 and are not strictly bound to Solidity technology.
Send tokens
With the help of Restful APIs, you can use almost any coding language to access the SLP features. The fees to send SLP tokens over the SXP blockchain are dynamic and used lower than 0.2 SXP.
Burning
The SXP Blockchain enables a new transaction type called “burn”. This transaction type allows anyone at any time to burn SXP coins straight from the Solar wallet without having any technical knowledge. Obviously, this transaction type comes with warnings in the wallet and with a huge security disclaimer. Burning transactions will be introduced in many of the Solar products and features such as token creation, metaverse, and launchpad.
Metaverse
A metaverse is a network of 2d or 3d virtual worlds focused on social connection. The open-source developers behind Solar are creating a unique metaverse concept that interacts with the SXP blockchain in many ways.
How is Solar (SXP) unique?
In each block, fees are collected from transactions on the blockchain. These are added as rewards to the delegate for operating a forging node on the blockchain. Block rewards are inflationary coins, meaning the total SXP supply is increased by 530 SXP per round. This serves as a form of consistent inflation that reduces over time due to the non-fluctuating rate of rewards. However, the amount of block rewards can be changed in the future by modifying the milestones of the Solar Core.
On the SXP Blockchain, many of these delegates choose to take a small commission from the total reward and share the remaining commission with their voters. This form of reward sharing is completely optional and not all delegates will share their rewards. Reward sharing can vary widely with delegates taking a commission of anywhere from 0-100% of the total rewards.
A user’s vote weight adjusts automatically as funds are sent and received, and there is no need to re-vote or un-stake. To change a vote, a user simply un-votes their current Validator and elects another by casting a new vote transaction. Voting transactions can be made by using the wallets provided by Solar. Delegates are able to contribute more to the ecosystem other than just simply sharing the forging rewards with their voters.
Delegates can offer contributions to the ecosystem in the form of development, security improvements, marketing, moderating, a combination of all, or any other form of contribution. By voting for delegates that contribute to the ecosystem and share less of the forging rewards, they are decreasing the number of rewards you might receive. But they are potentially creating a better short-term or long-term value for the asset you are holding.
How many Solar (SXP) coins are in circulation?
It has a circulating supply of 561,650,567 SXP coins.
The cost to create (Genesis) fungible tokens or NFTs is 5 SXP. The genesis fees are always burned. Which makes SXP also deflationary. The more users create tokens using SLP, the more SXP coins will be burned. In comparison, about 10 million contracts have been deployed on Ethereum in the year 2021.
Roughly 50 million SXP would be burned on the SXP blockchain if it had the same volume of genesis transactions as Ethereum in 2021, making SXP a deflationary coin at the same time.
How is the Solar network secured?
Issues and vulnerabilities such as being energy intensive or the risk of taking part in 51% attack vectors. The Blockchain Framework has been forked from ARK Core. Solar Core improved the security of the Blockchain Framework by fully utilizing Schnorr for signatures.
Solar Core entirely drops all support for ECDSA due to persistent signature malleability vectors. Solar Core also provides a more robust block production routine to minimize the likelihood of nodes missing blocks and therefore creating a more stable and operational blockchain. Security first. The blockchain framework is open-source and actively maintained on Github by dedicated Core developers.
Anyone is able to create a PR or open an issue on the Github repositories to discuss or point at a potential vulnerability in the code. These issues will always have the highest priority and will be taken seriously to ensure that the framework will always be safe to use for the users and for anyone participating in the Solar DAO.
The Delegated Proof of Stake consensus with 53 delegates also known as node operators or validators is responsible for securing and maintaining the network with high-end servers. Each Delegate will submit or forge 1 block per round. 1 round consists of 53 blocks. Each round will be forged by all 53 delegates. The time to forge a block is 8 seconds. Each round produces 530 SXP that will be shared among the delegates. The reward per delegate is based on their ranking in the top 53.
The Solar Core has several enhancements such as the Side Ledger Protocol for token issuing with and without metadata and custom transaction types to allow “burning” and “SolContract” which allows the creation of Solidity Smart Contracts on the SXP Blockchain. The Solar Core also enables dynamic forging rewards based on the position of a delegate.
How do I buy Solar (SFX)?
The SFX token can be used for a wide range of purposes, like staking and governance.
SFX tokens can be easily purchased by following the following steps.
Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy SFX through your trading account by swapping with BTC, ETH, or USDT pairs.
Which Cryptocurrency Wallet Supports Solar (SFX)?
The PTPWallet platform supports many cryptocurrencies, with SFX soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, is supported by both Android and iOS devices, and comes with its own mobile wallet app.
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