Where Does Solar Come From?
Once upon a time, a Swipe payment system managed to make a real revolution in the financial market and acquire influential partners and hundreds of thousands of users worldwide for several years of its existence. Even such market giants as Binance and FTX used the platform’s services. The SXP token successfully functioned within the framework of the project, and its value steadily (naturally, with a note on the volatility of the crypto market) grew. In July 2020, it became known that Binance had acquired the Swipe company. After a while, it was announced that Swipe is waiting for big changes — the launch of its own Solar blockchain. Solar has become a new round of ecosystem development — a community-driven and energy-efficient payment blockchain.
is a Layer 1 blockchain that focuses on decentralization and community involvement. Solar operates based on Delegated Proof of Stake consensus mechanism with 53 node operators, in other words, Delegates. Solar developers are adherents of the original idea of cryptocurrency creation, characterized by true governance, decentralization, openness, and security. So everyone can contribute to the development of the Solar ecosystem, share their opinions or make proposals for improving the system. The developers set an extremely ambitious goal — to become neck and neck with such market giants as
Solar utilizes Delegated Proof of Stake consensus algorithm, making the blockchain more eco-friendly, efficient, decentralized, and 51% attack resistant. 53 validators are responsible for the security and maintenance of the network. Delegates are selected by voting. By the way, users can vote for the Delegate directly in the Solar wallet. The main criterion when choosing validators is the weight of the wallet. The greater the wallet's weight, the more chances a potential validator has to become a Delegate and start earning rewards. Delegates receive block rewards and transaction fees for their work. It is important to note that the reward amount depends on the delegate's ranking. An interesting fact is that Delegates can share part of the profits with their voters to encourage them.
Solar And Decentralized Finance
SXP Deflationary Coin
To ensure the ecosystem's further prosperity and the SXP value's growth, the project team endowed the coin with a deflationary nature. They implemented a coin-burning mechanism that is activated in several ways:
- Firstly, as mentioned earlier, developers of decentralized applications pay a certain fee for launching their projects. This amount doesn’t go to the Solar team but is immediately burned. Thus, the more users use Solar as a native platform for launching decentralized applications and tokens — the more SXP tokens are burned. Simply put, if Solar becomes a native platform for 5 million contracts, 25 million SXP tokens will be burned.
- Secondly, the developers mentioned that they are actively working on creating a Solar Metaverse. So far, too little information is available, and the project team keeps users excited. But it’s not about that. All SXP transaction fees used in the Metaverse must also be burned.
- Thirdly, the project team is working on the development of a launchpad. Those wishing to place their project on the Solar Launchpad will have to pay a certain fee. From 10 to 1000 SXP, depending on the range of features used: whether it’s just a regular listing or fundraising. All fees received on the Solar Launchpad are also burned.