Solar (SXP)

About Solar (SXP)

Solar (SXP) is a decentralized blockchain that operates on a Delegated Proof-of-Stake (DPoS) consensus model. Its native utility token, SXP, plays a vital role in securing the network and facilitating transactions. Users can stake SXP tokens to help maintain network security and, in return, may receive rewards. The Solar blockchain encourages transparency and community involvement by allowing users to propose and vote on protocol changes.

Built on the Solar Core, a Layer-1 Blockchain Framework, Solar is maintained by 53 delegates, or validators, who are elected through a community voting process. This governance model aims to enhance security through a combination of Proof-of-Stake (PoS) consensus, multi-signature wallets, smart contracts, and decentralized architecture. Unlike traditional mining systems, Solar selects validators based on their stake, ensuring a more efficient validation process. Additionally, a bug bounty program incentivizes security researchers to identify vulnerabilities, continually improving network security.

Solar’s primary focus is to provide a platform for developing decentralized applications (DApps). Developers can utilize features offered by the Solar Core, such as smart contracts and decentralized storage, to create various applications. The SXP token serves as the main currency for transaction fees within Solar DApps and for staking purposes. Users can also engage in governance by proposing and voting on protocol changes. Notably, Solar aims to deliver sustainable, clean energy solutions to remote areas, highlighting its potential impact in the renewable energy sector.

Founded in 2018 by Joselito Lizarondo and Nayiem Willems, who previously launched Swipechain, Solar seeks to harness blockchain technology for sustainable energy solutions. The Solar Blockchain Foundation was established in December 2021 in Estonia, following the acquisition of Swipe (SXP) shares. The foundation focuses on building a vibrant blockchain ecosystem with contributions from open-source developers and a supportive community. Currently, there are 556,386,099.063 SXP tokens in circulation.