What is Solar?
Solar (SXP) is a fast, efficient, and open-source blockchain network designed to facilitate decentralised payments, managed by a decentralised autonomous organisation (DAO). It utilises a Delegated Proof of Stake (DPoS) consensus mechanism to secure and validate blocks.
How does Solar work?
Solar operates on a Delegated Proof of Stake (DPoS) consensus mechanism, involving 53 block producers who validate transactions and secure the network. This system allows for fast block times of 8 seconds. Users can stake SXP tokens to participate in network governance, vote for block producers, and potentially earn rewards. The network's open-source nature and DAO governance encourage community-driven decision-making and transparency.
What are the potential use cases for Solar?
- Payments and Transactions: SXP enables rapid and secure transactions, making it ideal for everyday payments.
- Token Creation and Management: Users can issue and manage tokens on the Solar blockchain.
- Metaverse and Gaming: The network supports projects like District 53, a metaverse where users can trade resources and earn SXP.
- Staking and Voting: SXP holders can participate in network governance and earn staking rewards.
- Third-Party Services: Integration with services for paying with SXP.
- Launchpad and Funding: Support for funding projects via the Solar launchpad.
What is the history of Solar?
- Founding Team: Nayiem Willems and Joselito Lizarondo, who originally started with the Swipe project.
- Background: Initially launched as Swipe in 2018, it evolved after a $12 million ICO in 2019 and a Binance acquisition.
- Significant Milestones: Solar launched as a community-driven project in July 2020 and debuted its mainnet in March 2022.
- Major Updates: Transition from Swipe to Solar, Adoption of the DPoS consensus mechanism.
- Evolution: Solar has grown to include an open-source network for developers, community governance through a DAO, and expanded market presence through various partnerships and exchange listings.