The Solar Network is more than just another blockchain network, it focuses on sustainability solutions and has a noble mission of delivering clean energy solutions to remote areas.
The project, previously named Swipe, was acquired by Binance in 2020 for an undisclosed amount due to it’s on and off-ramp features. Following the acquisition, the platform has successfully transitioned into an independent community-driven Layer 1 project.
Top VC firms and well-known social media influencers do not hold sway over the direction of the platform, the platform is built by open-source contributors with enterprise-grade technologies.
What is the Solar Network?
Solar emphasizes transparency, security and decentralization based on its Solar Core Delegated Proof of Stake Consensus (DPoS).
Based on this Delegated Proof of Stake Consensus, the Solar network only has 53 delegates operating as nodes to maintain and secure the network.
Similar to other PoS blockchains, voters elect delegates that validate blocks. However, in the case of Solar, it prompts voters towards delegates that contribute towards the entire ecosystem.
The Solar Core is part of the ARK blockchain and they share similar characteristics such as being fast, decentralized and sustainable. The ARK blockchain is a fully decentralized, open-source and modular blockchain network that is based on DPoS, the Solar Core is a fork of the ARK Core V3 blockchain.
The difference between Solar Core and the ARK blockchain lies in Solar’s enhanced user privacy through the use of Schnorr digital signatures.
The Tokenomics Behind SXP
$SXP is the native token of the Solar ecosystem, the token’s utility determines the success and growth of the Solar Network.
Holders of $SXP can stake their tokens and participate in the network’s governance and decision making processes.
In addition, holders can also gain access to various platform features and earn rewards. This incentivizes them to participate actively and hold the token long-term.
With its focus on integrating clean energy solutions and building a sustainable future, increased adoption of $SXP and usage of the Solar network bodes well for the advancement of blockchain-powered sustainable developments.
$SXP has a circulating supply of 559,603,547 coins and is designed to be deflationary with a burning mechanism. The fees paid by developers to launch new tokens are burned.
As more applications are launched, the more $SXP tokens are burned, the lesser the supply of the tokens. The team also intends for all transaction fees in relation to Solar’s Metaverse and Launchpad to be burned as well.
You can read more about the SXP token HERE.
The Solar Ecosystem and Roadmap
The Solar ecosystem consists of the Solar Wallet, Solar Side Ledger Protocol, Solarscan, Solar Metaverse and Solar Launchpad.
Most of these features are currently still in development, only Solar Wallet, the Side Ledger Protocol and most recently, Solarscan have been launched.
The primary function of the Solar wallet is to store the $SXP tokens, there is also a streamlined process for users to create new tokens or applications directly in the wallet.
In addition, the Solar wallet also serves as a venue where users can vote for new delegates.
Side Ledger Protocol
The Side Ledger Protocol (SLP) is a Solar feature that enables users to create both fungible and non-fungible tokens (NFTs) on the SXP blockchain in an efficient manner.
The users are responsible for paying creation transaction fees with $SXP which are burned, this makes $SXP deflationary.
Solarscan is a newly launched block explorer that is specifically designed from scratch to integrate seamlessly with Solar Core 5.0.
With Solarscan, users can track their transactions, view the latest blocks added to the blockchain and monitor the network health real-time.
Solar Metaverse and NFT Marketplace
Solar also has exciting plans to launch its very own metaverse and NFT marketplace where creators can sell NFTs.
The creation of game-like features such as quests and missions will enable users globally to connect. Users can also mint passes to gain access to AMA sessions with top celebrities and social influencers.
Likewise, any transaction fees will be denominated in $SXP, they will be burned.
As the Solar network gains prominence, it has the potential to become the settlement layer of choice for other projects. These projects can deploy their own dApps on Solar.
The Solar Launchpad serves as a platform by which fledgling projects can pay a listing fee of between 10 $SXP to 1,000 $SXP to gain visibility and at the same time, gain access to direct funding for their projects.
The Solar Launchpad will also be a decentralized platform that offers unique optional features such as KYC and audits for projects that apply for listing.
The fledgling projects will receive direct funding via the Solar Launchpad.
The burning of transaction and listing fees on the Solar Launchpad will again make $SXP deflationary.
More details of Solar’s features and roadmap can be found in the whitepaper.
Drivers Behind Solar Network’s Meteoric Rise and its Future Potential
While the launch of Solarscan signals greater things to come, the instrumental role that Binance has played in the meteoric rise of the Solar Network cannot be understated.
Earlier on 1 Apr, Binance announced its support for Solar’s mainnet swap and the rebranding of Swipe to Solar, this involves migrating all ERC-20, BEP-2 and BEP-20 Swipe tokens to the Solar mainnet at a ratio of 1:1.
Binance will also provide exclusive support for deposits and withdrawals of SXP tokens via its mainnet.
The impending launch of the Solar Metaverse and Launchpad as well as a new wallet design point towards the continued and sustained growth potential of the Solar network.
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
Featured Image Credit: ChainDebrief
Written by: Clarence Lee
Edited by: Yusoff Kim