What is Solar?

Solar (SXP) is a decentralized blockchain that utilizes a Delegated Proof-of-Stake (DPoS) consensus model. It is powered by its native utility token, SXP, which plays a crucial role in securing the network and facilitating transactions. Users can stake SXP tokens to help secure the network and in return, they may receive compensation. The Solar blockchain also allows users to propose and vote on changes to the protocol, thereby fostering a transparent governance ecosystem. The Solar blockchain is designed to be an enterprise-level ecosystem, supported by open-source developers and community participation. It provides a platform for developers to build decentralized applications (DApps) with access to a variety of features, tools, and resources.

How does Solar work?

Solar operates on the Solar Core, a Layer-1 Blockchain Framework, using the Delegated Proof-of-Stake Consensus (DPoS). The network is maintained and protected by 53 delegates, also known as node operators or validators. These validators are chosen by the community through a voting process. Solar aims to enhance its security by a combination of Proof-of-Stake (PoS) consensus, multi-signature wallets, smart contracts, and a decentralized architecture. Instead of miners competing to validate transactions, the PoS mechanism selects validators based on their stake in the network. Solar also has a bug bounty program in place to encourage security researchers to identify and report potential vulnerabilities, aiming to continually improve the network's security.

What are the potential use cases for Solar?

Solar's primary use case is to provide a platform for the development of decentralized applications (DApps). Developers can leverage the features provided by the Solar Core, such as smart contracts and decentralized storage, to build a wide range of applications. The SXP token, being the primary currency of Solar DApps, can be used for transaction fees on the Solar blockchain and for staking to secure the network. Users can also participate in the governance of the Solar blockchain by proposing and voting on changes to the protocol. Furthermore, the Solar blockchain seeks to provide sustainable, clean energy solutions to remote areas, highlighting its potential in the renewable energy sector.

What is the history of Solar?

Solar Network was founded in 2018 by Joselito Lizarondo and Nayiem Willems, who had previously launched Swipechain. Their mission was to leverage blockchain technology to provide sustainable, clean energy solutions to remote areas. The Solar Blockchain Foundation was established in December 2021 in Estonia, following the acquisition of the remaining outstanding shares of Swipe (SXP). The foundation's key focus is to build a blockchain ecosystem involving open-source developers and a thriving community. There are 556,386,099.063 SXP tokens in circulation.