Solar (SXP) is an open-source Layer 1 blockchain network focused on creating a decentralized, secure, fast, and sustainable platform for payments and decentralized applications (dApps). Formerly known as Swipe (SXP), the platform underwent rebranding and focused on building a fully decentralized, community-driven ecosystem. Solar aims to address the challenges of traditional blockchains, such as slow transactions, high fees, and significant energy consumption.
From Swipe to Solar: Evolution
Originally, SXP was the token of the Swipe platform, which offered debit cards backed by cryptocurrency and solutions for fiat and cryptocurrency payments. Swipe was acquired by Binance in 2020. After that, in 2021, a rebranding occurred, and the Swipe Wallet project came under the management of the new Solar Network fund, becoming fully independent and community-driven. This was an important step towards greater decentralization and the creation of its own Layer 1 blockchain.
Key Features of Solar:
Delegated Proof of Stake (DPoS) Consensus: Solar uses a consensus mechanism called Delegated Proof of Stake (DPoS). This means that the security of the network is provided by 53 selected "Block Producers" or "Delegates." SXP token holders vote for these Delegates, delegating their stake to them.
Fast Transactions: DPoS allows Solar to achieve high throughput and fast transactions. Blocks are created approximately every 8 seconds, ensuring almost instant payments.
Energy Efficiency: Unlike the energy-intensive Proof-of-Work (PoW) consensus (like Bitcoin), DPoS is significantly more energy-efficient, aligning with Solar's focus on sustainability.
Decentralized Governance: The voting system for Delegates allows SXP token holders to actively participate in network governance, proposing and voting on protocol changes.
Solar Core: The main blockchain of Solar (Solar Core) is built as a modular and extensible architecture designed for the quick deployment of dApps and seamless integration with Web2 and Web3.
Side Ledger Protocol (SLP): Solar offers the Side Ledger Protocol (SLP), which simplifies the creation of customizable tokens (both fungible and NFTs) directly on the Solar blockchain without the need for complex coding. This expands Solar's use cases in areas such as gaming, loyalty programs, and digital collectibles.
EVM Compatibility: A recent major update to the Solar network introduced compatibility with the Ethereum Virtual Machine (EVM). This allows developers to easily port Ethereum-based decentralized applications to the Solar blockchain, significantly expanding its ecosystem and appeal to developers.
Solar aims to become a universal platform for decentralized payments and applications, ensuring speed, security, resilience, and decentralized governance.
