Solar Network - A Safe and Secure Layer-1 Blockchain Framework

In this article, we will cover all basic information about Solar Network which is new blockchain developed in 2022 and define whether it is potential or not.

What is Solar Network?

Solar Network is a layer-1 blockchain powered by Solar Core that employs the Delegated Proof of Stake (DPoS) consensus model, with SXP as its native coin. This makes the Solar Blockchain sustainable, efficient, and fully decentralized, as opposed to traditional Proof of Work (PoW) blockchains, which are energy intensive and vulnerable to centralized attack vectors.

There are 53 delegates, also known as node operators, on the Solar Blockchain. The voters choose these delegates based on the size of their wallets. The simplest way to vote for a delegate is to download the Solar wallet and vote for one or more delegates.

A delegate's primary function is to contribute to the blockchain network by providing security enhancements, code updates, and other services.

How Does Solar Network work?

Solar Network employs the Delegated Proof of Stake consensus algorithm, which makes the blockchain more eco-friendly, efficient, decentralized, and 51% resistant to attacks. The network's security and upkeep are the responsibility of 53 validators.

Delegates are elected through popular vote. Users can, by the way, vote for the Delegate directly in the Solar wallet. The weight of the wallet is the primary criterion for selecting validators. The heavier the wallet, the more likely a potential validator is to become a Delegate and begin earning rewards.

Delegates are compensated with block rewards and transaction fees for their efforts. It is important to note that the amount of the reward is determined by the delegate's ranking. A fascinating fact is that Delegates can share a portion of their profits with their voters in order to encourage them.

Products of Solar Network

The following list is about products of Solar Network project.

NFT Marketplace

With the ability to create NFTs and the Metaverse's primary utility of purchasing items to display or use within the Metaverse, we believe that an NFT marketplace will be in high demand for the Solar project.

Solar network will investigate opportunities to provide its services and technology through other NFT marketplaces such as OpenSea. In any case, Solar will provide a platform for users to sell their NFTs, either through third-party services or through an NFT marketplace built by the Solar developers.

Launchpad

There is no need to state the obvious, but given how simple it is to generate fungible tokens on the SXP blockchain, it is certain that a great number of companies will become aware of Solar and begin developing their ideas with SXP.

It is only a matter of time before serious projects start looking for a launchpad. There are already a few serious projects waiting in the starting grid to leverage the SLP features of SXP, thus it is only a matter of time before serious projects start looking. A springboard from which they may either fund their initiative or get the attention and knowledge of the community.

Solar Network has already begun the process of creating a launchpad that will have several significant critical characteristics that will be advantageous for the SXP bearer.

If a project wants to list themselves on the Solar Launchpad, they will have to pay a particular cost in order to do so. This fee varies depending on the type of project.

Depending on the type of listing, these costs could range anywhere from ten to one thousand SXP. Regular listings will be charged ten SXP, while initial coin offerings (ICOs) will be charged one thousand SXP.

The launchpad will be decentralized and will provide unique optional features for projects that are applying for listing, such as KYC and Audits. Projects will be able to receive funding directly through the Launchpad platform. On the Solar Launchpad, all transaction fees and listing fees will be burned instantly.

Wallets

Using the so-called Solar wallets is the primary program that is required in order to communicate directly with the SXP blockchain. Forked from the ARK repository, the early Solar wallets provide users with the ability to send and receive SXP coins as well as vote for delegates on the SXP blockchain. These wallets offer rudimentary functionality.

New wallets for desktop computers, mobile devices, and web browsers are currently in the process of being developed so that users can interact with all of the features that the SXP blockchain has to offer. These features include the ability to create tokens, interact with the metaverse, use tools to monitor the blockchain, and a great number of other features.

The browser wallet, also known as "Armor," is scheduled to be delivered in the third quarter of this year. It will have the same look and feel as the Metamask wallet, and it will give users the ability to interact with the SXP DeFi capabilities.

Solar Community Foundation

The Solar Community Foundation is a philanthropic organization that will evaluate less ambitious blockchain-based projects that have been established on the SXP chain. These smaller initiatives may submit funding requests in order to provide distinctive features or utilities for Solar. Anyone interested in working on Solar Network can begin doing so without first having to become a foundation delegate if they use the foundation's services.

The funding will come from venture capitalists, investors, and, if they so want, delegates who are interested in making a donation to the Solar Community Foundation.

The mission of the foundation is to be guided by engaged people of the local community. The community will be able to vote on projects and either approve or decline a financing proposal by utilizing the governance module.

What makes Solar Network unique?

• Efficient

In contrast to other traditional blockchains, Solar network employs DPoS. This contributes to solar being sustainable, effective, and completely decentralized.

• Community driven

Solar Network aspires to be a completely transparent community-governed blockchain. This may help to gain the loyalty and interest of more crypto enthusiasts around the world.

Solar Network SXP

The Blockchain, which has its own native coin called SXP, is fast, modular, sustainable, efficient, and completely decentralized, with none of the known issues and vulnerabilities associated with traditional Proof of Work (PoW) blockchains.

Key Metrics of Solar Network Token

• Token name: Solar
• Ticker: SXP
• Market Cap: $155,223,401
• Circulating Supply: 501,886,069
• Total Supply: 542,685,963
• Total Value Locked (TVL) : $160,377

$SXP Token Utilities

It is used throughout the entire Solar network. SXP holders can vote on governance issues and delegate their votes to gain block rewards.

Solar Network Team

The Solar network team is known to be made up of open-source developers.

Along with open-source community developers, Nayiem Willems leads the technical aspects of Solar. He has extensive experience in developing and leading businesses in the blockchain and financial sectors, as well as running successful businesses for real-world applications in the tourism industry, and he continues to apply his knowledge to develop the most comprehensive, all-in-one, industry-leading decentralized blockchain solution.

Roadmap of Solar Network

Solar Network team updates their roadmap frequently. You can learn more by vising here: Solar

Conclusion

Hopefully, you have already had the ansswer for what is solar network?. Solar's mainnet was launched in 2022, therefore, Solar may face stiff competition and difficulty realizing its full potential. However, Solar Network requires time to develop, and we will see how far it can go.

Learn more about Solar Network here

• Website: https://solar.org/

• Twitter: https://twitter.com/SolarNetwork

• Telegram: https://t.me/Solar_Network

• Facebook: https://www.facebook.com/Swipe/

Common Questions

How Is the Solar Network Secured?

Solar Network employs a Byzantine Fault Tolerance consensus mechanism powered by SXP through Delegated Proof of Stake (DPoS).

Where to buy Solar (SXP)?

The Solar (SXP) coin is currently traded on over 50 exchanges, including several of the largest and most reputable platforms, such as Binance, KuCoin, and Poloniex.

SXP is currently trading against a number of cryptocurrencies, including Tether (USDT), Bitcoin (BTC), and Ethereum (ETH), as well as fiat currencies such as Korean won (KRW), euros (EUR), and US dollars (USD).

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