Solar

The Solar network is a layer 1 blockchain known to be one of the most energy-efficient blockchains. The network uses Delegated proof-of-stake (DPoS) mechanism and features 53 block producers that play a vital role in securing the network. The blockchain is entirely decentralized and open-sourced with an emphasis on the community-driven aspect and offers faster, more efficient, and better privacy to users. 

The Solar (SXP) was founded by Joselito Lizarondo and Nayiem Willems in 2022. The co-founders already had a strong footing in the crypto space with Swipe, a crypto payment system. 

• Eco-friendly consensus mechanism: Solar uses the Delegated Proof of Stake (DPoS) consensus mechanism to secure the network which is considered more eco-friendly compared to proof-of-work (PoW).

• Scalability: The network is designed to handle a high volume of transactions efficiently, facilitating fast and low-cost transactions.

• Community-driven: The Solar ecosystem is a community-driven project without a centralized authority. It is overseen by a DAO, hence all major decisions are taken via proposals and voting. 

• Open-source: The Solar network is open-source and allows developers in the crypto space to use its tools such as Side Ledger Protocol (SLP), Solar Wallet, and Launchpad.

Among promising cryptos, SXP stands out among other layer-1 blockchain ecosystems for its scalability and interoperability. Its community-driven approach positions SXP as a prominent cryptocurrency in the broader market. As of July 2024, the SXP token is trading at $0.25 and holds the 271th position by market cap. The token’s all-time high is $5.86, which was achieved on 3 May 2021. While the token’s price has nosedived from its ATH, experts and technical analysts forecast that the token will have an upward movement in the future. 

To invest in SXP, download the CoinSwitch app.

• Medium of exchange: The SXP token can be used as a medium of exchange on-chain and also to buy goods and services from merchants that accept the SXP token. 

• Governance: SXP token holders can vote on the network’s governance for the platform’s improvements.

• Staking: Token holders can also stake their SXP tokens to earn rewards.

• The Solar network facilitates fast and low-cost transactions.

• The Solar network is open-sourced, decentralized and community-driven

• SXP token holders can stake their tokens to earn rewards and also participate in the network’s consensus mechanism.

• SXP ranks only at #470 in terms of the overall trading volume.

• SXP tokens are subject to market volatility which may impact its price.  

• As crypto, SXP is in the early stages and still has a long way to go toward mainstream and real-world adoption.

• To start trading in SXP tokens on CoinSwitch, download the app. 

• You can begin your investment with funds as low as ₹100.

• CoinSwitch charges a nominal fee for trading.

Solar journey in the digital currency sector started with Swipe, a crypto payment system launched by the co-founders of the Solar network in 2018. In August 2019, Swipe raised $12 million through an Initial Coin Offering (ICO). The ICO attracted prominent investors including Binance, which acquired a controlling stake, and Alameda Research.