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What Is Solar?

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Oct 13, 2022
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4 min read
what-is-solar

This blog post will cover:

  • About Solar (SXP)
  • Where did Solar (SXP) come from?
  • What are the advantages of Solar (SXP)?
  • What are the disadvantages of Solar (SXP)?
  • How to buy Solar (SXP)?

About Solar (SXP)

Solar is a fully decentralized open-source blockchain. It works with DPoS consensus and is protected by fifty three voted-in delegates rendering blocks and validating transactions. Solar prides itself on the fact that it is a community run project. 

Solar blockchain delivers a wide range of instruments allowing it to stand in line with other enterprise-grade apps. It also positions itself to be available for everybody — anyone can join the project and share his/her opinion or offer some changes. 

SXP is the native coin of Solar. It is utilized throughout the whole network of Solar. SXP holders can vote with the governance purpose and delegate it to gain block rewards.  

Where did Solar (SXP) come from?

The mainnet of Solar was launched in March 2022. It is known that the Solar team consists of open-source developers. Nayiem Willems is one of the project founders. 

Solar's core aim is to establish a community-based project which is also governed by users instead of being led by a sole organization.

What are the advantages of Solar (SXP)?

  • Efficient. Solar utilizes the DPoS in contrast to various classic blockchains. This helps to make Solar sustainable, effective and completely decentralized. 
  • Community driven. Solar is aiming to be a completely transparent blockchain governed by its community. This might help earn the loyalty and interest of more crypto enthusiasts worldwide.  

What are the disadvantages of Solar (SXP)?

  • Young project. Solar’s mainnet was launched in 2022 and it’s quite a new concept that has appeared on the crypto market. It could face a high competition level and difficulty in realising its potential due to the number of active projects. However, Solar needs some time to evolve and we will see how far it could go. 

How to buy Solar (SXP)?

If you are planning to purchase SXP, make sure to visit the SimpleSwap homepage. Follow our instructions to buy SXP:

  • For example, you would like to exchange BTC for SXP. Choose the currency you want to exchange (BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select SXP in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. SXP will be sent to this address. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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