What is SXP?
The use cases of cryptos are rapidly expanding. SXP, for example, has created new avenues to use cryptos, be it a card or a mobile wallet linked to Apply Pay and Google Pay. What’s more,SXP tokens can also be staked to earn passive income.
SXP is a native coin of Solar, which is a community-driven project. After being rebranded as SXP from Swipe, it is anticipated that the standalone digital asset will receive an enormous boost in the future, leveraging its popularity, especially after it crossed $1 billion worldwide in crypto-visa-linked transactions. The Swipe visa card allowed users to make payments using their cryptos by facilitating easy conversions between cryptocurrencies, fiat currencies, and stablecoins.
As part of the launch of its main network (the mainnet), it offers unique ways in which users can learn about SXP while earning free tokens. When a blockchain is fully developed, tested and deployed, it is called a mainnet.
All You Need to Know About Solar and SXP?
What is Solar?
Solar claims to be one of the most energy-efficient blockchains which uses the delegated proof-of-stake mechanism by Solar Core. Apart from being sustainable, the blockchain also promises to be faster, modular, more efficient, and entirely decentralised, offering better privacy to its users. Being community-driven, the objectives of Solar are extremely fluid. The project aims to keep pace with the latest technology and offer the best to its users.
The Transformation Over the Years
Having changed the global payment and digital ownership space, the technology progressed onto the NFTs, metaverse and more widespread decentralisation. Solar’s mission is to mobilise concepts and be the catalyst of the future innovation. All this is mapped out in 3-steps:
- Launching an open-source layer 1 blockchain on which the transactions are processed and finalised.
- Operate as a DAO (Decentralised Autonomous Organisation) for the community
- Support people who are willing to innovate
Having already established itself as a robust layer-1 blockchain, posing tough competition to Ethereum Solana and other similar layer-1 blockchains, Solar has also taken the next leap towards innovation. For example, through the learn and earn model, Solar is not only telling users how to earn SXP, but they are also bringing the community together by ensuring their vision reaches the masses.
For Solar, launching tokens and NFTs is a small part of the big picture that includes creating a Solar Metaverse, an NFT Marketplace, multi-platform digital wallets and the most recent launch of its mainnet.
The Unique Learn and Earn Model
SXP has collaborated with CoinMarketCap to launch a CoinMarketCap SXP Learn and Earn Quiz. As a result, they have developed a unique way to help crypto enthusiasts learn about SXP and earn SXP tokens. CoinMarketCap users need to take a short quiz to earn SXP. SXP reward tokens are then distributed randomly to users who answer the quiz correctly.
The quiz campaign ran from 7th April to 20th April 2022. The total reward pool comprised around 69 thousand SXP tokens ($100,000 ~ Rs. 76 lakh). Lucky users will receive 13.9 SXP (~Rs. 1,522) and 50 diamonds (CoinMarketCap’s token for exclusive discounts) as reward. The rewards will only be disbursed through the Binance Accounts of the winners. The Binance Account come with a crypto wallet that will store the earned SXP coins, which in turn can be used for trading or staking.
Linking rewards with the quiz is a good way to ensure people learn about SXP. The marketing move hits a sweet spot and helps spread the word about the rebranding as more and more people read about it before they attempt the quiz.
Why Should You Try to Earn SXP?
The biggest criticism blockchains or cryptos have received is that they harm the environment because of the amount of power they use while processing transactions, especially proof-of-work blockchains like bitcoin. Solar targets this by being an open-source software backed by a strong community and using the delegated proof-of-stake mechanism.
Users can vote for the node operators they wish to use. Node Operators are the ones who facilitate the transactions with the blockchain. They validate the blocks that are then added to the blockchain. The node operators are called delegates and enable the functioning of the delegated proof-of-stake model. The delegate also secures and improves the network. They can also share their SXP rewards with the voters, making this another way to earn SXP coins.
DAO (Decentralised Autonomous Organisation)
Moving to a decentralised system, Solar is turning into a DAO, entirely eliminating central governance. The members entirely operate a DAO instead of the general hierarchy-based organisation structure of a centralised organisation. Voting is a part of the DAO system. Solar Community Foundation is also a result of the creation of the DAO. This foundation reviews and assigns monetary benefits like grants to develop innovation-driven projects through Solar.
SXP was previously launched as Swipe’s token, a debit payment card linked to Binance and FTX. It allowed using crypto assets for real-world products and services. Following through on the same concept, the added layer of decentralisation makes buying or earning SXP tokens a more lucrative option for investors who wish to move away from being centralised in any form.
SXP Tokenomics and Staking
After the launch of the mainnet, ERC-20 and BEP-20 tokens can be swapped for SXP tokens in a 1:1 ratio. Therefore, to earn SXP coins, you can simply swap your ERC-20 and BEP-20 tokens and own one of the 478 million SXP tokens currently in circulation.
90% of Transaction Fees are Burned
When a user pays transaction fees in SXP, 90% of it is burned when the transaction is completed. The remaining 10% is given to the delegates, which they can share with the voters. This controls the amount of SXP reward tokens that exist.
The Future of Blockchain
Earning SXP tokens is gaining popularity because of Solar’s positive future outlook. Creating a DAO that covers digital assets comprehensively while building a strong community of innovators plugged in to create a better future makes Solar and SXP a popular investment for many. While the attention is on Solar, the energy-efficient blockchain focuses especially on those parts of blockchain technology that really matter.
Stay tuned to ZebPay to read more about the up-and-coming blockchains. Now that you know about Solar and its objectives don’t forget to try your luck with the quiz!