The Solar (SXP) developers are making a huge bet on Delegated Proof of Stake.
To explain, Delegated Proof of Stake (DPOS) is a consensus mechanism that limits risk by restricting the number of people who can produce and verify blocks. Traditional Proof of Stake blockchains allows anybody who can buy a stake to create and verify blocks in the blockchain.
In contrast, the Solar Core blockchain has just 53 official node operators or validators who can create and blocks. Members of the Solar decentralized autonomous organization (DAO) elect the 53 validators.
Anybody who owns Solar (SXP) can vote for the node operators. SXP holders can earn a network commission for voting.
Solar (SXP) Features
Theoretically, limiting the number of validators makes Solar secure and efficient. For example, there are fewer security threats. It is also easier to monitor node separator performance and get rid of bad validators.
For instance, they claim Solar can produce a block in eight seconds. They claim Solar is one of the fastest blockchains. Furthermore, they claim you can instantly exchange crypto for SXP or buy it with a debit card.
Speculators can trade SXP on over 40 exchanges using over 250 spot trading pairs. They claim several third party services use SXP but do not name those services.
Potential uses for Solar include decentralized applications (Dapps), Fungible tokens, nonfungible tokens (NFTs), and games.
What Value Does Solar (SXP) Offer?
Solar Core had 4.017 million blocks, a 60.09 million SXP Supply, and a $453.29 million Market Capitalization on 4 April 2023, Solarscan estimates. Solarscan gave Solar (SXS) an 81₵ Coin Price on 4 April 2023.
Mr. Market has a strong interest in Solar. For instance, CoinMarketCap named Solar the fourth most trending cryptocurrency on 2 April 2023. In contrast, CoinMarketCap ranked Solar 4559th on 2 April 2023.
Furthermore, CoinMarketCap gave Solar (SXS) an 80.45₵ Coin Price, a $450.601 million Market Capitalization, a $450.511 million Fully Diluted Market Cap, and a $200,326 Total Value Locked (TVL) on 4 April 2023. Solar also had a $594.022 million 24-Hour Market Volume, and a $595.510 million Centralized Exchange Volume on 4 April 2023. They base those numbers on a 560.088 million SXP Circulating Supply and a 559.307 million SXP Total Supply.
In the final analysis, Solar (SXP) is an interesting cryptocurrency, with a little value. However, I see evidence anybody is using Solar for any application. Hence, I recommend speculators avoid Solar because I see no evidence it has any true value.