Delving into the Blockchain Project SXP and the SXP Token
Originally, SXP was conceived as the Swipe cryptocurrency project with the principal goal of constructing a user-friendly wallet and trading tools for transacting goods with cryptocurrency assets. Later, the project propelled its own blockchain, thereby considerably expanding its potential.
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History of Creation and Funding
The development of SXP started back in 2017, spearheaded by professionals in the blockchain and fintech industries. Their goal was to establish a payment protocol that would allow for swift and efficient cashless transactions.
Funding for the project was procured through private investment rounds and an Initial Coin Offering (ICO), which raised $1.8 million in the summer of 2018. Later, in 2020, the entire project was acquired by the cryptocurrency exchange, Binance.
Solar Blockchain Features
The SXP blockchain exhibits the following attributes:
● Consensus algorithm — Delegated Proof of Stake (DPoS)
● Block creation time — 8 seconds
● Number of validators (block producers) – 53
● Average transaction fee — 0.02 SXP (equivalent to $0.01)
● Current Transaction Per Second (TPS) rate — 2 transactions per second
SXP Blockchain Characteristics. Source: solar.org
The maximum transaction rate per second within the blockchain could potentially be significantly higher since the network isn't fully utilized with transactions.
Other Features of SXP
In addition to possessing its own blockchain, where a variety of DeFi projects can be launched, the SXP ecosystem encompasses:
● A cryptocurrency wallet that can be installed on a phone, computer, or utilized as a browser extension. This application allows users to send tokens, make transactions with them, and vote for platform modifications.
● The Solar Card, a debit card that can be used for purchasing goods and services in various countries.
● The Solar Swap service, a decentralized token exchange in the Ethereum, BSC, and SXP networks.
The SXP Cryptocurrency Wallet Interface. Source: solar.org
Rates for purchasing and servicing the Solar Card debit card (solar.org)
Cryptocurrency application developers have the opportunity to craft their own blockchain project on Solar by utilizing open-source code to launch dApps, standard tokens, NFTs, and other Web3 projects, such as social networks and games.
SXP Cryptocurrency
SXP, the native token of the platform, is utilized for a variety of functions such as paying for transaction fees, staking, voting, and purchasing internal products. SXP tokens can be used to make purchases with a debit card and also traded against other currencies, including fiat.
As per the analytical resource CoinGecko, the SXP coin has the following metrics at the time of writing:
Current price: $0.45
Market capitalization: $258 million
Circulating supply: 566 million
Maximum supply: Unlimited
Average daily trading volume: $83 million
All-time high: $5.79
All-time low: $0.16
You can acquire SXP on several cryptocurrency exchanges such as WhiteBIT, Upbit, Gate, Binance, KuCoin, and more. For a comprehensive list of trading platforms, check out CoinMarketCap and CoinGecko websites under the ‘Markets' section.
Price Evolution of SXP Cryptocurrency. Source:coingecko.com
Final Words
SXP exemplifies a thoughtful approach to token and cryptocurrency project management. Amidst the stiff competition in the realm of crypto payments and wallets, the project expanded its own potential and spurred demand for its coin. This feat was achieved by launching its unique blockchain and fostering an environment conducive to developers, thereby carving out a substantial niche for a decentralized ecosystem.
The immediate objective is to achieve synchronization with other blockchains. This can be realized by establishing cross-chain bridges and integrating with EVM networks.
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