Solar Network & StealthEX AMA Recap – All You Need to Know
On Febuary 15, 2022, we had StealthEX & Solar Network AMA Session in our Telegram Community Chat and here is a recap. Just take a little time to read through and learn everything you need about Solar, a decentralized and energy-efficient delegated proof-of-stake blockchain, and its native Swipe SXP coin. Let’s start!
We are pleased to be joined by BFX: a Delegate and Technical Advisor for Solar Network!
Just so we are all up to speed: we will start the AMA off with a round of questions from Twitter with the chat being turned off. Once the questions from Twitter are answered, we will open up the chat for a couple of minutes to let everyone ask their questions.
Questions from Twitter
Q1: Can you list 1 – 3 killer features of your project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
BFX: The Solar project has a lot of features that will allow it to compete with other top tier projects. If I were to list a few that will have the most impact, the first is definitely the Side Ledger Protocol (SLP). Additionally, Solar will be developing a metaverse and a governance module, both of which aim to have a large impact.
The Side Ledger Protocol allows for the creation of token contracts both fungible (SLP-1, similar to ERC-20) and non-fungible tokens (SLP-2, similar to ERC-721). Unlike most other blockchains, the fees paid in SXP to create these token contracts will be burnt creating deflation. The fees paid for regular transactions and contract interactions will still be added to the block reward and largely be re-distributed to voters, whilst contract creation fees are burnt completely.
This way, Solar aims to offset inflation whilst creating a large set of possible utilities on the network. There have already been several businesses, including an exchange, that have confirmed to use a token created with SLP for their operations.
Of course, there are many other features being developed, so I would urge anyone to check out the roadmap and the upcoming whitepaper.
Q2: What problem(s) can Solar blockchain solve, that other blockchains can’t?
BFX: The modularity offered by the blockchain core plugins and flexibility by the ability to develop custom transactions through the general transaction interface allow for a large number of tools and utilities to be deployed on Solar.
Plugins allow for new features to be added to the blockchain core at will, whilst keeping the base small and fast. One example of the custom transactions can already be seen on Steam in the early access game: Friends of Little Yus, created by delegate friendsoflittleyus. They use a custom transaction to read, write, modify and save player data on-chain. A similar transaction could be used to save metaverse data.
The benefit of running a decentralized and (energy-)efficient blockchain through the delegated proof-of-stake system, with dynamic and affordable fees and a fast settlement time (8 second blocks) allow for quick interaction of end-users with the on-chain utilities, allowing Solar to scale and offer a solid user experience.
These features mean that Solar will be able to provide a fitting solution to many different issues and utilities, and that flexibility is what sets it apart from other blockchains in my opinion.
Q3: What’s the impact of Solar on SXP and how does Solar enhance the utility of SXP by future development?
BFX: Solar (SXP) is already backed by a large utility from Swipe payment cards, which will use SXP for processing fees.
The added utilities, of which I listed a few in earlier answers, make Solar a true competitor to other blockchains. In the upcoming whitepaper, that will be released on February 23rd, a large part of this should also be covered. The revised roadmap already gave a glimpse of some of these new developments.
There are already many open-source (community) developers contributing to the network, and with that the impact is not just reliant on one person, but shared by a whole community.
Q4: What was the reason to build Solar on the ARK blockchain, and what are the advantages compared with other options?
BFX: ARK provided the open-source blockchain framework with a flexible and modular core that can be used to kickstart new blockchain projects. The core is constantly maintained and enhanced by the original developers, and many outside collaborators that have contributed significantly to its development.
One such collaborator is delegate gym, a security researcher and programmer that has found and fixed many vulnerabilities over the past few years, making the core much more robust. He is currently working on the Solar blockchain core ahead of its mainnet launch.
As I understand it, and have described in the earlier question, the flexibility and modularity meant that other options were just not as viable to the proposed goals and utilities of Solar.
Q5: Why would startup project developers build on Solar blockchain?
BFX: Solar has a development network that is constantly being maintained by the same delegates that will run for mainnet. Most of these delegates are experienced and able to help anyone kickstart their project on Solar.
There also is a lot of documentation available, or soon to be released, and many coding libraries such as Python, JavaScript, Go, Typescript and more, for developers to build on Solar.
For Solidity, a custom transaction type will be created that will allow developers to build applications or contracts using Solidity and have them supported on Solar.
Q6: What do you consider are the most important characteristics of Solar/SXP that make the difference related to other competitors?
BFX: I think an important feature will be the governance module. It will give the community the control to decide about the future of Solar through voting on proposals, that can be put forth by anyone – delegate, community members and developers. Not a single person or entity will control Solar, rather anyone can submit and have their ideas voted on.
Together with the options to create tools, contracts or applications on Solar, it is a good fit for anyone wanting to implement blockchain to enhance their products or business. Both (in)experienced developers, merchants or enthusiasts can build on Solar with the tools provided by the project.
Q7: Can you compete with the speed of the Solana project, or what is the strong point of Solar/SXP?
BFX: The Solana project is known to be one of the fastest blockchains around, however a price is paid by requiring an enormous amount of storage and computing power to process its complete on-chain ledger data. By hosting their ledger on Arweave, they do offer to ability to run your own node and download parts of the blockchain to somewhat circumvent that issue. This does mean there are inherent limitations to what you can do without high-end hardware.
With Solar, you can run the whole blockchain on your own server even if it’s just a virtual server with shared resources. The database tables are easy to read and the storage efficiency is quite good. If you just want to interact with the blockchain, you can use the available light wallets that do not even require any storage rather than what the application itself uses.
While Solar currently has a blocktime of 8 seconds, this could be adjusted if needed. Transaction settlement would still only require 53 confirmations for finality. Many other parameters can also be easily adjusted through the use of milestones, meaning there is a lot of flexibility that can be introduced with small, backwards-compatible core updates.
Q8: Can you give reasons why people should invest in your project?
BFX: Let’s start by saying I do not give financial advice, and anyone should make their own choices about investing – ideally based on own research.
I do think I have shown a good starting point with describing some of the features that Solar will be able to offer. The roadmap (I will include a link below) has many other features listed that I haven’t been able to get to, so it should definitely be checked out. And of course the whitepaper that’s due next week!
Also, experienced (community) developers have already started working on Solar, several businesses have confirmed wanting to create a token using SLP and delegates have begun to list their (upcoming) contributions, which makes me feel the project is in a good place for its upcoming mainnet launch!
StealthEX: Now, we proceed to the live round. We will now open up the chat for a little while and let the questions accumulate. Then we will close the chat back down, and you can select all the questions you like the most and respond to them 🙂
Live Questions
Q1: Do you have a Token Burning plan to increase Token value and attract Investors to invest?
BFX: Yes, all fees paid for creating token contracts will be collected and burnt monthly!
Q2: How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?
BFX: Yes, there are a lot of community channels. I think it would be easiest to go to the official Telegram chat and move from there. There’s also a Discord with multiple channels for different languages!
Q3: Many projects have problems with UI / UX and this one turns off new users. How do you plan to improve the interaction with new users and with users outside the crypto space?
BFX: There will be a lot of documentation available for end-users and developers alike. Any questions about user interface or experience can be asked in the official channels, or in your own local community chat. There are also delegates working on creating articles, videos and tools to help you with all these issues!
Q4: Can you tell me more details on the IDO? The schedule and contribution for each?
BFX: There is no IDO, the current holders of SXP will be able to swap their ERC- / BSC- based tokens to the new mainnet. No additional tokens can or will be minted for this swap.
Q5: Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to your platform and keep them long term?
BFX: Marketing will at first be covered by the former project lead, but can also be helped by delegates. Additionally, a foundation will be created – the Solar Community Foundation – that will be able to provide grants and fund proposals by community members, of which marketing in a certain way or strategy could be one.
Q6: Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?
BFX: All contracts can be created as open-source and audited either through firms (a code audit is part of the roadmap) or community developers/security researchers.
Q7: ‘STAKING” is one of the STRATEGIES to ATTRACT USERS and HOLD Them long term. Does your GREAT PROJECT have plan about Staking??
There is, you can refer to the articles “Staking your SXP (Solar Network)” and “Voting & reward dilution” on my blog.
Q8: Since NFT is popular nowadays, is there a plan for NFT integration?
Yes, they are part of the Side Ledger Protocol, specifically the SLP-2 type token contracts!
Q9: What’s your main focus right now, are you focused on the community or market/Exchange or the products?
BFX: Definitely focussed on the projects features, products and utilities. There are already several large exchanges that SXP is on, and the exchanges supporting the swap will be released soon. However, full focus is on what adds value to Solar; its features and utilities.
StealthEX: That was it! Once again, a huge thank you to BFX for such an amazing AMA, it was truly educational, and a great insight into what makes Solar Network a standout project!
We are grateful to everyone who has gathered today, please have a wonderful week!
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