Mar 15, 20225 min read
Solar is a decentralized community-driven blockchain project focused on creating an ecosystem with true governance. An ecosystem with open-source developers and community involvement.
Unlike many traditional blockchains, Solar utilizes the Delegated Proof of Stake (DPoS) Consensus powered by ARK Core. This makes the Solar Blockchain sustainable, efficient, and fully decentralized.
Solar has many things ahead, so please follow them on their social media channels: Twitter, Telegram, Medium, or Discord.
These are the most interesting questions we got from you. Let’s get started answering them to learn more about Solar!
1. How can Solar Network offer a cost-effective and easy-to-use network? What is Solar Network's goal to their partners? And what are the ways that it generates profits/revenue to maintain project stability?
Delegate Goose: With 8 second block times and dynamic/low fees, Solar should be an attractive network to leverage for everyday usage. Especially compared to other networks where it could take a significantly longer time for confirmations of transactions. Solar also leverages an extremely easy-to-use wallet that is very intuitive and user-friendly to the average user. I can't speak to the rest of the questions as that would be for the Solar Team to answer.
2. What are the benefits of running a decentralized and energy-efficient blockchain through the delegated proof-of-stake system?
Delegate Goose: From a delegate perspective, the benefits are really the ability to run delegate operations on commodity hardware that can be done in an energy-efficient way. As a voter, you get the opportunity to evaluate delegate offerings for what they contribute to the ecosystem and vote with your "wallet ." In addition, if you aren't pleased with their contributions or performance, you can switch at will. There is no need for expensive, energy-hungry hardware needed to leverage your holdings for staking rewards.
The beauty of DPoS is that there are different ways for delegates to contribute based on their expertise. Some offer limited rewards but provide valuable services such as security testing of the core code. Others may provide higher rewards but also contribute tools, games, and other features (e.g., NFTs) to the ecosystem.
3. Why would a start-up project developer build on Solar blockchain?
Delegate Goose: From a delegate perspective, likely the ease of use. APIs are available and documented that let you start working with the Solar Network. In addition, the community continues to grow, and there are a lot of friendly folks (including the developers) that are willing to help out with any questions related to specific projects developers might be interested in starting up on the network.
4. Can you please highlight more on the decentralization aspect using your technology? Also, in the future, is it possible to quantify the level of decentralization and economic incentivization once the mainnet goes live?
Delegate Goose: Decentralization is ultimately a function of the voters of the network. As the delegates are put into the position to secure the network by the voters, ultimately, they will control how decentralized (or centralized) the network will become. In addition, delegates can contribute to this by running nodes across various countries to further decentralize the reach of the network. I would say the best way to quantify decentralization is to look at how many delegate spots are taken up by the same individuals (usually, this is extremely minimal). Some networks also have statistics on the network nodes to show the global span of the network (or if the majority of nodes are in a specific continent, for example).
For economic incentivization, that can vary widely from delegate to delegate. At a core level, block rewards are consistent and scale based on delegate placements. For Solar, the block rewards scale, the lower the total votes a delegate has. This was done by design to incentivize voters to consider lower placed delegates to help offset voter reward dilution that has occurred in other DPoS based networks.
One of the most common issues is that most investors nowadays are just concerned with short-term gains and do not consider long-term rewards.
5. Is it possible for you to give them some reasons why they should buy and hold over time?
Delegate Goose: From a delegate perspective, this is where the staking mechanism and how delegates typically reward voters (true block weight) come into play. Your vote for a delegate continues to provide stability to individuals (or teams) who are securing the network and producing blocks and associated rewards. As mentioned in an earlier question, some delegates even provide security services that, in the longer term, help provide for a more secure and resilient blockchain network. Short-term gains are always a consideration. However, those that aren't staking their rewards (focused on short-term swing trading) will not gain staking rewards that accumulate over time.
6. What is your plan for globalization? Do you have local Communities for those users who don't understand English well?
Delegate Goose: From a delegate perspective, typically, most delegate proof of stake networks are global in nature, given who is running the nodes to produce blocks. Looking at the other DPoS based networks like Ark or Hydraledger, one thing that is consistent is the global nature of the community. A lot of this is ultimately based on the delegates and their voters. For example, in Ark, specific Vietnamese communities have sprung up. As the delegates that are currently running and testing on devnet are global in nature, I would expect this to carry over into the mainnet delegate pool as the network continues to grow.
Goose has been a delegate across various delegated proof of stake networks since 2019. As it relates to Solar, he may not be a member of the official team, however, Goose is supporting the devnet efforts and hopes to be voted in as a delegate to the mainnet once it launches.
Where is the best platform to keep all your SXPs? We have an option you would probably like. Why? Because it has never been that easy and secure to hold your SXP tokens in one place without fear and with such incredible ease! The wallet is non-custodial, so it doesn’t ask for any of your personal information and doesn’t keep your assets. Its design was crafted with precise attention to detail, and you’ll find only necessary things within your SimpelHold wallet.
That’s a perfect solution for you if you are really into safety and usability!
Thanks for being an essential part of this AMA session. That was extremely interesting to answer your questions and become closer to you. We hope, you got all the answers you’ve expected to know.