What is SXP?
The Solar coin, or SXP, is the utility token native to the SXP network. The latter is a community-driven ecosystem powered by blockchain technologies. It accelerates mass adoption of crypto by enabling users to trade crypto with fiat.
The SXP token is based on the ERC-20 token standard.
It mainly serves as a medium of exchange within the Solar ecosystem. The SXP token is also used to pay for gas on all transactions.
SXP holders benefit from unique features, such as decreased fees of up to 75%, as well as exclusive enhanced rewards. In addition, only SXP holders can acquire the Swipe Slate Metal Debit Card.
Moreover, 80% of transaction fees are automatically burned by smart contracts.
There is a total supply of 300,000,000 SXP tokens. 60,000,000 of these tokens have already been distributed. The remaining 240,000,000 will be allocated as follows:
- 60,000,000 SXP - Ecosystem reserves;
- 60,000,000 SXP - Founders and advisors;
- 120,000,000 SXP - Team.
You can have a more in-depth look at the SXP price history and the current SXP price on the graph above.
What are the Main Features of SXP?
The SXP crypto project has been deployed on the Ethereum network. It operates using a combination of the Delegated-Proof-of-Stake (DPoS) and the Byzantine Fault Tolerance consensus mechanisms. This ensures complete decentralization and efficiency.
Most importantly, decentralization means that the user’s information is completely in the hands of the users themselves. This information is controlled via smart contract technology.
Initially, the project was launched under the name Swipe. It was rebranded when Binance acquired a majority stake in the project.
Swipe provides most of its services via the Swipe Wallet. The latter is a digital wallet that allows users to exchange their cryptocurrency for fiat currency and make cryptocurrency payments. It also provides the newest information and insights related to the crypto world and cryptocurrency markets, such as live charts, daily volume, and circulating supply. In addition, the Swipe Wallet enables cryptocurrency-based gift cards. SXP tokens are necessary for using the Swipe Wallet.
The second feature of the project is the Swipe Card - a cryptocurrency debit card that’s connected to the user’s Swipe Wallet. It facilitates Paywave NFC and chip-based EMV payments. There are two types of the Swipe Card:
- Swipe Saffron - a standard debit card with a 1% cashback;
- Swipe Slate Metal - a premium metal debit card with up to 4% cashback, zero international fees, and access to concierge services, among many other features.
The SXP crypto project has one mission - to grant access to cryptocurrencies to millions of people around the world.
The project has been establishing partnerships with major companies since its inception. In mid-2018, it partnered up with a blockchain-based company Origin Protocol, and Perfomars, a digital marketing business.
Besides, Swipe has become a partner of Visa, which enabled the project to issue exclusive Visa Crypto Debit Cards.
Before making any purchase decisions, please make sure to do your research. You can start by having a deeper look at the SXP price history on the graph above.
Who Developed SXP?
The SXP crypto project was co-founded by Clifford Lim, Iyan Waer, and Kuay Chong Sean in 2018. It’s based in Singapore and Indonesia.
Clifford Lim is currently the CEO of Swipe. Besides Swipe, he has co-founded SwipeRich. Prior to co-founding the project, he worked at major companies, including IBM and Lenovo.
Iyan Ware is taking the role of COO, while Kuay Chong Sean is the CSO.
The project hasn’t conducted any crowdfunding events, like an ICO. However, SXP was marketed via an airdrop event, during which around 100,000 worth of US Dollars was distributed among users.
