Solar

<p>Welcome to our highly anticipated update. There has been a lot going on  recently as you can see by this long in-depth article. This article  covers a lot of subjects but please take time to read it. We are excited  by the progress we have made and are looking forward to the next phase  in Solar’s development.</p><h2 id="header-0">Swap Portal Closure</h2><p>We’re  thrilled to share that the SXP Swap Portal has officially closed. We  want to extend our deepest appreciation to every member of our community  that took part in the swap and assisted in spreading the word.</p><p>Your continuous support and active involvement has been instrumental in the smooth execution of this process.</p><p>From  the 5,000,000th block on the Solar Network mainnet, the previous  restrictions on the Swap Wallet have been removed, rendering it fully  spendable.</p><p>Several  transactions have been initiated since this change, as keenly noted by  our diligent community members and block producers.</p><p>The transactions included:</p><ul><li>31.2 million SXP from the Treasury Contract</li><li>975,000 SXP returned from the initial project funding</li><li>17,036,708 SXP for the initial blockchain development services</li><li>1,899 SXP returned to a user who inadvertently deposited into the Swap Wallet back in October</li><li>KuCoin was given a total of 1,884,754 SXP as a result of blacklisted wallets on Ethereum from the known KuCoin hack</li></ul><p>Remaining funds have been moved to the Solar Blockchain Foundation cold wallet.</p><p>So, what’s next for the funds transferred to the Solar Blockchain Foundation cold wallet?</p><p>As  it turned out, the initial team was unable to fulfill their commitment  to establishing the Solar Growth Fund, so the remaining Swap Wallet  funds shall be used for the development of Solar products, marketing  initiatives, operational expenses, as well as grants and donations for  new projects on the Solar Blockchain that are seeking funding.</p><p>Our  aim is to strategically allocate these resources over a minimum period  of 5 years. With the inclusion of donations from Dokdo obtained through  the Solar Card program, this time-frame may even extend beyond 5 years.</p><p>There  is no time-lock or other restriction on these funds as, at times, an  extra financial injection may be required and the expenditure cannot be  expected to be uniform each month. For instance, we foresee a higher  marketing spend following the Core 5.0 release, whereas the preceding  months may require less funding. This approach also applies to the Solar  Card program among other initiatives.</p><p>On  that note, we are pleased to announce that a proposal to abolish the  transitional protocol-level funding for development and the foundation  has been approved by the block producers as it is no longer required.  These changes will come into effect with the next testnet release.  Eliminating the developer fund and foundation fund will result in a 10%  decrease in the inflation of SXP.</p><p>This  change will not affect the reward that each block producer keeps per  block. The key difference lies in the absence of protocol-level funding  donations from the block producers. This strategic decision was made in  line with our long-term commitment to sustaining a healthy economic  environment within the Solar ecosystem.</p><h2 id="header-1">Whitepaper</h2><p>With  secured funding to fuel Solar’s future growth, we are both delighted  and proud to release a new whitepaper. The unveiling of this whitepaper  represents a significant stride forward in Solar’s development journey.  It details our project objectives for the current year, 2023. As time  progresses, we will consistently revise and update this whitepaper in  alignment with the developments and enhancements within the Solar  ecosystem. This living document will reflect our commitment to  innovation, transparency, and our community’s ever-evolving needs. We  eagerly anticipate the strides we will make together in the upcoming  year.</p><p>Visit the link below to read the new Whitepaper.</p><p><a href="https://docs.solar.org/project/whitepaper/" rel="noopener noreferrer nofollow">https://docs.solar.org/project/whitepaper/</a></p><h2 id="header-2">Technical Update</h2><h2 id="header-3"></h2><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/39db7d4d17a748219a228dbf1908eec0.jpg" /><p></p><p>During the last quarter, the developers have been working on Solar Core  5.0 which is slated to be released later this year. Progress has been  made on several important features, including the implementation of an  Ethereum Virtual Machine (EVM), username registration and permissioned  keys.</p><h2 id="header-4">Solar Virtual Machine</h2><p>The  Ethereum Virtual Machine (EVM) is what allows smart contracts to  function on Ethereum and many of its forks and competitors. Without  going into too many technicalities, this virtual machine captures the  state of every contract on the network as each new block is generated  and added to the blockchain. It functions separately from the  distributed ledger that many would view as the actual blockchain.</p><p>Rather  than just forking an existing Ethereum execution client like Geth and  relying on Ethereum for updates, Solar is working on an implementation  created specifically for Solar Core. This ensures our Solar Virtual  Machine (SVM) will function without fault while running alongside the  Solar blockchain and that it incorporates every feature required for the  support of tokens, NFTs, smart contracts, MetaMask compatibility and  any tools developed for the Ethereum ecosystem.</p><p>While  creating a custom implementation is considerably more difficult and  strenuous than just relying on Ethereum to progress, it is the only way  to guarantee that Solar Core 5.0 brings all the features you are excited  for in a safe, secure and easy-to-use way. The Solar Core nodes will  process batches of transactions for both the blockchain itself as well  as for the virtual machine powering smart contracts and more.</p><p>Current  progress we’ve made includes being able to deploy and call smart  contracts, contract accounts and persisting contract data. More work is  required, but we are making great progress and will be able to supply  you with both a sovereign blockchain and a virtual machine allowing us  to take the fight to top ranked projects, rather than being dependent on other projects.</p><h2 id="header-5">Solar Core 5.0 nodes, terminology updates and more</h2><p>Using  these nodes as development tools, our developers have an instrumental  way of making sure all upcoming changes will integrate seamlessly as the  network upgrades.</p><p>Terminology has been updated to better reflect industry standards, including changes from <strong>delegate </strong>to <strong>block producer</strong>, <strong>productivity </strong>to <strong>reliability </strong>and <strong>missed blocks</strong> to <strong>failures</strong>.  They are visible on Solarscan and have already been introduced into our  community platforms on Telegram and Discord. The change of delegate to  block producer will be expanded in Solar Core 5.0 by allowing <strong>usernames </strong>to  be registered by anyone, without them becoming block producers by  default. This allows for a broader use of the usernames on the network  (more on this in the next section!) and a lower cost to register  usernames, while anyone will still be able to upgrade their username to a  block producer via a separate <strong>upgrade </strong>transaction.</p><p>The  Public API will now start before blockchain synchronisation to have a  faster response and both burn amounts and balance rank have been  incorporated (the latter two being available on Solarscan already,  too!). Blockchain search has been improved by improving the speed to  search public keys and blocks by height before identifier.</p><p>A full list of public commits to the Solar Core 5.0 development can be found on GitHub: <a href="https://github.com/Solar-network/core/commits/5.0" rel="noopener noreferrer nofollow">https://github.com/Solar-network/core/commits/5.0</a></p><h2 id="header-6">Username registration</h2><p>Currently,  a username on the Solar blockchain is linked to registering as a block  producer. With Solar Core 5.0, a separation will be made which allows  usernames to be registered without immediately registering as a block  producer. One can still choose to upgrade their username to become a  block producer in a separate upgrade transaction, but this is not  required.</p><p>Having  usernames registered on-chain allows for a number of improvements and  use cases to be introduced. For example, a username can function as a  human-readable account name so you only need to know a username rather  than a full blockchain address to transfer funds to someone else. This  simplifies the process of sending transactions and makes it more  user-friendly while minimising the possibility of errors when inputting a  recipient, which in turn improves the user experience.</p><p>The  combination of on-chain usernames and (smart) contracts or applications  means that usernames can be used with a wide variety of use cases. This  includes domain names leading to personal or corporate websites,  (encrypted) messaging apps and cross-chain support. One could imagine a  contract which allows for transferring SXP and receiving a different  currency to a specified address, or implementing a digital ID connected  to a username. There are numerous possibilities and usernames can play a  vital part in making Solar Core a powerful tool for your blockchain  applications while enhancing accessibility.</p><h2 id="header-7">Permissioned keys</h2><p>Besides  having a public repository, most work on Solar Core 5.0 is being done  in private repositories. This allows the developers to freely work on  any feature that sets Solar Core apart from the competition, without  allowing the competitors to copy their work or newfound implementations.  We do want to give you a sneak peak into these private commits, and for  this update we have selected a feature we are very excited about:  permissioned keys. Please note as this feature is still under  development, specifics may be subject to change without notice.</p><p>In  the current (Solar Core 4.x) implementation, all end-user interactions  with the blockchain core are based on their single mnemonic and (derived  from the mnemonic) their public key and address. This mnemonic is used  to transfer, vote and register or resign as a block producer. Solar Core  5.0 will introduce permissioned keys, with which you can access only  prespecified functionalities. This means you can use the balance in your  wallet without ever using the mnemonic that generated it — enhancing  your security even further.</p><p>The  original “master” mnemonic will still retain all functionality, however  users will be able to register additional permissioned keys that use a  separate mnemonic for specific predetermined functionalities. The  original mnemonic can be used to register any number of permissioned  keys and a user can therefore create any number of additional mnemonics  that can only transfer (an unlimited or predetermined amount of) SXP or  that can only be used to update the vote of the wallet, for example.</p><p>As  an example, this allows users to register a permissioned key for their  address with a spending limit, which they can share with a relative or  friend and give them access to a specific amount of funds. It allows  them to share their address and/or funds with a preset amount.</p><p>To  end the technical update on another sneak peek: for block production,  BLS signatures will be used rather than permissioned keys.</p><h2 id="header-8">Solar Card</h2><h2 id="header-9"></h2><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/d018470a98eb461d9813e99a7b94d88a.jpg" /><p>With  the start of the third quarter, anticipation is mounting for an update  from Dokdo regarding the imminent launch of the Solar Card.</p><p>The  rollout of the Solar Card program will be phased, providing early  access to users around the globe. The initial release will concentrate  on Europe, followed sequentially by the USA, Asia, and eventually the  rest of the world. We’re excited to confirm that the first batch of  invitations will be dispatched next week, with the intention to finalise  all invitations by the end of this month. Following this, the Solar  Card app will be made publicly available for all users to download.</p><p>Stay in the loop with all the latest updates by following Dokdo on their social media platforms and Telegram channel. Expect exciting announcements coming your way soon!</p><p></p><p></p>

Solar Q2 Update

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Solar

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