Solar, supported by SXP coin, is a community-focused Blockchain project using the Delegated Proof of Stake (DPoS) consensus mechanism. 53 block producers are elected by the community to secure the network, contribute to code updates, and play an active role in governance. Block producers share their earned commissions with voters to encourage participation and align the network’s interests with those of its users. In this article, you can find answers to two frequently asked questions: What is Solar (SXP) and how to buy Solar (SXP) with TRY.
What is Solar (SXP)?
Solar stands out for its community focus, emphasizing its utility and governance model. The platform is supported by the native cryptocurrency SXP coin, which facilitates various transactions within the ecosystem. What sets Solar apart is its Delegated Proof of Stake (DPoS) consensus mechanism, which ensures the network’s security and efficiency.
The DPoS system in Solar relies on 53 block producers. These producers are elected by the community through a voting process that highlights the project’s decentralized and democratic structure. By involving the community in the selection of these critical players, Solar ensures that the network’s interests align with those of its users. This participatory approach not only strengthens the network but also fosters a sense of ownership among users.
Block producers in the Solar network have several important responsibilities. They are tasked with safeguarding the Blockchain by verifying transactions and creating new blocks. This role is crucial for maintaining the network’s integrity and reliability. In addition to ensuring the network’s security, block producers contribute to the development and improvement of the Blockchain by participating in code updates. Their involvement in technical matters ensures that the platform remains robust and up-to-date with the latest technological advancements.
Governance is another critical area where block producers play an important role. They actively participate in decision-making processes that affect the entire ecosystem. This includes proposing and voting on changes and improvements to the network, helping to maintain a dynamic and responsive platform. Solar’s governance model ensures that decisions are made transparently and inclusively, with input from various stakeholders.
To incentivize their efforts, block producers earn commissions. This reward system not only compensates them for their work but also encourages active participation and high performance. A notable aspect of this system is that block producers often share their earnings with voters.
How to Buy Solar (SXP) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Solar (SXP). On Binance TR, where accounts can be created quickly, more than 100 cryptocurrencies, including SXP, can be bought and sold. To buy Solar (SXP) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. For this, you need to go to trbinance.com and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and correctly, email/sms verification will be done to confirm and verify the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process from your phone or through Binance TR’s official website. Note that you will need your phone even if you choose to verify through the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on “Copy URL” to have the verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first tap on “Identity” to continue.
Then a screen like the one below will appear. To continue with the verification process, first select the document type that suits you.
After selecting the document type, you can continue by tapping on the “Upload Front” option. After taking a photo of the front side of the document according to the document type you selected, tap on the “Upload Back” option and take a photo of the back side of the document and upload it. When taking photos of the front and back sides of your ID card or driver’s license, make sure the images are clear and the information in the photo is easily readable.
Then you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps accurately and completely, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account through all banks. You can deposit and trade TL 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts without interruption. For other banks, you can deposit up to 50,000 TL 24/7 via FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make transfers via wire transfer, EFT, or FAST. Now, all you need to do is use the information shown on the bank’s page to transfer the amount you want to deposit into your Binance TR account via wire transfer, EFT, or FAST.
After your bank completes the transfer, the funds you sent will be automatically reflected in your Binance TR account wallet.
How to Buy SXP Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to SXP coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the following page will open. On this page, type “SXP” in the search box on the right side and click on the SXP/TRY option from the results to go to the TL to SXP purchase page.
Now the following SXP trading page will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy SXP in the first box and the number of SXP you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy SXP” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers trading services from fiat to cryptocurrency and cryptocurrency to cryptocurrency by leveraging Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users can access market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functionalities through Binance TR.
