Cryptocurrencies have earned their place in the global finance industry. Today, millions of dollars of crypto are passed around on blockchains every day. People use Bitcoin and altcoins to pay for products and services, while businesses seize new opportunities and accept cryptocurrencies as payment.
Moreover, crypto engineers and developers are constantly innovating and offering breakthrough projects. One of such projects is Solar Network and its native currency SXP. SXP is a crypto-fiat gateway service that lets its users spend their crypto as fiat. Moreover, SXP, the utility token of Solar Network, is a perfect currency for using as a means of paying salaries.
- SXP is the utility token of Solar Network.
- SXP ensures fast, borderless, low-fee transactions.
- NOWPayments provides an opportunity for businesses to use SXP to pay salaries with the mass payments solution.
- SXP can be accepted as payment or donation
About Solar Network
What is Solar Network?
Solar Network was launched in 2021. Solar is a fully decentralized and open-source blockchain designed from core blockchain components. It operates via a Delegated Proof-of-Stake consensus powered by ARK Core and secured by 53 voted-in delegates that produce blocks and validate transactions. Thanks to that, Solar Blockchain is sustainable, efficient and fully decentralized without the known issues from traditional Proof of Work (PoW) blockchains, for example, 51% attack vectors.
These delegates are selected by the voters, based on their wallet weight. If you want to vote for a delegate, you can download the Solar wallet and then vote for one of delegates you personally prefer. Delegate’s job is to contribute to the blockchain network by providing security enhancements, code updates, or marketing-related contribution. Delegates receive rewards from blocks produced on the blockchain network and they usually share these rewards with their voters.
Solar Network has its native currency called SXP. Solar has designed a system that implies that the total supply of SXP will decrease over time. The token lets SXP users conduct various on-chain operations.
Recently, Solar Network launched SXP Mainnet. SXP Mainnet is a layer-1 blockchain that uses the Delegated Proof of Stake (DPoS) consensus model powered by Solar Core with SXP as a native coin.
Speed of Transactions
SXP tokens can boast impressive transaction speed since they operate on blockchains that are completely peer-to-peer. In other words, users can send and receive their SXP funds in a matter of minutes. Moreover, the are no banks or other third parties which can slow down the transaction process. Such an arrangement is perfect for companies which have to pay salaries to employees working in different places around the world. By using SXP tokens, a business will not have the need to utilize bank transfers which may take days to be processed. SXP blockchain transactions make it easy for employers to pay their workers and save them a lot of time.
When companies pay salaries and use banking services to do it, they end up paying large fees to the financial institutions which process their payments. Sometimes banks charge their clients enormous fees, especially when it comes to interbank or international transfers. As a result, businesses are losing their money simply when paying salaries to their employees. Annually, the sum spent on fees may add up and reach thousands of dollars. It is clear that such money could be efficiently invested in the development of the company. Blockchain transactions are an ideal solution to the problem of high fees. Essentially, enterprises using SXP can save large sums of money by conducting on-chain transactions since fees are absolutely minuscule.
Borderless Payments and Transparency
There are no limits to transactions since it takes mere minutes to transfer SXP between users in different parts of the world. SXP payments enable companies to ensure that all of their employees, no matter where they live, receive their salary on time. Moreover, blockchain is transparent, and companies can trace all of their transactions which is perfect when conducting an audit. Since all SXP transactions are forever stored on the blockchain, businesses can eliminate situations involving fraud and can easily report their crypto activity to tax agencies.
Crypto payroll: How to Pay Salaries in SXP
Thus, paying salaries in SXP can be an excellent idea for companies that value the speed of transactions, want to ensure transparent use of their funds, and do not want to overpay for banking services and would like to offer their employees a simple way to get paid in crypto.
NOWPayments offers several crypto payment solutions for businesses that wish to do crypto payouts and pay salaries in SXP. Mass payment is a feature that is designed specifically for businesses handling numerous crypto transactions such as employee payrolls and even rebates.
Conducting mass payments in SXP is easy with NOWPayments. You need to deposit your funds and specify the amounts and addresses, NOWPayments will do the rest. Moreover, there is a conversion feature available to clients, which means that you can deposit funds in any crypto, and NOWPayments will convert it to SXP. To enable this feature, all you need to do is contact NOWPayments.
NOWPayments has one of the largest asset selections on the market and maintains low fees for its services. NOWPayments also offers other ways to utilize SXP as part of your operations. For instance, you can accept SXP on your website as payment or deploy an SXP donations widget if you own a charity.
NOWPayments is non-custodial, which means that you retain complete control over your crypto funds and wallet. Additionally, NOWPayments guarantees instant payouts if you decide to accept crypto using the company’s solutions.