SORA/XOR: New World Economic Order
Hello Leofinance!
Every day some new coin gets listed or some shitcoins die, it's nothing impressive, but the focus of any intelligent human being should be on those coins that will stay. And I'm not even talking about the price, I'm talking about the technology and the revolution it will bring. The ugly truth about crypto is the obvious fact that more than 95% of cryptocurrencies are worthless and won't exist in 5 years, but there are a few that can change not only it's price but also the game called "financial world".
I decided to start sharing with the LEO/Hive community about one of them called SORA/XOR because I truly believe that this is not just a cryptocurrency, but a whole new economy.
Let's start with some background information. What is SORA?
“SORA is both a supranational world economic system that decentralizes the concept of a central bank as well as a network in the Polkadot ecosystem that will connect to the Polkadot relay chain and the parachains with built-in tools focused on DeFi.
Also, Sora is an on-chain governance system based around the XOR token that allows producers to make proposals for funding and all token holders make decisions how to allocate XOR so that the best goods and services get created. People who create goods or services should accept XOR for them, thus building the SORA economy.
Sora’s philosophy is that Inflation is good ONLY IF you mint tokens for producing new goods or services! To have a better world, this is what we all need—a new economic order that treats money as a global commons for advancing all of humanity.” Source: wiki.sora
-> Network utility token used for transaction fees (gas)
-> 50% of the fee is burnt the other 50% for validators
-> Elastic supply, managed by a token bonding curve
-> Enables holders of a certain amount to become a citizen and a member of the SORA Parliament
-> Used to add liquidity to pairs on Polkaswap
-> Used to stake to become a validator or to nominate validators on the SORA network
My personal opinion is what sets Sora apart from other cryptocurrencies is the Token Bonding Curve/TBC.
This is a smart contract that manages the supply of tokens in a rational way. It is determining the current Buy/Sell prices of XOR in the primary marked based on Buy/Sell-price functions.
It will be turned on when the price of XOR is above $600.
More information about it you can find HERE.
Projects like Sora are hard to understand from a short article, so you can follow my account where I will post daily updates, explanations and news.
I personally follow the project for more than a year and every time I learn something new. It has really huge potential and gives a whole new perspective for a new economy where all citizens have equal rights.
If you want to register, I will appreciate to use my refferal link.
P.S. I hope plagscan doesn't have to penalize me for quoting some of Sora's principles. It is very important that the explanations are written in the correct way, following what is given by the official SORA resources:
Posted Using LeoFinance Beta
