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- 1 Sora, the new economic system aims to construct a world economic system using the power of DeFi.
- 2 XOR, the network utility token, can be used for staking, governance, rewards, and transaction fees.
The concept of Decentralized Finance (DeFi) is buzzing in the financial world, all thanks to blockchain technology. Sora is a platform that functions as a decentralized system to enable economic monetary stability. The platform aims at developing a supranational economic system using the DeFi concept.
What is Sora crypto and how does it work?
The Sora crypto was launched by Makoto Takemiya and Yokei Yamaguchi in October 2019. The aim behind the crypto launch is to create a supranational economic system that competes with modern, and centralized economic systems.
The platform operates as a new economic and decentralized system as well as an effective way to architect a parachain blockchain that bridges the Polkadot relay chain and ecosystem.
The network delivers a wide range of decentralized applications that use digital assets such as atomic token swaps, creating programmatic rules, and bridging tokens to other blockchains.
At its core, the network is focused on addressing the limitations of traditional financial systems by blending blockchain technology in the financial world.
The network empowers nations to finance projects by promoting transparency and inclusivity and using an open governance model. The platform also holds strong roots in domestic economies and supports productive investments, fostering economic development, and driving nominal GDP growth.
The Ecosystem
The ecosystem permits the Ethereum and Bitcoin communities to use the platform to access Polkadot and Kusama via a user-friendly bridge. The integration of Polkaswap in the ecosystem allows individuals to trade on the Polkadot and Kusama networks.
Currently, the Kusama parachain is active and the Polkadot parachain is believed to come soon. In addition, Kusama Parachain has secured the chain until January 17 2025 whereas Polkadot Parachain has protected the Polkadot chain until 20 November 2025.
4 pillars of the Sora Cryptonomic System
The overall working of the respective cryptonomic system relies on four major pillars which are as follows:
Economics: The economic pillar of the system is accountable for the allocation & control of purchasing power.
Blockchain: Blockchain is another major pillar of the system that handles the entire network and works as a medium of exchange, unit of account, and store of value.
Applications: The application pillar manages all the functionalities related to Polkaswap, synthetic assets, and many more.
Governance: Governance by multi-body sortition is accountable for handling operations like token creation and decisions on the development and allocation of tokens.
What to do with XOR tokens?
The adaptive, non-debt-based monetary framework especially developed to generate economic monetary stability offers a wide range of use cases of the network utility token XOR.
Staking is one of the effective services offered by the network. Individuals can use the Polkaswap platform to stake as well as offer single-sided liquidity using the Demeter Farming platform.
The token holders can also participate in the governance tokens and indulge in token creation, allocation, and other governance activities.
XOR is also used for paying transaction fees as well as for incentives and other productive uses like network development.
Tokenomics and buying process
XOP, the network utility token used for transaction fees, holds a total supply of 7,566,238,697 XOR. The supply of the respective token is managed by the Token Bonding Curve (TBC), a smart contract that manages the supply without the involvement of humans.
Additionally, the platform operates with different tokens for different purposes, like VAL token is offered to validators for platform security and PSWAP is rewarded to liquidity providers on Polkaswap.
Furthermore, to purchase the crypto, an individual must create an account on cryptocurrency exchanges like Bitget, Uniswap v2, or Polkaswap. Once created and verified, the user can deposit funds to make a purchase.
Bank transfer, credit/debit card, cryptocurrency, or online payment gateways are a few options to explore. After depositing the funds with a suitable payment method, the user can select the trading pair and confirm the order.
The purchased coins can be transferred to crypto wallets like MetaMask wallet and Trust Wallet.
Conclusion
The innovations, inventions, and features of the network are empowering the DeFi concept in the financial world. The platform has taken and tested factors like blockchain, governance, and economics to influence the global economy positively.
FAQs
What is the total supply of XOR tokens?
The total supply of XOR tokens is 7,566,238,697 XOR.
Where to buy the XOR token?
The respective tokens can be purchased from cryptocurrency exchanges like Bitget, Uniswap v2, or Polkaswap.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
