What is SORA?
With built-in tools geared toward DeFi, SORA is both a new economic system and a network that employs a novel approach to parachain architecture as it connects to the Polkadot's Relay Chain. XOR is the native token of the platform. Take a look at the SORA price chart above to see the XOR price.
On one hand, SORA is an independent blockchain of its own, built using Parity's Substrate. On the other, it's also a parachain on Kusama and Polkadot.
The SORA network specializes in offering tools for decentralized applications, including atomic swaps, token bridges, and smart contracts.
Besides, SORA features the Polkaswap, which is an AMM-based non-custodial DEX.
Lastly, it's important to note that SORA uses a token bonding curve to manage its tokenomics. It helps to deal with the volatility of the crypto market and the difficulties that currencies with deflationary supply face.
Use Cases of SORA Coin
XOR is the native utility token of the SORA crypto project. The following are its main use cases:
- Means of payment. XOR tokens are used to cover transaction fees and any other payments within the network.
- Governance. XOR token holders can become members of the SORA Parliament, which grants them governance rights.
- Liquidity provision. SORA tokens can be used to provide liquidity on Polkaswap.
- Staking. Users who want to become network validators or nominate others must stake XOR tokens. Besides, they are rewarded for doing that.
Don't forget to check the SORA price chart above to see the live XOR price.
Who Founded SORA?
Makoto Takemiya is the founder of the SORA crypto project. He is also the developer of the Proof-of-Importance algorithm.
The v1 of the SORA Network was launched in 2019. However, later, the technology was improved, which resulted in the launch of the SORA v2 substrate network.
Tokenomics of XOR
XOR tokens have an elastic supply due to the fact that they're managed by a bonding curve. The SORA bonding curve is a smart contract that features two functions – Buy-Price and Sell-Price. Thus, it allows users to buy newly minted XOR tokens by utilizing specific reserve assets.
Since the pricing functions of the bonding curve slope upward, the XOR price rises as the supply of the tokens does. Thus, the price and supply of XOR are connected and change together.
