- What is The SORA Platform and how does it work?
- Uniqueness of the SORA exchange.
- SORA’s past, present and future price positions.
The SORA Exchange
The SORA platform is about the creation of a supranational economic system that efficiently provides capital to its users, thus, giving humanity a push forward as well as a supranational and democratic governance structure that allocates capital fairly. It is a system with two functions, the first is a new economic system that has decentralised the concept of a central bank, and secondly, it is a network that implements a new way to architect a parachain blockchain which connects to the Polkadot relay chain and ecosystem with built-in tools that focus on decentralised finance (DeFi).
The SORA network is extremely good at providing tools for DeFi applications that make use of digital assets, such as bridging tokens to other blockchains, atomic token swaps and aids in the creation of programmatic rules that involve digital assets.
SORA XOR is the native utility token for the network. Its uses include:
- XOR is used for transaction fees (gas) on the SORA substrate network.
- The XOR is used for elastic supply which is managed by a token bonding curve.
- The XOR also allows for some holders of a certain amount to become a member or citizen of SORA’s parliament.
- XOR can also be used to add liquidity to pairs on Polkaswap.
- XOR can also be used to stake for users to become a validator or to nominate validators on the SORA network.
XOR tokens were capped at 350,000 until its SORA v2 substrate network was launched in April 2021, whereby the XOR supply is managed elastically by a token bonding curve smart contract with both buy and sell functions. There are currently 1,011,557.40 XOR tokens in circulation. The total market capitalisation for SORA is currently more than $3.5 million.
SORA’s Uniqueness within the crypto ecosystem
The SORA platform makes use of a substrate network which bridges Ethereum and will bridge Bitcoin to make cross-chain communications with both blockchains possible, whilst connecting to both Polkadot and Kusama. This move will allow the Bitcoin and Ethereum communities to make use of SORA in order to access both Kusama and Polkadot via a user-friendly bridge. With the integration of Polkaswap, users will be able to trade any asset on Ethereum and Bitcoin on the Kumama and Polkadot networks and provide real cross-chain swaps.
The SORA Parliament is the governance structure that is used for the SORA network, one of its main tasks is to allocate any newly minted XOR towards productive projects. The Parliament has many bodies with a clear power separation where the members are randomly selected. It is built around three main concepts:
Isonomia: the principle that everyone who is a citizen has political equality
Isegoria: the right of all citizens to speak and contribute
Sortition: randomly choosing groups of citizens to make decisions
To compensate citizens for their time, 1% of the funds that are allocatable to projects for productive uses shall be distributed to citizens.
Past, present and future prices of The SORA network (XOR)
The price of the XOR token climbed overall throughout the second half of 2020. During the first half of 2021 the XOR price spiked and fell repeatedly and reached a maximum price of $817.455 in early April, thereafter the price of XOR fell and spiked again. Since its maximum price in April 2021, XOR has been on an overall declining trend. The volatility in its price has staggered in both the upward and downward directions, the crypto has seen much volatility, which is a normal trend for the volatile nature of the crypto market.
Over the past few months, the global markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, XOR does fall under this category.
According to some analysts, the future price of The SORA network (XOR) could reach up to $127.67 by 2026 and could see a price of more than $651.84 by 2030. However, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions.
XOR Price Chart
Sources: finance.yahoo.com, coinmarketcap.com, medium.com, priceprediction.net