4 Reasons SORA Will Be A Driving Force In The Parachain of Cryptocurrency
Makoto Takemiya CEO & Co-Founder has created SORA(XOR) which is the governance token on the Polkadot ecosystem. He got into cryptocurrency in 2013 by way of bitcoin and worked on NXT in 2014 as a developer on their consensus algorithm. In 2016, Takemiya decided to start his own business which is Soramitsu. The 4 reasons I believe SORA Will be a top 10 Polkadot/Kusama Project are The following below:
1. Scalability on Polkadot Ecosystem:
Makoto has always seen the bigger picture in crypto when it comes to servicing the entire population in terms of using and servicing crypto on a massive scale. And if you try to generalize the current crypto user base to the entire global population, you can see from a simple mathematical point of view that a single network will not scale. Polkadot is aiming to solve the scalability problem by building a framework that many different networks can come together and they can each specialize in their own little domains, move assets around, and possibly even share things like virtual machine space. As a result, Takemiya Chose the Polkadot ecosystem as he sees the future potential of its network.
With his company, Soramitsu is creating a decentralized way for people all over the world to come together and have some democratic oversight, as well as how to create new tokens. How do you distribute them in an economy, which is why it is called decentralized? The economic system is extremely cool. In Makoto’s Opinion, He believes his coin at the moment with the future that the community can bring will be the simplest way to achieve true scalability, which could theoretically scale to include everyone on the planet.
2.Polkaswap (PSWAP):
Polkaswap(PSWAP) is a cross-chain exchange platform that serves as the main transfer and exchange in the SORA ecosystem. Polkaswap(PSWAP) combines multiple liquidity sources under a single liquidity aggregation algorithm, operating entirely on-chain and decentralized. Similar to uni swap, its scalability, and on-spot trading feature, in my opinion, is the leading forefront of cross-chain DEX that many many people will be using and supply liquidity to.
At the current time; June 13, 2022, 2:13 p.m. The TVL of Polkaswap sits at $6,883,414 With a total diluted Valuation of $13,300,776. That is good considering the market has been terrible since the Russia-Ukraine war began in Mid February. On February 1st XOR was trading at $98.95 and PSWAP Is trading at. $0.019 in February. Now XOR is trading at $9.52 and PSWAP is trading at $0.00133. At the current moment that is a 10x from 132-day trading for XOR & a 14.28x for PSWAP from a 132-day trading perspective.
That is an awesome great freaking investment for a 132 hold and wait. In this market, assets may/will become more unstable as the war continues to drag on. This is a great opportunity to buy and hold a VALUABLE ASSET That can provide financial wealth if allocated correctly.
3.XSTUSD:Stablecoin
XSTUSD is one of the first source synthetic stable point on the polkaswap ecosystem, and it functions similarly to Luna Stablecoin. With this feature, investors can burn XOR to receive XSTUSD and get the best exchange rate possible due to the infinite minting of Sora. Makoto proposed this idea back in 2018 and is now working and having it built this year 2022. By using this method, an investor is basically helping stabilize and decrease the supply of XOR while receiving USD in the form of XST.
In my opinion, It is a brilliant component to the ecosystem of Sora. People who are committed to seeing the positive progress and potential of XOR will capitalize on this opportunity by receiving the same amount of USD 1:1 equivalent in the form of XST in doing so; this will increase and stabilize the price by decreasing the supply of XOR.
4.The Athenian Governance Model/System
Makoto Takemiya adopted the model of Athenian Democracy. At the moment, Sora is at Its young infant ecosystem with substrate governance that serves as a function that is widely adopted like Kusama or Polkadot where people get to vote on quadratic voting locking up tokens to get more conviction. In the future, he looks to transition SORA into a multi-state governance pipeline where the directors and people in charge are randomly selected through multiple stages that ultimately provide the fairest and most honest way of promoting people to govern SORA.
This method is known as Sortition where people at drawn as if like a lottery selection. This in my opinion is what gravitated me the most towards an honest and fair ecosystem with SORA. I honestly missed the fair launch and potential when the coin launched on May 11th, 2020 at $0.085. It reached a high, according to Coin Gecko of $981.83 on April 06, 2021. That is an 11,550% ROI for anyone that bought at the low and sold at the top which I believe very few if not no did.
These are the primary 4 reasons I believe Soramitsu will be a phenomenal project for the cryptocurrency Ecosystem working on the Polkadot/Kusama Network. Makoto Takemiya has devised an excellent ecosystem that functions to fairly democratizes the investors and owners.
Makoto has always recognized the greater picture in crypto, especially when it comes to serving the general public in terms of using and servicing cryptocurrency on a large scale. At this moment, It is a great opportunity to buy this token at this cheap price and begin to DCA if you believe in the SORA ecosystem. I will be keeping an eye out on this project.
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