A Community Guide to SORA
TL: DR
- Diving into the SORA Ecosystem is not a straightforward process.
- To help “bridge” the knowledge gap, this guide will help you to get started in SORA.
- This guide will also help you transfer your assets in SORA back to ETH mainnet.
…Get in
So you have finally decided that the SORA network is an interesting ecosystem that you want to dive into, but you don’t know where to get started?
Like the majority of people interested in cryptocurrencies, you have started through Bitcoin (BTC) or Ethereum (ETH), or perhaps you also have an account on a Centralized Exchange (CEX), such as Binance, Coinbase or Kraken.
Not to worry, the step from Centralized to Decentralized, or from Ethereum Mainnet to SORA Substrate network is not difficult, only a bit confusing. We will start by outlining the differences between SORA and these other networks, as well as a quick explainer informing you of the differences between a Decentralized and a Centralized Exchange.
After these bits of theory, we will get down to the practical aspects. This will cover how to get your funds into the SORA ecosystem, then how to get them from SORA back to the Ethereum mainnet.
Short but necessary blockchain theory
As mentioned in the introduction, SORA is a Substrate network, which means that tokens are not compatible with Ethereum, nor Bitcoin for that matter, to be very simplistic.
Because of this different “format,” you need to use a specific wallet or browser add-on to interact with the blockchain. Networks such as Kusama and Polkadot are also Substrate chains, so they are compatible to a certain extent with SORA (This is being worked on currently as part of the ongoing parachain auctions, of which, SORA has a Kusama parachain lease)
This fundamental difference is the cause of major headaches for users who are just getting started in crypto… (Un)fortunately not all tokens are on the same chain, and every chain has its own nuances or underlying tech, which you will need to familiarise yourself with (aka DYOR). Limiting yourself to just one chain or one token closes the doors to a smorgasbord of options, so always keep an open mind and be eager to learn.
With that said, crossing between blockchains can seem a bit daunting at first, but there are a few basic rules that you need to keep in mind for the best possible experience:
1- Always make sure you have enough ETH for gas whenever you are crossing your funds to and from the Ethereum network or doing any activity that interacts with this blockchain. Many times, transactions fail because of not having enough gas to pay for fees. Always be prepared.
2- Be patient. These transactions are not instant, and you are not the only person making this transaction at any given time. Don’t get anxious and refresh your browser mid-transaction.
3- If you ask for help, be ready for scammers to try to take advantage of your perceived ignorance. Do not under any circumstances share your seed phrase or mnemonic, screenshots of personally identifying information, or your account address (on any network). Scammers are eager to pick off the weakest of the herd, so make sure you protect your data and trust no one.
4- Make small test transactions to be sure that you have input all the information correctly. Always triple-check who you are sending transactions, if you make a big mistake, you will not be able to recover what you have lost. Be very careful.
Enough theory, let’s get practicing.
Practical Aspects
To get started you will need:
- Metamask wallet (it’s the easiest to use)
- Polkadot.js browser extension with an existing account (If you don’t have an account yet, follow this tutorial to set up a SORA account)
- An account in a Centralized Exchange or crypto-onramp (such as Binance, Coinbase, Kraken, Moonpay). Ideally, your account should be verified for KYC/AML and be able to receive deposits.
Entering the SORA network
Here we go. There are plenty of resources available from the SORA Community. They have the following guides available for you to enter the SORA ecosystem depending on your experience level:
- Transferring funds from Ethereum mainnet to the SORA network if you already have existing ETH or other ERC-20 tokens, or;
- Buying tokens on Polkaswap using Moonpay and your credit card if you do not have any tokens at all. Note that this step requires you have a verified Moonpay account and ETH to transfer the tokens across the bridge.
Getting tokens into the SORA network is fortunately not difficult at all. It is also important to remember that when you swap the tokens you have crossed to the SORA network for XOR (for example DAI or ETH) the transaction fee is deducted from the amount of XOR you would receive. This means it is not necessary to have XOR in your account to swap any token for XOR.
Bridging out of the SORA network
This part is where the tutorial gets tricky, but here is what you need:
- Metamask wallet to receive the funds (with enough ETH to pay for gas fees)
- Polkadot.js browser extension with an associated SORA account.
- Account in a CEX with KYC/AML checks passed
- Patience
- Before you start the process, prepare your tokens by swapping them for an ERC-20 compatible token, such as ETH or DAI in Polkaswap.
- Once you have the correct token and enough gas in your metamask wallet, navigate to the bridge section in Polkaswap. Select the token you wish to cross and connect your accounts. Make sure you have enough ETH gas for the transaction.
3. Check the transaction details and if everything is correct, then hit Confirm.
4. After you have confirmed, there will be two transactions required to complete, one on the SORA network (which will trigger a Polkadot.js pop-up for you to sign), and another on Ethereum mainnet (which will trigger a sign request from your Metamask).
5. After both transactions are complete, you will receive a confirmation where you will see the totals transferred.
6. Check in your Metamask for the recently arrived funds. You are more than halfway through the process, now comes the part where you send this to a CEX of your choice…
7. Check the receive address from your CEX, usually, they provide an address for the wallet that they host for you. Transfer the funds you just received to your CEX wallet. You can withdraw them following the exchanges’ instructions, for example;
8. Finally, make sure that you have copied the address correctly and have done an experimental transfer to make sure all is smooth. You would not want to lose your tokens at this point.
If you have any questions regarding the transfer on the SORA network side, you can join the SORA Happiness Telegram chat. If there are issues on the Ethereum side, you can try the Metamask FAQ, or you can ask for help on Twitter at Metamask Support (be ready for 40 scammers before they actually answer). Finally, if you are having issues with the final steps, reach out to the Customer Support of your preferred CEX.
Disclaimer
The content of this article is intended FOR GENERAL INFORMATION PURPOSES, not financial advice. The information contained herein is for informational purposes only. Nothing herein shall be constructed to be financial, legal or tax advice.
The content of this article is solely the opinions of the authors who are not licensed financial advisors or registered investment advisors. Purchasing cryptocurrencies poses considerable risk of loss. Use any & all dapps, protocols & information at your own risk. The author does not guarantee any particular outcome. Past performance does not indicate future results. This information is what was found publicly on the internet. These are all opinions of the SORA Academy Community. The SORA Academy Community is not affiliated in any way or means to the SORA network, SORA Kusama Parachain, SORA Parliament, Polkaswap, or SORAMITSU. This is a community project by users who share an interest for SORA technology and vision. All information is meant for public awareness and is public domain. Please take this information and do your own research.
