The SORA Synthetic EUR (XSTEUR) is a cryptocurrency that operates on the SORA network, which aims to become a new economic system for Earth, the metaverse, and beyond. It is built on Parity Substrate as a standalone blockchain and has plans to utilize a parachain on both Kusama and Polkadot. With SORA, the goal is to create a supranational economic system based on the Disaggregated Quantity Theory of Money. SORA enables economic growth by minting XOR tokens and allocating them to producers to create new goods and services. The SORA network provides tools for decentralized applications, including atomic token swaps and bridging tokens to other blockchains.
SORA’s approach to economic growth differs from traditional cryptocurrencies. It uses a Token Bonding Curve (TBC) to manage the supply of tokens in a rational way, avoiding boom-bust problems and deflationary economics. In the SORA Parliament, different bodies and committees handle proposals and decisions separately, ensuring careful review and avoiding self-selection. The SORA network is designed for scalability and interoperability, with bridges to other blockchains such as Ethereum. The network also has its own set of validators and a mobile wallet that allows users to store assets from different networks, send assets, and move them between networks.
The SORA Synthetic EUR (XSTEUR) represents the platform for synthetic assets on the SORA network. These synthetic assets are fully collateralized on-chain but are linked to off-chain indices, enabling various composable DeFi operations that are censorship-resistant. Additionally, the SORA ecosystem includes other tokens such as XOR, VAL, PSWAP, TBCD, XSTUSD, CERES, and DEO, each serving specific purposes within the network. SORA is committed to creating a decentralized and democratic economic world order, delivering financial inclusion for all without discrimination.