Buy Sora Validator (VAL)

What is Sora Validator?

Sora Validator Token (VAL) is the token used within the SORA network to reward validators and nominators. It operates under a Nominated Proof-of-Stake (NPoS) consensus algorithm, incentivizing participants to contribute to the network's security by staking tokens. VAL plays a crucial role in the ecosystem, providing liquidity and enabling seamless interoperability across blockchains.

How does Sora Validator work?

The SORA network leverages a Nominated Proof-of-Stake (NPoS) consensus mechanism, where validators and nominators stake SORA (XOR) tokens to secure the network. Validators are chosen based on the amount staked and nominations received. The Sequential Phragmen algorithm is used for electing validators, ensuring a fair and efficient selection process. The network is designed to support fast transactions with low fees, enhancing the interoperable and decentralised experience.

What are the potential use cases for Sora Validator?

Sora Validator has multiple potential use cases including:

• Economic Monetary Stability: Used for creating stable monetary systems, demonstrated by its integration in central banking projects like the Bokolo Cash central bank digital currency (CBDC) in the Solomon Islands.
• Decentralised Finance (DeFi): Supporting cross-chain decentralised exchanges such as Polkaswap to facilitate secure and efficient asset swaps.
• Synthetic Assets: Enabling the creation and trading of synthetic assets on the SORA network that mimic real-world assets, offering financial flexibility.
• Interoperability: Facilitating cross-chain transactions and interactions between different blockchain networks, enhancing the potential for decentralised applications.

What is the history of Sora Validator?

The Sora Validator Token emerged from a need to incentivise security in the SORA network through community governance. Initially tied to the v1 XOR tokens, it was redefined as VAL with updated tokenomics. Key historical milestones include:

• Token Distribution: Effectively managed through community initiatives, with distribution to v1 XOR holders, ERC-20 XOR holders, and as investment vehicles for the ecosystem.
• Community Activation: The activation of VAL involved a cryptographic referendum, tying its readiness to community engagement.
• Multichain Existence: With presence on both the SORA and Ethereum networks, featuring a trustless bridge for interoperability.
• Integration with DeFi: A notable aspect is its use in liquidity pools on platforms like Polkaswap, showcasing its utilitarian role in decentralised finance solutions.

For the most recent updates and details, it is recommended to refer to the official SORA website and other reliable sources.