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Summary:
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 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.
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.
Read more: Altcoins: SORA (XOR) - What Is It? - A Deeper Look Into the SORA (XOR) Platform
Wrapped Bitcoin is the tokenized version of Bitcoin (BTC) that runs on the Ethereum blockchain, in other words it is an ERC-20 token. Through a WBTC partner, one Bitcoin (BTC) can be converted into one WBTC (and vice-versa).
Wrapped Bitcoin also makes the job of the exchanges, payment services and wallets much easier that work with Ethereum, this is because the exchanges do not need to run two separate nodes of BTC and ETH networks, instead they can support WBTC operations just through the use of Ethereum node.
The advantages of WTBC have aided the growth of Wrapped Bitcoin (WBTC), they have also helped construct a new sector within the crypto industry. Nowadays, more investors than ever wish to utilise WTBC services.
renBTC is a ERC-20 token that runs on the Ethereum blockchain, RENBTC tokens are pegged to Bitcoin (BTC). Each RENBTC token can always be exchanged for 1 BTC, hence the RENBTC seems to maintain its value at a market rate close to Bitcoins.
renBTC is minted on the Ren platform, Ren is an open protocol which allows everyone access to the inter-blockchain liquidity this function helps bring assets from other blockchains to Ethereum decentralised applications (DApps). The renBTC is a direct competitor of Wrapped Bitcoin (WBTC).
Unlike other tokens that are backed by Bitcoin, renBTC is not a synthetic token and it is not reliant on any liquidation mechanisms to ensure that its value remains pegged to Bitcoin’s value, instead it is a direct supply peg, this means there are always enough BTC in a reserve to cover the circulating renBTC supply.
Read more: Altcoins: renBTC (RENBTC) - What Is It? - A Deeper Look Into the renBTC (RENBTC) Platform
Gala Games wants to change the gaming landscape by returning ownership of the gaming experience to the gamers. Making "blockchain games you'll actually want to play" is Gala Games' goal. The goal of the project is to make it so that gamers can no longer spend hundreds of dollars on in-game items and endless hours playing games that can be taken away from them at any time with the push of a button. By providing players authority over the games and in-game assets with the aid of blockchain technology, it aims to bring back creative thinking in gaming.
Gala Games is not just one game; rather, it provides a wide selection of several blockchain games that prioritize pleasure above blockchain. Town Star, the sole playable game at the moment, is a browser-based simulation of a town. Similar to SimCity's gameplay, players of Town Star truly own the town they are managing.
Read more: Altcoins: GALA (GALA) - What Is It? - A Deeper Look Into the GALA (GALA) Platform
The mission of Filecoin is to "store humanity's most critical knowledge" in a decentralized database. The project's initial coin offering (ICO) garnered $205 million in 2017, and its mid-2019 launch date was once anticipated. The debut of the Filecoin mainnet, however, has been postponed until block 148,888, which is anticipated in mid-October 2020.
Decentralised data storage is the goal of Filecoin. In contrast to centralised cloud storage providers like Amazon Web Services or Cloudflare, Filecoin uses its decentralised nature to safeguard the integrity of a data's location, making it simple to retrieve and difficult to censor.
Proof-of-replication and proof-of-spacetime are used to protect Filecoin. In the Filecoin network, retrieval miners, also known as nodes, compete to provide data to clients as quickly as possible. A network of nodes that desire to duplicate and maintain files is thus encouraged by the payment of FIL fees.
Read more: Altcoins: Filecoin (FIL) - What Is It? - A Deeper Look Into the Filecoin (FIL) Platform
Sources: fxmag.com
