In our commitment to continually broaden our offerings, we are introducing a new project addition - Ore. This article provides you with a comprehensive overview of the project, its native token, tokenomics, functionalities, and its potential impact on the crypto ecosystem.
What is ORE?
ORE represents a currency that approaches mining and incentives in a unique manner. It utilizes a proof of work algorithm enabling mining, from locations such as your home or mobile device. Developed on the Solana blockchain, ORE introduces a mining protocol tailored to ensure equal token distribution among miners eliminating the risk of exclusion or reward shortages.
Central to its design is a commitment to maintaining a supply and gradual expansion. The project has implemented an algorithmic supply system guaranteeing the issuance of one ORE token per minute. This systematic increase in supply supports the project's objectives of long-term sustainability and predictability in circulation benefiting both miners and investors.
ORE's 'fair launch' strategy sets it apart from other cryptocurrencies. There was no mined supply or allocation of tokens for insiders with the smart contract code governing the token being immutable and open source. This emphasis on transparency and fairness aims to foster trust and community support ensuring all participants have opportunities, within the ecosystem.
Another distinguishing aspect is ORE’s reward system. This system permits miners to earn rewards by solving customized computational challenges. This method helps avoid one entity dominating mining activities and ensures a mining atmosphere that is open, to anyone, with the right computing capabilities.
Key Features of ORE
- Decentralized Mining: Mine ORE from any location using a mobile or desktop device.
- Fair Token Distribution: Innovative proof-of-work protocol to prevent miner exclusion.
- Stable Supply Growth: Algorithmic issuance at a rate of 1 ORE/min ensures predictable supply.
- Immutable Smart Contract: Open-sourced and unchangeable code to guarantee system integrity.
- Non-Exclusive Rewards: Personalized challenges allow multiple miners to earn simultaneously.
- Linear Supply Control: Supply growth is strictly regulated between 0 and 2 ORE/min.
- Long-Term Scalability: Designed to support mining and token issuance for approximately 40 years.
- No Maximum Supply Limit: Ensures continuous operation and reward potential for future generations.
Overview of ORE
ORE is not just another digital currency; it represents a significant advancement in the way cryptocurrencies are mined and distributed. By utilizing the robust Solana blockchain, ORE ensures high throughput and scalability, which are critical for supporting its unique mining mechanism and growing user base.
Application/Utilities
The primary utility of ORE lies in its mining process, which is designed to be inclusive and equitable. Users can mine ORE directly from their devices running the gamut from sophisticated desktop setups to simple smartphones, making digital currency mining more accessible to a broader audience. This accessibility helps democratize the process of earning cryptocurrency, opening up opportunities for individuals who may not have the technical expertise or resources to participate in more traditional mining activities.
Furthermore, the ORE token operates like a cryptocurrency offering all the advantages that come with it such, as enabling peer-to-peer transactions without relying on a central authority. This versatility makes ORE suitable for transactions whether they involve small purchases or substantial business transfers providing a dependable and consistent digital currency option.
Ecosystem
The ORE ecosystem is supported by its transparent mining protocol. By ensuring that every miner has an opportunity to earn rewards through challenges, ORE promotes a collaborative environment rather than a competitive one. This approach enhances network security. It also maintains the decentralized distribution of ORE tokens preventing any single entity from exerting excessive control over the currency.
In addition, the project benefits from its integration with the Solana blockchain renowned for its speed and low transaction costs. This integration enables rapid transactions while upholding a level of security making ORE appealing to both miners and users alike. The transparent nature of its source contracts further contributes to an ecosystem built on trust and transparency fostering continuous contributions and enhancements, from developers worldwide.
Use Cases
ORE, as a form of currency, has uses in economic transactions, such as purchasing goods and services online or facilitating cross-border value transfers with fewer restrictions and fees compared to traditional banking systems. Moreover, Ore's stable growth model and measures to combat inflation make it an attractive option for individuals seeking to safeguard their wealth over time.
ORE Tokenomics
The tokenomic structure of the ORE is as follows:
- Total Supply: The token has a total supply of 21 Million.
- Unlimited Supply Cap: ORE is designed without an upper supply threshold.
- Consistent Supply Growth: The ORE issuance rate is fixed at one token per minute.
- Long-Term Supply Target: It is projected to take around 40 years for the supply of ORE to hit the 21 million mark.
- Lifetime Mining Estimate: An estimated 42 million ORE tokens are expected to be mined over an average human lifespan.
- Sustainable Model for Future Generations: The supply growth and mining rate are set to remain constant, ensuring consistency for future users as experienced today.
ORE Token Statistics
The ORE token began trading on April 10, 2024. It was listed on CoinEx on April 25, 2024, at an initial price of $145.52, marking an impressive overall change of +107.71%.
- Token Symbol: ORE
- Token Supply: 21 Million
- Circulating Supply: 9.13 Thousand
- Market Capitalization: $6.69 Billion
- Trading Price: $318.66
- Cryptocurrency Rank: #937
*Data source: The data above is real-time data from CoinEx as of May 22, 2024.
How to Trade ORE Tokens on CoinEx?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With 1000+ tokens supported, including ORE, users can now trade easily and seamlessly. To purchase ORE tokens on CoinEx, follow the steps below:
- Create an Account: Begin by signing up for a CoinEx account.
- Deposit Funds: Once you log in, deposit funds into your CoinEx account via any supported cryptocurrencies or deposit methods available on the exchange. With funds in your account, you can execute trades seamlessly.
- Navigate to ORE Trading Page: After funding your account, navigate to the dedicated ORE trading page on CoinEx. A search box will help you locate ORE trading pairs on the spot trading page. Simply enter the term "ORE" to find the associated trading pairs.
- Select a Trading Pair: Choose the trading pair ORE/USDT to trade ORE against USDT (Tether).
- Specify the Purchase Amount: The next step is to specify the number of ORE you want to buy. You can buy them at the current market price or set a limit for your preferred buying price on the trading page.
- Execute the Trade: Once you have specified the amount, proceed to execute the trade. Confirm the details, and if they are satisfactory, submit the order.
By following these steps, you can easily trade ORE tokens on CoinEx.
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