The ORE Token Powers the ORE Network
The ORE Token is the native digital asset that runs the ORE Network. It’s cross-chain, sustainable and built to scale to billions of users.
Anyone who wants to use the ORE Network has to buy and use ORE Tokens to store data in the registry. Anytime a business creates a new account on the ORE Network for its users, the business needs to purchase ORE Tokens. To create an account, 10 ORE tokens are staked to the network. As the network grows, the amount of ORE needed to be staked will decrease incrementally.
This is akin to renting servers in the cloud.
ORE NFT Protocol
ORE Token offers investors access to ORE NFT Protocol and ORE ID Registry for cross chain keys and referral features. The ORE NFT standard allows on-chain NFTs to serve as access control for off-chain APIs, allowing developers to offload access control to the blockchain and improve the security of their services. ORE tokens are required to add NFTs to the blockchain.
Addressing sustainability in fintech and crypto is more important than ever. As cryptocurrency becomes increasingly mainstream, energy consumption has accelerated to already unsustainable levels.
ORE Token is designed with sustainability in mind. Due to the Delegated Proof of Stake consensus algorithm, ORE Token is inherently green by nature.
ORE tokens are staked to reserve storage space on the network. Anyone who wants to create accounts on chain or add digital assets to the chain needs to stake the correct amount of ORE tokens for the percentage of the chain they intend to use.
This staking mechanism prevents spam and ensures that businesses anywhere in the world can have access to the same high quality infrastructure.