What Is Ore Crypto? A Digital Store of Value on Solana

Bittime - What is Ore (ORE)? While many digital assets rely on complex systems and limited access, ORE presents a simple concept as a digital store of value that is open to everyone.

Built directly on the Solana network, ORE crypto is designed to be accessible, fair, and free from any single party's control. This article discusses what ORE is, how it works, and how ORE tokens are transparently distributed.

What is Ore (ORE)?

Ore is a crypto asset that serves as a digital store of value on the Solana blockchain. The concept is similar to digital cash, allowing anyone to use it without permission and without intermediaries.

Unlike other assets that must go through a specific platform, ORE was designed from the outset to integrate with the Solana ecosystem.

ORE crypto was born from the idea that a store of value should not rely on a central institution. Leveraging Solana's speed and efficiency, ORE aims to be a free, open, and usable digital asset for anyone around the world.

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How Ore Works (ORE)

ORE works by combining an open participation system with established rules established by the protocol. All processes run automatically on the Solana network without any external intervention.

ORE is distributed through two main mechanisms, namely mining and staking, both of which are designed to be fair and transparent.

Mining

ORE mining is the process of earning ORE tokens by directly participating in the network. Every minute, the system opens a new round for users to participate in. In each round, only one ORE is minted and distributed.

Interestingly, the chance to win a prize isn't limited to just one person. All eligible participants have a chance. Furthermore, there's an additional prize system called the motherlode.

The odds of winning this motherlode are 1 in 625, or about 0.16%. If no one wins, the prize will continue to accumulate until the next round.

Each claim of mining results is subject to a 10% refining fee. This fee is not lost but redistributed to other miners who hold their results longer. In this way, the system encourages long-term participation and more equitable distribution.

Staking

In addition to mining, ORE token holders can also earn returns through staking. Simply put, staking is the process of depositing ORE to participate in the system and receive a share of the protocol's revenue.

The system collects 10% of all mining proceeds in the form of SOL. These funds are used to repurchase ORE tokens from the market. Of the repurchased ORE, 90% is retained by the protocol, while 10% is distributed to stakers.

This scheme allows stakers to gain double benefits, namely from revenue sharing and from the potential increase in ORE value.

What is ORE Token?

The ORE token is the unit of value of the Ore ecosystem. It can be owned, transferred, and stored like any other digital asset. There is no specific allocation for the team or internal parties. All ORE tokens are distributed through the same open mechanism for everyone.

With this approach, the ORE token embodies the principles of fairness and open access. Everyone has an equal opportunity to earn ORE without any special treatment.

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ORE Tokenomics and Distribution

ORE's tokenomics are designed to encourage long-term ownership and prevent concentration of ownership. The maximum total supply of ORE is capped at 3 million tokens.

No additional minting will occur beyond this limit as long as the maximum number of tokens in circulation has been reached. Distribution and fees within the ORE ecosystem include:

• 10% of the mining results in SOL are collected as protocol revenue.

• 10% of the ORE from the buyback is distributed to stakers

• 10% of ORE mining results are redistributed to other miners

• 1% of mining funds are used to support operations and development.

This structure ensures that ORE crypto remains balanced between supply and demand, while providing incentives for active users.

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Conclusion

ORE crypto is here as a simple and open digital store of value alternative on the Solana network.

With a fair mining system, transparent staking, and community-focused tokenomics, the ORE token offers a different approach than traditional crypto assets. For those interested in digital assets with the concept of freedom and open participation, ORE is worth exploring further.

How to Buy Crypto on Bittime

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Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

FAQ

What is ORE crypto?

ORE crypto is a digital asset on the Solana network designed as an open store of value without intermediaries.

What is the main function of ORE token?

ORE tokens serve as a store of value and a participation asset in the mining and staking system.

What is the total supply of ORE tokens?

The maximum total supply of ORE tokens is 3 million.

Can everyone mine ORE?

Yes, ORE mining is open to anyone without any special restrictions.

How to earn returns from ORE?

You can earn returns by mining or staking ORE tokens.