Soarcoin is a digital token that launched on the Ethereum network in March 2017. Find out everything you need to know about Soarcoin today in our review.
What Is Soarcoin?
Soarcoin is a digital currency designed to function as online cash – similar to the original version of bitcoin. The currency promises low fees, a fixed total supply, fraud protection, and other key features.
The currency was created by a Singapore-based company called Soar Labs. The official website, SoarLabs.org, describes it as “a revolutionary digital money system” that lets you “make instant payments online or in-store.” The platform is open-source and based on Ethereum.
Overall, Soarcoin is advertising itself as an alternative to some of the world’s major cryptocurrencies. This isn’t a digital token released as part of an ICO, nor is it designed to function within the ecosystem of one particular platform. Instead, this is a token designed to be used specifically as a way to store and transfer value – just like money.
As of July 2017, the currency had a market cap of around $18.6 million, with a circulating supply of 651 million SOAR tokens out of a max supply of 5 billion SOAR. The price launched at around 1 cent US before rising as high as 6 cents, then dropping to 3 cents, where it sits today.
Overall, Soarcoin promises many of the same features as other digital currencies, including all of the following:
- Based on Ethereum: Soarcoin is a token built on the Ethereum blockchain. Soarcoin uses Ethereum’s main network.
- Low Fees: Soarcoin’s fees are similar to the fees you pay with Ethereum.
- Multiple Ways to Buy: You can buy Soarcoin from someone who already owns it. Or, you can buy it from C-CEX and Livecoin.
- Limited Supply: A total supply of 5 billion Soarcoins has already been released. No new tokens will be released in the future.
- Bounty Program: Soarcoin has a bounty program to help identify vulnerabilities in its system.
- No Mining: The total supply of Soarcoins has already been released. There is no mining involved. However, users still contribute processing power to the operation to process transactions. Since no further coins will ever be released, the creators of Soarcoins claim that the value of the coin is guaranteed, and it won’t be subject to inflation or monetary policy decisions. Demand will dictate the price.
Overall, Soarcoin promises to provide low fees, fast international payments, strong identity protection, and enhanced fraud protection. All of these features make it superior to traditional forms of international payment while also making it superior to certain other cryptocurrencies.
How Does Soarcoin Work?
Soarcoin can be used as a transfer or store of value anytime, anywhere – as long as you have an internet connection. You can send and receive payments to individuals or businesses just as easily as you would send or receive an email.
Soarcoin also lets you protect your identity. It’s more like using cash than spending money from a traditional bank account. There are no account numbers, and you don’t have to share your information with a bank or middleman.
The currency also promises to provide powerful fraud protection. Chargeback fraud is minimized because payments and transfers from Soarcoin are irreversible and secure, which means that the cost of fraud is no longer passed onto the merchants.
Who Created Soarcoin?
Soarcoin was created by Seth Lim (Co-Founder and CEO), Neo WenYuan (Co-Founder and CTO), and Micha Roon (Core Developer).
The currency has received investments from Singapore’s KDY Holdings Pte. Ltd, a specialty chemical company serving upstream oil drilling customers.
Today, according to CoinMarketCap.com, Soarcoin (SOAR) has a market cap of $18.6 million USD. As of July 2017, the coin had a 24 hour trading volume of $5,293 USD. The total circulating supply is 651+ million, with a max supply of 5 billion. You can see more stats for SOAR on their website.
Meanwhile, in terms of price, the value of SOAR has gone from $0.010 USD in April to a high of $0.60 USD in June. Today, at the end of July, it’s sitting at a price of $0.030.
Ultimately, the value of SOAR is based on its adoption. When more people start to use SOAR, the value of the token will rise. SOAR promises low fees, private transfers, and easy international payments – all of which are reasons to that cryptocurrencies became popular in the first place. You can learn more about Soarcoin by visiting the organization online today at SoarLabs.org.