Utility Of LORE Token

LORE token has the following use Utility -

  • To bootstrap engagement on Gitopia in the early stages.

  • Securing the proof of stake network. As staking tokens, LORE can be “bonded” in order to earn block rewards. The economic security of Gitopia blockchain is a function of the amount of LORE staked. The more LORE tokens that are collateralized, the more “skin” there is at stake and the higher the cost of attacking the network. Thus, the more LORE tokens there are bonded, the greater the economic security of the network.

  • LORE token is the key to on-chain governance in the Gitopia ecosystem. The user who owns LORE tokens can propose and vote for amendments(proposals) that affect the platform’s features. Each vote has a different weight based on the number of tokens staked by the voter.

  • As a mode of exchange for frictionless transactions to host code and collaborate. As a spam-prevention mechanism, the LORE token is used for transaction fees. The fee is very minimal in order to avoid friction.

  • Fuel cross-chain transactions related to services used by the developers on Gitopia.

  • To incentivize a user developing and contributing on Gitopia.

  • To fundraise for projects hosted on Gitopia.

  • Work token for the opensource community at Gitopia.

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