What is Zora coin? - Decentralized Social Media Platform and Cryptocurrency Guide

Source: BTCHaber Original Title: What is Zora coin? Original Link:

What is Zora?

Zora is a decentralized social media platform. The project’s cryptocurrency is known as ZORA coin. Its goal is to transform social media profiles and content into tradable financial assets.

On Zora, each profile represents an asset called a “Creator coin.” Users can buy these coins to support creators. Profile owners can also turn their content into digital tokens. The more attention the content attracts, the higher the value of its token.

Zora Founder

Zora was founded in 2020 by Jacob Horne, Tyson Battistella, and Dee Goens.

How Does Zora Work?

Zora operates by combining social media dynamics with decentralized finance (DeFi) infrastructure. It adopts an economy centered around creators. This transforms social interactions and profiles into assets that can be bought and sold on the blockchain.

Profile tokens, known as creator coins, are ERC-20 assets with a fixed total supply of one billion. Creators with profiles on Zora do not receive all the coins at once. Instead, 50% of the total supply is allocated to the creator over five years.

Content coins are assets created by turning produced content into tradable assets. As interest in the creator’s content increases, this interest is linked to the creator’s profile. As a result, the value of the creator coin associated with the profile increases.

What is ZORA Coin?

ZORA coin is the utility token of the Zora platform. It operates on the Base blockchain. The token is used for rewards and transaction fees. Among the possible transaction fees is the amount paid when content coins are created.

The total supply is 10 billion ZORA tokens. Of this, 20% is allocated to community incentives, 10% to airdrops, and 5% to liquidity.

Having both creator coins and ZORA coins on the platform may cause some confusion among users. Understanding the key differences is also important for grasping the project’s economic structure. Creator coins are assets linked to user profiles. Each profile has its own creator coin. ZORA, on the other hand, can be considered the cryptocurrency representing the entire platform.

Buying ZORA Coin

To buy ZORA, first you need to create an account on a cryptocurrency exchange. Then, complete the identity verification process of your account. To finish the purchase process, you must have a balance in your wallet. If you do not have a balance, you can choose payment methods such as bank transfer or credit card. After depositing your money, you can purchase the desired amount of assets.

General steps for buying ZORA coin:

• On the exchange’s homepage, click on “Buy/Sell” or “Markets” and search for ZORA to go to the purchase page.
• Click the “Buy” button to start the transaction. If you don’t have an account, create one first.
• Enter the amount you want to buy in Turkish Lira and proceed.
• Confirm the transaction by clicking the “Buy” button again. Your cryptocurrency purchase is executed immediately, and the purchased crypto assets are transferred to your account shortly.

Warning: This article does not contain investment advice or recommendations. Every investment and trading activity involves risk, and readers should conduct their own research when making decisions.