This is a strong showing for a coin that has many similarities to NXT Coin, that unique kid on the block so popular in Britain.
Also read: NxxtyCoin Price Plummets
Qora is a 100% proof-of-stake coin, which means no mining has ever or will ever take place. Coins are generated by an interest like process called “staking.”
While this lowers the technical bar to entry for many people and doubtlessly makes the coin more attractive to those less nerdy, it can mean a certain amount of corrupt practices have the opportunity to take place, for one cannot simply mine one’s way to riches in Qora, they must be patient or willing to invest.
There are two very interesting features of Qora which set it apart and in some ways ahead of DOGE and others.
One, it has a voting system which so far has been used only for feature voting. But, with a some modification, this feature could be adapted to actual elections. An organization or government could issue a wallet to each voter, the voter could place their vote. There’d be no error – the blockchain would tell the truth.
Two, it has a naming service, which is like the alias feature of NXT. This means it can be used, for very small fees, to replace DNS. This means that with little modification, most modern browsers will be able to access addresses registered in the naming service, and the actual registration is decentralized so that it would be very hard for a bad guy to disable. While not the first coin to implement a feature like this, it certainly puts it a step beyond many coins.
Yesterday, almost coinciding with the rise in price, a few negative comments were posted on the Qora BitcoinTalk thread, leading the developer to close the thread. What negative comments were posted? One, in particular, might raise alarm in a more cautious investor:
As I said, these guys are trying to pump the price while selling. Qora is the biggest holder and still has billions left to dump. He copied nxt and secretly invested over 40 btc on ipo. […] I’m out. I tried to warn you and time after time I was proved right. Don’t come crying saying nobody warned you when in 2 months time this coin is worth less than what it gathered on ipo. –BitcoinTalk user wuhanyan21 on November 26th.
However, a far more active member of BitcoinTalk, Twistelaar, had this to say:
Well Im optimistic to about Qora, me and some friends are holding a bunch Qora ass well and we are not planning to sell and I think there a lot of more community members like us holding. There are just some rotten apples in the community we are getting rid of them now, because they dumped, or want to dump, but can’t dump. So for al the guys who want to dump, keep in mind there a lot of members, who are holding and believing in this coin, so just do the same, so we can go faster to the moon
Personally, I trust someone with more than 100% of activity on the forum over the negative detractor first quoted, but that’s me. As a journalist, it is my job to provide both sides of a story.
There is a lot to like about Qora. For starters, its wallet will run on any system that supports Java, and it is hard anymore to find a system that cannot support Java. From here, with recent market uptick and an active community at forum.qora.org combined with a developer who seems to want genuinely to do something new, the moon certainly looks in sight for Qora.
What do you think of Qora? Comment below!
While the author is the owner of wallet address QT8ymatMxS42JzyayTgmaAM8CdpKR6MnJE, he has no part in the development or marketing of Qora.
Images from Qora, Pixabay, P. H. Madore, and Bter.com.