What is SoarCoin (SOAR) Crypto Beginner’s Guide
SoarCoin is a cryptocurrency developed to improve transparency and efficiency in payment transactions. Based on the Ethereum blockchain, SoarCoin is an open-source currency that aims to function like digital cash, allowing the ability of real-time banking and instant transactions.
Developed by Soar Labs, a Singapore-based company, SoarCoin intends to be released in the latter half of 2018. A beta version of the wallet is already available, allowing the company to be able to reach out to developers for suggestions and improvements.
Soar Labs is supported by a team of nine people who plan to continue to improve and expand SoarCoin’s wallet and world-wide availability even past its wider release date slated for 2018.
Intended to be an alternative to other major cryptocurrencies, SoarCoin is not being distributed in the traditional sense as a token nor has it been designed to function on a particular platform as many cryptocurrencies are. Instead, SOAR is intended to be used exactly like cash, but in a digital sense, to easily store and spend money.
SoarCoin offers many of the same features as other common cryptocurrencies. Since the currency is based on Ethereum, it employs the Ethereum main network. It can be traded to and from someone who already owns it or bought from an exchange (it cannot be bought directly with fiat).
The maximum amount of SOAR available is 5 billion, and all coins have been released in circulation, which also means there is no mining capability for this currency. Soar Labs believes that since all the coins are now in circulation, the currency will not be subject to inflation and other financial instabilities.
With a promise of low fees, faster transactions, and advanced identity and fraud protection, SoarCoin does seem to offer superior features to all types of international currencies and many cryptocurrencies.
How Does it Work
As long as a user has an internet connection, they can store or transfer SOAR at any time in any place, just as simply as it takes to send an email. Since SoarCoin does not employ account numbers, spending SOAR is like spending cash, allowing users the privacy to protect their identity during transactions. Since SOAR is secure and payments are irreversible, SoarCoin also promises incredible fraud protection as the cost of fraud will not be transferred to merchants during transactions.
While SoarCoin makes a lot of great promises, it remains to be seen what will catch on once put into worldwide effect. The second half of 2018 is showing a revamp of their website as well as the additional introduction of apps into other parts of the world, like Australia, which may begin to give SoarCoin the push it needs to grow in popularity. It helps that it offers all of the features that made cryptocurrency attractive in the first place – privacy, low fees, and fast transactions. How well it performs will remain to be seen based on how it is adopted into the cryptocurrency market.