Sorcery points

Sorcery Points are representative of a deep wellspring of magic tapped within Sorcerers, which allow them to create a variety of magical effects.

sorcery points
You start with 2 sorcery points, and you gain more as you reach higher levels, as shown in the Sorcery Points column of the Sorcerer table. You can never have more sorcery points than shown on the table for your level. You regain all spent sorcery points when you finish a long rest.

create spell slots
You can transform unexpended sorcery points into one spell slot as a bonus action on your turn.

RAW is fuzzy on whether or not these are permanent spell slots

RAI goes one of two ways: the spell slots dissipate after a long rest OR the sorcery points used to make spell slots do not rejuvenate even after a short or long rest.

converting spell slots to sorcery points
As a bonus action on your turn, you can expend one spell slot and gain a number of sorcery points equal to the slot’s level.

Metamagic
see: metamagic

At 3rd level, you gain the ability to expend Sorcery Points to twist your spells to suit your needs.

Draconic presence
see: Draconic Presence

with draconic ancestry, you can spend 5 Spirit points to channel the presence of your ancestor to cast awe or fear in a 60 ft range.