BOSAGORA hopes to build a safe and efficient decentralized open blockchain underlying network through mechanism innovation, allowing DAO members to jointly decide on the direction of network upgrade and the use of “public budget”.
Written by: Zoe Zhang
The low threshold and high universality brought about by “decentralization” have allowed blockchain technology to develop rapidly in the past ten years. At the same time, it has also been deprived of centralized supervision by a small number of “evil perpetrators”. How to use, how to identify high-quality projects in a large number of new projects has become a compulsory course for market participants. But just as most projects began to hand over governance to the community and formed various decentralized autonomous organizations (DAOs), can collective wisdom be used to solve this problem?
The blockchain project BOSAGORA from Seoul, South Korea provides a solution of this kind of vision. BOSAGORA hopes to build a safe, efficient, and decentralized open blockchain underlying network through mechanism innovation, and introduce a democratic decision-making process, so that DAO members can jointly decide on the direction of network upgrade and the use of “public budget”, demonstrating collective wisdom and assistance The development of high-quality projects promotes the large-scale implementation of blockchain technology.
BOSAGORA: an efficient, democratic and open autonomous organization DAO
BOSAGORA hopes to play the role of “promoter of high-quality projects” in the entire blockchain industry and promote its development by providing technical and economic support for high-quality projects. But what kind of projects are high-quality projects? BOSAGORA gave the choice of this issue to the community ecology, built an advanced democratic decision-making process based on the decentralized autonomous organization DAO, and innovatively proposed based on the revised Federal Byzantine Agreement (mFBA), Congress Network (Congress Network), and Lightning Layer Mechanisms such as (Flash Layer) and Trust Contract (Trust Contract) help the community ecology to reach a consensus more equitably and efficiently, and promote the prosperity and development of the community following the will of its members.
Revised Federal Byzantine Agreement (mFBA)
In the consensus algorithm, BOSAGORA creatively combined the Federal Byzantine Agreement FBA and Proof of Stake (PoS), and designed a new revised version of the Federal Byzantine Agreement (mFBA). BOSAGORA PoS proof of rights based on FBA requires BOA to be pledged to become a validator in order to participate in node voting, and each node has only one vote, avoiding power concentration, and better taking into account decentralization and decentralization. effectiveness.
Congress Network
The BOSAGORA Congress Network is a democratic decentralized decision-making body composed of node operators. Lock 40,000 BOA tokens and run a fully synchronized node to become a node. While participating in decision-making on the future development direction of BOSAGORA and the use of the “public budget”, block rewards can also be obtained.
In order to make decisions more efficient and inclusive, the Congress Network is equipped with the on-chain decision-making tool “Votera”, which makes the entire decision-making process anonymous, flexible, archiveable, and reportable.
The Congress Network stipulates that one node corresponds to one voting right. Therefore, members can choose the operational focus when deploying nodes. For example, member A has 200,000 BOA tokens:
If member A chooses to freeze 40,000 BOA tokens per node and operate 5 nodes, it means that member A values political rights more, because 5 nodes = 5 voting rights;
If member A chooses to operate a node and this node freezes 200,000 BOA tokens, then member A can get more block confirmation rewards, which means that A values economic rights more.
The separation of economic and political power clearly demonstrates the purpose of nodes participating in the network, which is more conducive to making better decisions for Congress.
Flash Layer
In terms of network scalability, layering is one of the more sought-after solutions, and the BOSAGORA network also chose to introduce the Flash Layer to optimize performance.
The lightning layer is BOSAGORA’s Layer 2 network. Fragmentary transactions can be confirmed and processed through the lightning layer. Layer 1 can conduct transactions without requiring the blockchain to record all data, releasing the pressure on the Layer 1 layer and effectively improving transactions. The speed of confirmation and reduced transaction costs.
Trust Contract
Based on the Flash Layer, the trust contract improves and optimizes the smart contract, and builds a smart contract that can be judged, thereby overcoming the trust problem caused by the unjudgability of the smart contract. Simply put: Layer 2 releases the pressure of Layer 1, and through the trust contract, Layer 1 becomes the pillar of trust for Layer 2, further improving security.
Propose the concept of trusted financial T-Fi on the basis of DeFi
The success of DeFi has become a strong evidence that blockchain can have broad application prospects in open finance. However, the current development of DeFi has encountered bottlenecks due to low performance, single product, serious homogeneity, and poor universality. Pursuing “landing”, BOSAGORA optimized the T-Fi concept on the basis of the DeFi concept.
T-Fi is the abbreviation of Trust Finance (True Finance). BOSAGORA’s positioning for T-Fi is: a new generation of financial business model that integrates blockchain and the real economy. That is, T-Fi is a simple, safe, transparent and high-yield innovative business model that integrates BOA tokens, stocks, real estate and other financial products to provide the world with a simple, safe, transparent and high-yield business model.
In terms of transparency, BOSAGORA has established a cooperation with Chainlink, a well-known oracle project in the industry, and Chailink will provide BOSAGORA with a trustworthy exchange rate valuation.
In terms of security, by linking with the real economy, T-Fi can avoid malicious property attacks such as malicious manipulation of interest rates using poor liquidity, bug-based or contract fragility and other malicious property attacks, and can achieve risk-free and fair income distribution. In addition, T-Fi Labs provides a third-party custody service, and only the user’s own assets can be embezzled after the user’s own assets are deposited in a personal pledge wallet and after the authentication process. If the identity verification fails, no one can embezzle the escrow funds.
In terms of high returns, users who hold BOA tokens can participate in the T-Fi ecosystem through three paths, block rewards, lending, and investment in STO projects. According to the description of the white paper, 40,000 BOAs are pledged and run nodes, and the block reward rate of return in the first year can reach 37.84%. If they cannot become a node, users can earn rewards by using the services entrusted by T-Fi Labs for node operation.
At present, T-Fi has cooperated with FMway, a South Korean innovative investment management company. FMway uses this algorithm to analyze the latest financial statements according to the classification of the stock markets of various countries, and prepares investment portfolios. The strategy of holding for three months is to pursue stable and continuous income.
Join BSC Binance Smart Chain
In March 2021, BOSAGORA joined the Binance Smart Chain (BSC) ecosystem to expand the ecosystem and enhance interoperability with multiple blockchain networks.
In order to link the Binance Smart Chain, BOSAGORA has released 400,000 BSC BOAs based on BEP-20. In order to maintain the total amount of BOA issued, 400,000 ERC-20 BOAs were put into locked accounts and frozen at the same time as BSC BOA was issued. The newly issued BSC BOA will be circulated in PancakeSwap. The liquidity provided by PancakeSwap for BOA can be freely exchanged with other BSC tokens, and even BOA can be used for liquidity mining.
Use the advantages of the lightning layer to build a professional meta-universe platform
On May 31, 2021, BOSAGORA was invited to participate in the “Yuancheng Forum” event. Meta City is the world’s first platform that combines blockchain with Meta Universe. With the combination of blockchain, it is expected to be widely used in various institutions or groups in the future by virtue of its technical advantages.
BOSAGORA’s Flash Layer provides a professional platform for Metaverse: users can not only achieve efficient and democratic decision-making, but also achieve safe, accurate, and low-cost transactions. BOSAGORA has signed an international joint movement agreement to protect the marine ecological environment with the National Mokpo Marine University and others on June 1 this year.
The concept of Meta City covers finance, public education, commerce, games, entertainment and other fields. Through an agreement with Mokpo Maritime University, BOSAGORA plans to introduce a “Meta Campus” in MetaCity, and is using blockchain to protect the marine ecosystem and use the meta universe. Cooperation plans have been reached in the development and operation of meta-campus and marine ecological protection education courses, as well as the use of marine resources to research and develop technologies.
Team information
BOSAGORA was established in 2017 and now has 40 members from 15 countries. The chairman of the foundation Jin Renhuan has more than 35 years of marketing experience before founding BOSAGORA. His successful cases cover many fields from IT to traditional finance. One of them is PAXNet, the largest securities advisory exchange website in Korea.
In 2015, Jin Renhuan entered the blockchain industry under the recommendation of a friend, and served as the chairman of the BOSAGORA Foundation in 2017. With the further development of the project, BOSAGORA also attracted more well-known industry leaders to join. On December 23, 2020, BOSAGORA reached a strategic partnership with the North American Blockchain Research Institute (BRI). Don Tapscott, the co-founder and executive director of BRI, known as the “Father of the Digital Economy,” also officially joined BOSAGORA as its project consultant.
Don Tapscott wrote and published the book “Blockchain Revolution”. As the first person to clearly explain the impact of Bitcoin and blockchain on the world in a TED speech, Don Tapscott has been promoting the concept of blockchain, Work hard to implement blockchain technology.
BOSAGORA token rules
BOA tokens are issued based on the BOSAGORA network, and have the dual function of linking the real world real economy and governance. In the white paper plan, BOA tokens will be issued in a total of 4.95 billion in the next 100 years, but this value may change according to the development needs of the project and the governance results of the Congress. BOA tokens will be issued in three ways:
- 10%: The initial development budget is 450 million yuan, which is composed of airdrops and bounties to reward the developers of the Genesis Block Program.
- 54%: The block confirmation reward is 2.7 billion, which is related to the number of frozen tokens of the node. Initially, 27 BOA is issued every 5 seconds. In the next 128 years, the annual reduction will be approximately 6.31%.
- 36%: The public budget is 1.8 billion. The BOA held by the total budget can only be used for proposals that have been passed by the Congress Network. In order to have sufficient budget for proposal expenditure, 50 public coins were issued every 5 seconds for the first 6 years or so. After 6 years, the public budget is maintained by extracting 30% of public expenses from transaction fees.
After the launch of the main network, validators will be provided with confirmation rewards and public budget tokens will be issued.
Concluding remarks
According to the official team: In the first half of 2021, BOSAGORA plans to complete the development of BOA wallet and lightning layer and start the testnet; after the coin-operated network is launched in the third quarter of 2021, BOSAGORA plans to be online before the first quarter of 2022 To implement the trust contract. In addition, BOSAGORA will more actively participate in the Chinese market in 2021. The Chinese blockchain market under the support of national policies is further showing a trend of flourishing, and the implementation of blockchain technology is also accelerating. For BOSAGORA, which promotes the implementation of blockchain technology with efficient and democratic decision-making, a prosperous and innovative Chinese market may be the best environment for realizing its project vision.
