On the19th, May 2021, the WeBlock Community (A full-service blockchain accelerator) hosted guest, Summer Cho from BOSAGORA as a marketer, in a live Ask-Me-Anything (AMA).
The AMA was divided into 3 segments, followed by the introduction of the guests, then questions from the host, and finally Community live questions.
A BRIEF INTRODUCTION OF GUEST & BOSAGORA
Guest Intro：
The guest is Summer Cho. she is a marketer at BOSAGORA.
She has been working in the blockchain industry since 2019 when I joined BOSAGORA. Korea is one of the most heated coin markets to the extent that it has something called ‘Kimchi premium’.
So naturally, She was exposed to lots of dialogue about blockchain and the coin market which led me to join BOSAGORA with high expectation.
The more She involves deeply in our project, the more she becomes confident about its bright future.
BOSAGORA Intro :
BOSAGORA aims to be a promoter of quality projects.Through BOSAGORA’s unique revised version of the Federal Byzantine Agreement (mFBA), Flash Layer (Flash Layer), Trust Contract (Trust Contract), “Congress Network” democratic decision-making voting mechanism. The “Parliamentary Network” mechanism also has a unique function of “public budget”, which automatically accumulates funds in the system to realize the incubation and incubation of high-quality projects that not only technically but also economically assist with our expectations of ”making the world a better place“. development of.
BOSAGORA focuses on building an open decentralized blockchain that ensures transparency of the consensus algorithm and clarity of contracts. BOSAGORA will play a vital role in making a better world with blockchain technology as a project enabler.
BOSAGORA has newly issued 400,000 BEP-20-based BOAs to link them with Binance Smart Chain. As a result, 400,000 BOAs based on the existing ERC-20 were frozen in lock-up accounts to prevent the overall issuance from changing.
BOSAGORA has been listed on one of the major global exchanges, gate.io, thanks to receiving tremendous supports and responses from numerous people around the world through the listing vote of gate.io.
HOST Q&A SESSION
Host:
Q1. Could you tell us all more about BOSAGORA? Where is the idea from and how did it get started?
Guest’s Answer :
BOSAGORA came into existence with a vision to ‘make a better world’. It successfully conducted ICO, the very first one in Korea, in mid-2017 raising 6,907 BTC from 95 countries. It was relaunched in mid-2019 with the new name ‘BOSAGORA’, which contains the word ‘AGORA’, the ancient venue where democracy took place, highlighting its dedication to realize deliberate democracy.
BOSAGORA wishes to become a project enabler to realize its vision of ‘make a better world’. Towards this end, BOSAGORA contributes in two ways; first, it provides advanced blockchain technology and second, it provides seed money to the promising project(business).
The advanced blockchain technology that is central to BOSAGORA is three-folds.
First, it adapts mFBA consensus algorithm. In mFBA, nodes form a group without having to verify the data in all nodes, and the consensus is reached by checking only the result of the quorum vote in each group. This enables fast transactions while achieving high energy efficiency as there is no need to wait for all nodes to reach a unanimous agreement like Bitcoin.
A second key feature of our technology is Flash Layer. This second layer solution solves the scalability issue, allowing transactions to be made in a fast speed with no need for confirmations to be made after having saved all the data in the blockchain.
A third essential aspect of BOSAGORA is Trust Contract. This is an improved version of Smart Contracts, applying WebAssembly for the accurate, safe and scalable contract. Trust Contract is a self-contracting solution developed by adapting the industry-standard smart contract to the network protocol of the Agora blockchain.
The seed money which is meant to support the promising project(business) comes from what is called ‘Commons Budget’.
Commons Budget is a fund automatically accumulated in the system which amounts to 36% of total BOA issuance.
As a decentralized public financing blockchain platform, Congress Members(part of the decision-making body) can decide on what project(business) to support and fund through a democratic decision-making process.
Host:
Q2. What are the three keywords you would use to summarize BOSAGORA’s performance since its launch? Can you explain them one by one?
Guest’s Answer :
The first keyword I would like to suggest is ‘adaptation to environment.
Inheriting key concepts described in the original white paper, such as Congress Network, Commons Budget, its function as a manner, BOSAGORA made some updates reflecting trends in the industry. Compared to the original white paper, there are mainly two updates, related to DAO and De-Fi.
First, BOSAGORA reinvented its idea of DAO, Congress Network, to ensure that everyone participate and make democratice decisions.
The Congress Network consists of full node operators who freezes at least 40,000 BOAs. It entitles every node equally 1 vote.
In order to enable deliberate democracy where numerous opinions are aggregated in a harmonized way, it adopted decision-making tool ‘Votera’ which systematizes entire process of decision making from the proposal, discussion, voting to review.
T-Fi is short for True Finance, advanced De-Fi suggested by BOSAGORA, which links BOSAGORA’s coin BOA with traditional economy like stock and real estate.
De-Fi is innovative financial model but has some drawbacks. It exists only inside the Ethereum ecosystem and is vulnerable to attacks tapping low liquidity and bugs.
However, T-Fi is linked to traditional economy, which renders it resistant to those vulnerabilities and fundamentally different from it whose profit is mainly difference of either interest or exchange rate among ERC tokens.
The second keyword I would like to suggest is ‘constant development progress’. Major developments we have made so far is:
- Full Nodes and Validator Functions(Q1 2020, achieved Quorum Balancing)
• Development of Talos(Q3 2020, Desktop and Mobile admin interface for managing nodes and validators)
• Development of Stoa, API server connected to AGORA and BOA-SDK(Q4, 2020)
• Schnorr Multi-signature(Q4 2020)
• Completion of Flash Layer PoC(Q4 2020)
• Partnership with RNS to develop an absolute blockchain development(Q4 2020)
• Multi-channel payments(Q1 2021)
• Flash Layer(Q2 2021)
The last keyword should be ‘expanded global reach’. Since its relaunch in 2019, BOSAGORA constantly expanded its boundary by listing in global exchanges and increasing the size of the community.
BOSAGORA is now available to be traded in total 7 exchanges including top-tier exchanges like Kucoin, Bithumb, Gate.io and others like Bittrex, Coinbene, Gdac.
Especially, recent listing in Kucoin and Gate.io are noticeable, as they are ranked 6th and 8th respectively in global exchanges meaning that they have a high volume of transaction and a big number of active users.
In addition to that, early this month, BOSAGORA held a joint community event with no.1 global exchange Binance which saw more than 20,000 people participate to everyone’s surprise.
In addition to that, now BOSAGORA boasts a significant community size with its English telegram members reaching almost 10,000 and Korean members 7,000.
Along with them, it also runs an official community in Spanish, Russian and Turkish.
Also, its Twitter followers increased exponentially to 14,000.
Host:
Q3. What is the long term vision of BOSAGORA?
Guest’s Answer :
As already mentioned, BOSAGORA’s vision is ‘make a better world’ as a project enabler.
By providing advanced blockchain technology and seed money in BOAs to promising project(business), it envisions a prosperous and rich ecosystem where various business partners grow altogether.
To achieve this goal, BOA value should be stable yet continuously increasing so that it benefits not only business partners but also BOA holders.
In order to have an increasing BOA value, there should be a good balance of supply and demand; supply should be decreasing while demand increasing.
The way to decrease supply is buy-back and incineration.
BOSAGORA’s commons budget can be an effective source of BOA buy-back.
That is, we put our commons budget in projects that are stable and profitable, and we buy BOA coins from revenues that come from them(buy-back) to control distribution.
On the other hand, the way to increase demand can be T-Fi.
T-Fi revenue comes from mainly staking reward and profit earned by lending that staked BOA to traditional economy like stock and real estate.
To earn the industry’s higest staking reward and high lending revenue, BOA must be purchased and staked first.
Also, the profits generated after the lending investment will also be distributed by T-Fi Labs by purchaing BOA.
Besides this dynamic of supply and demand, BOSAGORA tries to expand its ecosystem by partnership with other blockchain networks.
Recently, BOSAGORA was linked with Binance Smart Chain(BSC).
This enables BOA to be used in the Ethereum(ERC-20) ecosystem as well as Binance’s BSC(BEP-20) ecosystem.
The newly issued BEP-20 based BOA will be distributed in the ‘Pancake Swap’, the DEX that boasts the higest liquidity and usage within the BSC.
Soon, you will be able to freely swap with other BSC coins, and even yield farming using BOA will be possible.
As such, BOSAGORA will continously expand the ecosystem to have a wider coin utilization resulting in increase in BOA value.
Host:
Q4. Could you briefly introduce T-Fi and WeSaveOceans(WSO)? Why does BOSAGORA launch them?
Guest’s Answer :
T-Fi is an innovative financial model that seeks stable and high yield returns by combining financial products such as stocks and real estate with BOA coin.
Since it is linked to the traditional economy, it is an alternative to existing De-Fi of which ecosystem is limited to only ERC-20 tokens and profit generated from the difference of either exchange rate or interest rate among erc-20 tokens.
There are three ways to participate in T-Fi.
First is node operation using BOAs, which will result in staking rewards of 37.84% which is far higher than that of other projects(COSMOS 9.2%, TEZOS 5.4% per year), second is lending staked BOAs to our business partner FMways(7% or more as expected interest rate) to earn lending reward, and third, investing in STO projects.
Especially, the second way of participation is noticeable in that it is utilizing staked BOAs to generate additional value which will otherwise stay idle.
T-Fi’s first partner is FMway, an investment company with a big data-based stock picking algorithm whose average annual return recorded whopping 39.7% according to the back data testing.
In order to input data of this investment in FMway objectively and transparently into smart contracts, BOSAGORA has decided to integrate with the global project ‘Chainlink’.
By using Chinlink’s Oracles, we will ensure that users have highly secure and reliable exchange rates during all junctions of the automated yield-bearing strategy.
The first round of T-Fi lending service application was closed in 47 seconds reaching 10 million BOA cap.
The second round was closed more quickly in just 9 seconds.
It showed how big people’s interest in T-Fi is most probably due to its high rate of return when staking rewards and lending rewards combined reach about 45%.
Meanwhile, WeSaveOceans(WSO) is a non-profit organization that aims to ‘solve the climate crisis by protecting oceans’.
It is an embodiment of BOSAGORA’s vision to ‘make a better world’ by contributing to SDGs(Sustainable Development Goals) set by UN.
Specifically, it upholds 14th goal of SDGs(Sustainable Development Goals) which focus on the protection of the seas.
WSO’s grassroots environmental movement consists of two backbones.
First, it is a campaign to spread environmental knowledge through SNS.
Second, it is a voluntary environmental practice in real life and spreading it with those around you through SNS.
WSO does not ask for a registration fee nor accepts donations from individuals.
It is operated only by members who participate and practice in action.
We hope that many of you who read this will participate together as regular members of WSO.
We ask for your continued interest in WSO’s activities to protect not only the planet but also us and our future generations by protecting the sea.
Host:
Q5. What is the main focus of BOSAGORA in 2021? Does BOSAGORA have any existing initiatives that are planning in the pipeline that you can share with us?
Guest’s Answer :
In terms of development, we’ve finished the development of Flash Layer last month and are looking forward to sharing with our community BOA wallet, explorer, public testnet soon.
After the release of Coin net in Q3, we will develop Trust Contract in the first quarter of 2022 leading to the release of our Mainnet.
The important roadmap has been released very recently by BOSAGORA team: https://medium.com/bosagora/congress-network-dao-in-bosagora-e8c84927df96.
As you can see, important dates to remember are as follows:
Q3 2021
Votera test release (beta)
Coinnet launching and Congress Network testing
Q1 2022
Trust Contract and Mainnet launching
Official operation of the Congress Network begins
Commons Budget 1st Proposal and Resolution
We will continue to release our updates and news on listings and partnerships so please join our communities to stay up-to-date so that you don’t miss out on any of them!
The following five communities are official BOSAGORA communities:
Official Telegram: https://t.me/bosagora_eng
Telegram Spanish: https://t.me/bosagora_es
Telegram Russian: https://t.me/bosagora_ru
Telegram Turkish: https://t.me/BosagoraTR
Telegram Korean: https://t.me/bosagora_korea
WeChat: Add (ID:wy5854430) as a friend to join
COMMUNITY LIVE Q&A
Q: What was the reason to have opted to partner with chainlink which is an oracle provider?
A: Part of expanding the function of BOSAGORA is incorporating data and services that exist outside the BOSAGORA blockchain.
Since blockchains have no built-in capabilities for making external API calls, trust contracts require an additional piece of secure middleware known as a blockchain oracle (https://blog.chain.link/what-is-the-blockchain-oracle-problem/) to retrieve data on its behalf and broadcast it on to the blockchain.
After reviewing various oracle solutions, we selected Chainlink as the most secure, reliable, and time-tested oracle network on the market.
Importantly, it uses decentralization at the data source and oracle network level to ensure there is no single source of truth or single point of failure in the oracle mechanism.
Its oracle networks are supported by a large collection of secure oracle node operators run by leading blockchain DevOps, who have credential management capabilities that allow them to source data from premium data providers.
This leads to highly reliable, Sybil resistant oracle services and allows BOSAGORA trust contracts to consume high-quality data feeds.
Q:’STAKING’ is one of the STRATEGIES to ATTRACT USERS and HOLD USERS. Does your GREAT PLATFORM have a plan about Staking?
A: According to the white paper, staking more than 40,000 BOAs and operating nodes will result in a return that is expected to be over 37% in the first year.
Holders who have difficulty meeting the requirement of 40,000 BOa can receive rewards through the BOA Node Operations Service provided by T-Fi Labs.
Our staking rewards of 37.84% is far higher than tat of other projects(COSMOS 9.2%, TEZOS 5.4% per year)
We think this high return is more than enough to attract investors.
Q: What are the features that make you better than other platforms? What are the benefits/advantages you provide to both users and project that no one can?
A: There are many advantages over other platforms both in terms of technology and profit generation but I would like to focus on the latter.
As already mentioned, we have innovative De-Fi model called T-Fi. It seeks stable and high yield returns by combining financial products such as stocks and real estate with BOA Coin.
There are three ways to participate in T-Fi.
First is node operation using BOAs, which will result in staking rewards of 37.84% which is far higher than that of other projects(COSMOS 9.2%, TEZOS 5.4% per year), second is lending staked BOAs to FMways(7% or more as expected interest rate) to earn lending reward, and third, investing in STO projects.
Especially, the second way of participation is noticeable in that it is utilizing staked BOAs to generate additional value which will otherwise stay idle.
Next, we have a mechanism which continuously increase our BOA coin value.
In order to have increasing BOA value, there should be good balance of supply and demand; supply should be decreasing while demand increasing.
The way to decresase supply is buy-back and incineration.
BOSAGORA’s commons budget can be an effective source of BOA buy-back. That is, we put our commons budget in projects that are stable and profitable, and we buy BOA coins from revenues that come from them to control supply.
On the other hand, the way to increase demand can be T-Fi.
T-Fi revenue comes from mainly staking reward and profit earned by lending that staked BOA to traditional economy like stock and real estate.
To earn the industry’s higest staking reward and high lending revenue, BOA must be purchased and staked first.
Also, the profits generated after the lending investment will also be distributed by T-Fi Labs by purchaing BOA.
Q: Let’s get into some personal things. Can you tell us about your team members? How many team members do you have and what’s their qualifications?
Currently, we have about 25 members in total. Half of them are developers while others are working on business development, marketing, administrative tasks.
Most developers are high-notch recruited from more than 5 countries. They have extensive experience in blockchain development and are working day and night. Their dedication is resulting in our steady development progress nearing to release of coinnet.
Other staffs in business development and marketing are also experienced members in IT and advertisement industry. Most of them also have backgrounds either studying or working in various countries.
For further information about our staffs, you can visit our medium blog: https://medium.com/bosagora/team/home
Q: Investors are afraid of scam, an exchange is afraid of scam, partners are afraid of scam, so what does Your project guarantee not to scam investors?
A: As proof of stake blockchain, the most important thing for BOSAGORA is the safety of token holders’ assets.
Since the 51% attack is related to the value of the staked coins, it is important to ensure that there are no security vulnerabilities.
Therefore, BOSAGORA is making the blockchain more secure and reliable through system audits by trusted third parties.
Certik, which has partnered with BOSAGORA, is a blockchain security company that verifies the stability and accuracy of smart contracts and blockchain protocols and is also partnering with leading cryptocurrency exchanges such as Binance, OKEX, NEO and ICON.
Certik concluded that BOSAGORA’s smart contracts follow best practices, are well organized, and are not vulnerable to known anti-pattenrs or security issues, using an official verification engine, static analysis and manual review technology.
When the coinnet/mainnet is completed in the near future, we plan to receive an audit from an excellent external audit partner and prove it is trustworthy.
Please click the following links for further more information about the BOSAGORA:
Twitter | Telegram| Official Website|Medium
Please click the following links for further more information about the WeBlock:
Twitter | Telegram (Official) | Telegram (Announcements)
Medium | Visit us on https://www.weblock.vip/
