BoringDAO AMA Recap
CryptoDiffer team
Hello, everyone!😁
We are glad to meet here
Henry Chen ( Core team at BoringDAO)
Leo Gu ( Core team at BoringDAO)
Core team of BoringDAO, Leo Gu
Thanks CryptoDiffer for having us today!!!
CryptoDiffer team
Q1: Can you introduce yourself to our community ?
Core team of BoringDAO, Henry Chen
Sure, I come from Taiwan, use to work at Nervos(Asia community director) and Band(China PR Lead) and I am also a youtuber, my channel is Snap Fingers:)
I was excited to join Boring team, because I love join solid stuff, and Boring is something I think can really help BTC BCH LTC… to have more use cases..
Core team of BoringDAO, Leo Gu
I am the leader of the BoiringDAO, and taking charge of the Global marketing. I am a year two Cambridge Engineer, Uniswap degen, and Aviation Enthusiasts!
CryptoDiffer team
Q2: Can you briefly tell us what is Boring DAO in 3-5 sentences?
Core team of BoringDAO, Leo Gu
BoringDAO is a decentralised protocol to migrate other native blockchain assets(BTC, XRP, BCH, etc.) to Ethereum in the form of “bToken” (an ERC-20 Token) through “Tunnel.
It is more reliable than any other cross-chain protocols in terms of security since it requires 100% equivalent original crypto assets plus 15-150% equivalent $BOR/other Tunnel pledge assets. The higher TVL, the higher value of $BOR.
New token incentive mechanisms, ‘Mint Mining’ and ‘Boring Farm’, are designed to maximize the benefits of holding $BOR and participating in the ecosystem. Minters, Pledgers and Custodians will all be rewarded. BoringDAO has long-term plan for the Multi-signature wallet, V1(3 signers), V2(7 signers), V3(21 signers, BFT+DPoP) and V4(dozens of, zk-proof). For more details please refer to our website: www.boringdao.com
Our team is professional and experienced; notably, many of us are professionals in the DeFi industry as well as having a strong bonding with BTC miners community.
CryptoDiffer team
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Core team of BoringDAO, Leo Gu
The investment lineup was announced yesterday 08/10. Including Definance Capital, HASHKEY, SNZ Holding, Youbi Capital, SnapFingers, Altonomy, Puzzle Ventures, Bilian Technology, etc.
Our code audit by Packshield will finish soon. BoringDAO APP has been deployed on the Kovan Testnet. Our first $BTC tunnel is urgently under construction, maybe you guys can see it next week or next next week.
CryptoDiffer team
Awesome, a lot of updates to come out!
Thank you for great answers!
I think it is time to start community questions round!
Cryptodiffer Community
Where can I stake BoringDAO? Is staking profitable?
Core team of BoringDAO, Leo Gu
You can stake the $BOR in the Boring Farm to get yield or or pledge $BOR in the $bBTC /$BTC Tunnel to get 70% of mint fees
Cryptodiffer Community
BoringDAO will support exposure to “traditional” assets. Aren’t you afraid that with this strategy, your project will be inclined to centralization and lose its focus?
Core team of BoringDAO, Henry Chen
We will be pretty focus on BTC/LTC/BCH at the very beginning, and the first Tunnel🌀 will be BTC, which can mint bBTC, and go farming immediately!!
Cryptodiffer Community
BoringDAO is known as an ecosystem that can support many industries such as finance, gaming, …, this confuses your customers and potential partners to find the main goal. your. Can you tell us what is the priority product you are developing and what are the difficulties in developing it?
Core team of BoringDAO, Henry Chen
Good questions, our first and most important product is bBTC, which allows BTC to be programmable on Ethereum in a fully decentralized and safe way.
Cryptodiffer Community
How many partners currently have trusted $ BoringDAO technology and what benefits do these partners bring to BoringDAO and vice versa?
Core team of BoringDAO, Henry Chen
We have raised 1.45M yesterday and will announce more REAL partners soon in this week, our strong and solid partners will bring more use cases to crypto world, and that’s our hope, make crypto better!!
Cryptodiffer Community
What are the competitive advantages of the BoringDAO project? What advantages do you have that other competitors? What would be BoringDAO ’ most similar contender in the market today in terms of scalability, security, features, and adaptability?
Core team of BoringDAO, Leo Gu
Hi Ahihi, thank you! Currently, there are two main contributors in this realm, namely WBTC and RENBTC—and each has their own problems. WBTC is not decentralized enough in terms of who controls the multi-signature address to receive/send BTC, and in terms of renBTC, it seems like their multi-signature address is controlled by their team at renVM sub-zero stage. Also，We have a good article, you can check this out→ https://medium.com/@BoringDAO_Defi/boringdao-why-bbtc-55ffc44cf8ff Hopefully, this answers your question.
Cryptodiffer Community
DeFi is projected to buzz up in 2020, now what roles does BoringDAO play in the innovativeness of DeFi and how does BoringDAO view the future of DeFi?
Core team of BoringDAO, Leo Gu
Hi Ben, Thank you! We are gonna wrap 1 million BTC and allow them enter DeFi world in a decentralized and safe way! Allowing the frictionless free-flow of dominant crypto assets into other crypto ecosystems is why we believe BoringDAO will eventually reshape the current cryptocurrency & DeFi landscape.
Cryptodiffer Community
What is the long term vision of Boring Dao for its platform and for its client?How do you see your company after 2-3 from now? What is the most crucial challenge you ever faced while in the process of operation in Boring Dao platfom?
Core team of BoringDAO, Henry Chen
We want to help more crypto asset works in more use cases, and I think we will be the biggest wrapped platform in half year, because the incentive we share and the mechanism we design is reasonable and safe, and the problem we have now is we still need to working hard for let people know this project!!
Cryptodiffer Community
Each project has interesting stories before it is created. So can you tell people about the story that gave you the motivation to build and develop a great project like your?
Core team of BoringDAO, Leo Gu
As you may have known, DeFi on Ethereum has become more popular than ever. However, the Ethereum-led DeFi ecosystem is not welcoming to all token holders, especially when it comes to those who hold dominant crypto assets such as BTC/LTC/DASH/ZEC. With only 0.6% of all bitcoin on Ethereum and DeFi booming, the potential for decentralized bridges between chains is hard to ignore. Holders of these non-ERC20 assets are desperate to transfer their assets to the Ethereum DeFi network. Upon that, BoringDAO is launched!
Cryptodiffer Community
In 2020 Defi is a hot topic, Lot’s of defi project have in crypto space, so why i select BoringDAO Defi? What’s spacial have in BoringDAO Defi? What’s the facilities have in BoringDAO for investors?
Core team of BoringDAO, Leo Gu
We have reached a cooperation with DODO (TOP 5 DEX), bToken can enter the whitelist of liquid mining. In the future, when our TVL reaches 5K, 10K, 20K and more BTC, we will cooperate with MakerDAO, Compound, Curve, etc. Believe me, with incentives, this TVL will be realized soon. And yes, $BOR will be burned when people burn bBTC..
Cryptodiffer Community
In 2020 Defi is a hot topic, Lot’s of defi project have in crypto space, so why i select BoringDAO Defi? What’s spacial have in BoringDAO Defi? What’s the facilities have in BoringDAO for investors?
Core team of BoringDAO, Henry Chen
Thanks for asking this, a very important thing when you choose boring is $BOR🌀is not only an governance token, the security level of btoken is decide by the value of $BOR, when more ppl get bBTC, the $BOR has more value!!
Cryptodiffer Community
How did the team came up with the project name, BoringDAO ? Is there a story behind it? Can you share it with us?
Core team of BoringDAO, Leo Gu
Hi! Thank you for asking this! To pay tribute to the Boring company by Elon musk, we dig the tunnels between different blockchain assets.
Cryptodiffer Community
Next phase of blockchain adoption will be coming from the Defi space. What is your view on this? What are BoringDAO plans for Blockchain’s mass adoption?
Can you briefly explain how the Top milestones that the BoringDAO team aims to execute before the end of this year or going to execute in future, will help you succeed and What you may look like in 2020 and beyond?
Core team of BoringDAO, Henry Chen
Help ppl MINT 50,000 bBTC is our top priority this year, and when we have 50k bBTC tvl, Boring will go top 10 defi project soon in 2021, that help us to build more tunnels in the future!!
Cryptodiffer Community
What is the most unique thing BoringDAO brings to the blockchain community? How is it better than other platforms?
What is the algorithm used by BoringDAO? What does it solve the problem of blockchain system ? How do you manage the algorithm and operate it?
Core team of BoringDAO, Henry Chen
We will release all the potential of BTC BCH BSV LTC and other chain without smart contract, those crypto asset will be reborn because 🌀BoringDAO
Cryptodiffer Community
Can BoringDAO meet all the features and needs of the financial ecosystem? Can it offer Speed,Security,strong infrastructure, innovative ecosystem,stable use and traditional bank solutions together? Can BoringDAO be the chief architect of the financial ecosystem?
Core team of BoringDAO, Henry Chen
We will be the infrastructure of DeFi, and we will provide insurance soon for the system to protect all the bBTC asset.
And we will integrate all the defi project to replace the “BANK” functions in the future
Cryptodiffer Community
How is BOR token used? How to keep the motivation for holding BOR tokens long term?
Core team of BoringDAO, Leo Gu
Hi! Thank you! In BoringDAO🌀, there are two ways of mining $BOR:⛏ Mint Mining & 👨🌾Boring Farm. Also,We have a good article about our incentive mechanisms, you can check this out→ https://medium.com/@BoringDAO_Defi/boringdao-the-incentive-mechanism-195f5bde834f
Cryptodiffer Community
Could you explain about Boring Tunel mechanism?
Core team of BoringDAO, Henry Chen
Will provide a video soon in this week, basically the BTC is protect by multi-sig wallet at the beginning, and the bBTC will mint at ethereum, the economic design will make everyone to protect the assets.
We have spent a lot of time on tokenomics designing. Currently, there are only 200,000 BOR. For the distribution of tokens, you can check this article https://medium.com/@BoringDAO_Defi/boringdao-the-incentive-mechanism-195f5bde834f
68% BOR can be mined or farmed. At the same time, because bBTC includes the underlying pledge of the contract, a large amount of BOR will be locked in smart contract, just like SNX. Therefore, when TVL rises (amount of bBTC increases), it means that the value of collateralized BOR will also rise.
Cryptodiffer Community
Each project is based on blockchain with different strengths and has been very successful. For BORINGDAO what will investors benefit and gain from the platform? What are the advantages to winning glory in the long term?
Core team of BoringDAO, Leo Gu
Hi! Thank you for asking this question! As i mentioned from previous questions, there will be two inventive mechanisms that users can get yield from. Also, by pledging $BOR into the tunnels can become a partial owner of the tunnel. In each tunnel, 70% of minting fees plus 50% of burning fees will be distributed in $BOR to all tunnel owners as a reward.
Cryptodiffer Community
Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to crypto industry that will bring greater abundance to the industry?
Core team of BoringDAO, Leo Gu
We are the Infrastructure Connecting Blockchain Assets and the DeFi World. We are about to wrap 1 million BTC and allow them enter DeFi world in a decentralized and safe way! Allowing the frictionless free-flow of dominant crypto assets into other crypto ecosystems is why we believe BoringDAO will eventually reshape the current cryptocurrency & DeFi landscape.
Cryptodiffer Community
DeFi & DAO are two different mechanisms and protocols in the blockchain ecosystem. Is it necessary to combine them? What are the advantages to do that?
As a DAO project, how can we participate in governance specifically? What are the entry barriers & benefits?
Core team of BoringDAO, Henry Chen
We just use DAO mechanism to bring BTC to bBTC, thats we can’t see that design in other wrapped platform, and you can participate if you have $BOR🌀token, and use this token, you can help this system more safe if you pledge your $BOR on the tunnel!!
Cryptodiffer Community
How many partners currently have trusted $ BoringDAO technology and what benefits do these partners bring to BoringDAO and vice versa?
Core team of BoringDAO, Leo Gu
Our partners include Definance capital, HASHKEY, SNZ Holding, Youbi Capital, Snapfingers, Altonomy, puzzle ventures, Bilian Technology, some $BTC miners, etc.
Core team of BoringDAO, Henry Chen
Thanks for having us, happy to answer any questions any time if you are interested or using the BoringDAO
Core team of BoringDAO, Leo Gu
Thank you so much for your interest and attention. We sincerely appreciate your attention today.
Cryptodiffer TEAM
Thank you for your time! Thank you everyone who took part. Let’s finish the AMA!
