BOSAGORA AMA Recap

30 Aug 202023:08

AMA

BOSAGORA AMA Recap

Cryptodiffer Team

Hello, everyone!😁

We are glad to meet here:
Sook Hwang, BD at BOSAGORA
(@sookspecial)

Sook Hwang

Hi Nick, glad to be here as well. Happy to e-meet CryptoDiffer community! :)

Cryptodiffer Team

Welcome Sook! Thank you for taking your time today!
Our team has prepared 3 questions to you to start with:
Q1: Can you introduce yourself to our community?

Sook Hwang

Happy New Year to all of you in CryptoDiffer community! First month of 2021 went by really fast!
Hi, I am Sook, BD at BOSAGORA. I am here to introduce to you about BOSAGORA, the first ICO project from Korea in 2017, currently ranked at #395 according to CMC (https://coinmarketcap.com/currencies/bosagora/). It’s a really exciting time to be witnessing all the positive changes in the crypto-space with ATHs for many projects, BTC, and ETH and glad to join you today for the AMA. I was happy to share just before the AMA an ama_article shared about ShinHan Bank, 1st tier bank in Korea, starting their custody service :)

Cryptodiffer Team

Q2: Can you briefly tell us what is BOSAGORA Network in 3-5 sentences?

Sook Hwang

BOSAGORA aims to establish a decentralized, censorship-resistant public blockchain platform where Congress Members (part of the decision-making body) can decide on what projects/ideas to support and fund through a democratic and transparent decision-making process. With the Commons Budget (1.8b BOAs), Congress Members can finance great projects and ideas through voting. BOSAGORA pursues the goals of democracy, legitimacy, fairness, transparency, and efficiency.

Cryptodiffer Team

Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans

Sook Hwang

Sure!
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)
We have quite ambitious goals and plans for the first half of 2021 including BOA wallet and explorer, development of Flash Layer, opening of Test net and also the long-awaited Coin net, BOSAGORA’s mainnet.

BOA was listed in global top-tier exchanges last year including Bithumb Global and Bittrex Global.
We plan to list BOA in additional major exchanges within this year.
We have announced more than 11 partnerships in building BOA ecosystem just in 2020.

Cryptodiffer Team

It is time to move to the community questions part.

Cryptodiffer Community

The Confirmation Reward and Total Supply process will goes upto 128 Years. Will you believe Bosagora sustain for the long journey? If Yes what is the Strong Reason for That?

Sook Hwang

It is true, there will be considerable inflation we have to take into account in the early years of BOA. However, to take this inflation into account, we have introduced our financial model, which is staking and investing in profitable business models. Especially when it comes to staking, one needs to freeze 40k BOAs, which is not an insignificant amount.

Cryptodiffer Community

Many new projects made a good impression at first but were suddenly abandoned. How will you manage the project and token to gain a place in the market and become a best token in the blockchain world?

Sook Hwang

It is very true that many projects start as inversed ICOs and have big names behind them. Many projects that market themselves as "Defi" can disappear one day also. BOSAGORA is all about trust. We have gained trust over time through biweekly publishing of Sprints, which is about our Tech team's developments. We also send monthly Newsletters, release monthly updates on both marketing and technical development. Last but not least, using all our SNS channels and community, we release all the important updates and developments to our community members.

Cryptodiffer Community

Why does Bosagora choose mFBA consensus algorithm instead of others such as BFT, PoW etc.? What are advantages and benefit that it brings?

Sook Hwang

There are two key strengths behind FBA (Federated Byzantine Agreement also known as Stellar Consensus Protocal). First is that the confirmation of transactions are very speedy, since there is no mining involved like PoW. Second biggest pro of FBA is that the membership of the network is open to the public, in other words open membership.

Cryptodiffer Community

BOSAGORA signed an employment contract with KoSAC, partner of DeSora. What procedures does this contract include? What works will you carry out jointly?

Sook Hwang

Currently the name Defora has been renamed as Votera. Votera is the name for our governance and voting tool. We have released its UI as you can check out in this following link: https://www.youtube.com/watch?v=72IMcReaVPg&feature=youtu.be. Congress members can put their proposals to vote (system proposal and funding proposal) using Votera and the votes will be anonymous. The benfits to using Votera are 1) all node operators should participate freely;
2) public opinion can be free from bias; 3) anonymity is guaranteed; and 4) the voting results are saved in blockchain transparently.

Cryptodiffer Community

Apart of WASM, the Trust contracts can be make It with other language? If i hold 40,000 BOA i become directly a Validator nodes? If that not the cases, what i need to do before be Validator?

Sook Hwang

Good question :) Trust Contract is being researched by the development team and will be built and implemented within this year. As you have said, not everyone can become a validator after freezing 40k BOAs for 14 days. They have to go through and complete enrollment process.

Cryptodiffer Community

Why does $BOA choosing to build on Ethereum blockchain instead of tron or Binance blockchains which have better gas and fee?
Is there any plan to create $BOA own chain or migrate to other chain?

Sook Hwang

Once our Coin net is launched after the first half of 2021, we will migrate from ERC-20 to Agora. We are currently using ERC-20 is because it is most widely known and used.

Cryptodiffer Community

What is the usage of basogara token in the Ecosystem?

Communities is very important in order to makes impact on more addoption.
How many communities do you have now ? What kinds of support Bosagora wants from the community?

Sook Hwang

Our vision is to make a better world. This is quite a broad term and mission statement. We want to make a better world in which everyone is financially independent and can have equal and fair chances to financial opportunities. Second, our mission is to make a better world as SDG enabler in the sense of honoring UN SDGs (Sustainable Development Goals). We want BOSAGORians to join us in making a better world. We need your help and hope you will all become the witnesses of BOSAGORA.

Cryptodiffer Community

What are the main differences between BOSAGORA and other blockchain protocols? Why is it better? What are the benefits of using BOSAGORA blockchain?

Sook Hwang

The terms and concept of Congress Network, Commons Budget, and really attractive rewards for node operators differentiate us from rest of the public blockchain out there. First, Congress Network votes and passes proposals made including budget proposals that decide the usage of the Commons Budget (1.8b, or 36% of BOAs). Second, the Commons Budget is used to fund great ideas and projects that request for funding in BOAs. Last but not least, BOSAGORA gurantees rewards unmatched by other projects as Confirmation Rewards (2.7b, or 54% of BOAs). These rewards are issued and evenly distributed to the nodes for every confirmed block and distributed evenly among the nodes.

Cryptodiffer Community

How does BOSAGORA mаnage to crеate technоlоgies that еxpand thе lоng-term prospects of the blockchain, while аt thе sаme time offering rеаl usе cаses?

Sook Hwang

BOSAGORA cannot do everything alone. We are building Coin Net from scratch and there is many other things that we have to work on such as the wallet, SDK, explorer, and more. That is why we have partners. We currently have more than 11 partnerships in building BOA ecosystem and you can read more about them at your spare time :)
KoSAC: https://bit.ly/3nH7mrT
CoolBitX: https://bit.ly/3rrwPaY
ARGOS: https://bit.ly/38rGEgw
GMS (Gongmanse): https://bit.ly/2KoJkUk
FMway: https://bit.ly/3mKWTKN
FNB: https://bit.ly/3mG7iaw
Open Earth Foundation: https://bit.ly/38ztuhl
Ark: https://bit.ly/3hhlQMU
Certik: https://bit.ly/3rsRj35
BRI: https://medium.com/bosagora/bosagora-signs-strategic-partnership-with-bri-d7c5791784ea
RNS: https://medium.com/bosagora/bosagora-signs-a-partnership-with-rns-8ebb5e4fa00

Cryptodiffer Community

What financial ecosystems will be built into the future that #Bosagara does and is it staking or farming?

Sook Hwang

Yes, we have a staking model and the rewards are quite attractive. We will start to announce more in detail about our staking model and how you can be a part of our financial ecosystem in coming months!

Cryptodiffer Community

BOA, like ETH and BTC has a universal market. The later has considerable market share because of their popularity.

What ways would BOSAGARA use to achieve global adoption?

Security of funds is paramount to investors these days.

How secure would investor's funds be with BOSAGARA?

Sook Hwang

That is very true. Although we are the first ICO project from South Korea, not many people know that. Actually we have a big community and diverse channesl in which we announce and update on our ongoing developments. We have English, Spanish, Russian, and Korean official communities along with ambassadors that announce our updates in Indonesian and Arabic. Please refer to the links below for more information. Official Telegram: https://t.me/bpf_eng
Announcements: https://t.me/boa_announcement
Telegram Spanish: https://t.me/bosagora_es
Telegram Russian: https://t.me/bosagora_ru
Telegram Korean: https://t.me/bpf_korea
WeChat: Add (ID:Booora007) as a friend to join
Twitter: https://twitter.com/BOSAGORA1
Medium: https://medium.com/bosagora
Newsletter: http://eepurl.com/gJSHff

Cryptodiffer Community

Plеase give me thе Biggеst Final Remarks,How do you think about the future Decentralized nеtwork BOA in blockchain tеchnology?

Sook Hwang

We hear some comments and feedback that BOSAGORA is quite slow in accomodating to swift changes in our field. One day we have defi, and another day there is Reddit partnering with Ethereum Foundation. Many abrupt changes are being made each day as we speak. However, we find no need to follow all changes happening in this field. We always heavily weigh on the pros and cons of adapting to changes and especially when we are launching a new service. We will continue to take a very genuine and carefully weighted approach so that no big mistakes are made and we can successfully deliver to you what we have promised in our White Paper and Roadmap.

Cryptodiffer Community

Bosgora has included Flash Layer technology. Can you tell us about this tech? What functions and roles will it serve, including the extra benefits it brings?

Sook Hwang

Flash Layer will be the built-in 2nd layer solution. Less data can be stored in blockchain meaning less time is needed to confirm blocks, which guarantees almost instantaneous processing. We will not have to wait too long for a block to be confirmed. When it comes to micro-transactions, with Flash Layer we can spend less fee.
@NickCryptoDiffer I think more than a handful of questions have been answered and hope it was worthwhile for CryptoDiffer community to participate in today's AMA with BOSAGORA :)
If you have more questions to ask us, always feel welcomed and free to join our community @bpf_eng!

Cryptodiffer Team

Thanks for your time, Sook!
Thank you to everyone who took part!

Sook Hwang

Thank you Nick and Maks for hosting today's AMA :)