AMA Recap Crypto Library with Bosagora

                                                

On 27th May 2021, Bosagora conducted an AMA in the Crypto Library Community. Our guest is Summer Cho. Lots of questions as usual from the Community about Bosagora progress. The Bosagora team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into Bosagora.

Let’s take a look at the most interesting points of our conversation.

INTRODUCTION
Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Summer Cho (Bosagora) : Hello my name is Summer Cho. I’m marketer at BOSAGORA. I’ve been working in blockchain industry since 2019 when I joined BOSAGORA. Korea is one of the most heated coin market to the extent that it has something called ‘Kimchi premium’. So naturally, I was exposed to lots of dialogue about blockchain and coin market which led me to join BOSAGORA with high expectation. The more I involve deeply to our project, the more I become confident about its bright future. Today, I’m going to share with you those stories which make BOSAGORA inevitably stand out among myriads of projects. I'm in charge of mainly Korean marketing but also involve in many global marketing projects. I'm glad I have opportunity to introduce BOSAGORA to Crypto Library community.
FIRST SEGMENT (HOST)
Crypto Library Team : What is Bosagora? and How is the story behind the Bosagora project creation?
 
Summer Cho (Bosagora) : BOSAGORA came into existence with a vision ‘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 new name ‘BOSAGORA’, which contains the word ‘AGORA’, the ancient venue where democray took place. BOSAGORA wishes to become a project enabler to realize its vision ‘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 promising project(business). Its advanced blockchain technology has many elements such as mFBA consensus algorithm which prevents centralization of both political and economical power, Flash Layer which ensures high speed in processing transaction, Trust Contract which is improved version of Smart Contract by allowing developers to code in variety of languages which shows near-native performance, and many others. I will elaborate them later.Seed money it provides to promising project is called Commons Budget. It is a fund automatically accumulates in the system which amounts to 36.4% of the total supply. As a project enabler, BOSAGORA financially supports projects and aims to enrich its ecosystem where various stakeholders prosper and get benefits from its token economics.

Crypto Library Team : Could you give us some reason Why we have to choose Bosagora than other projects out there?

Summer Cho (Bosagora) : There are many reasons why BOSAGORA is advantageous over other projects, but I would like to focus on its financial benefit. We have wonderful token economics model which ensures BOA value to continuously increase so that it benefits BOA holders. There are mainly two factors which make BOA value keep rising as follows. I understand that you will have difficulty spotting great project out of numerous projects. I'll explain why BOSAGORA is superior:
  • First is incineration of BOA tokens. As already mentioned, there is a sizable fund called Commons Budget which will be invested in promising business with solid business model. If that investment yields profits, BOA is bought from that revenues(buy-back) to control distribution. It will result in decreased supply which will cause coin price to rise.
  • Second is BOSAGORA’s innovative financial service named T-Fi(True Finance). Its 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 highest staking reward(around 38% in the fist year) and lending revenue(7%), BOA must be purchased and staked first. Also, the profits generated after the lending investment will also be distributed by purchasing BOA. These cause demand for BOA to increase which will become another factor leading to rise in coin price.

Crypto Library Team : Please tell us about Bosagora token ($BOA)! What are the token use-case, distribution, and where we can buy it?
 
Summer Cho (Bosagora) : I can give you BOA token use case as T-Fi. T-Fi, which stands for True-Finance, is an innovative financial service that seeks stable and high yield returns by combining financial products such as stocks and real estate with BOA token. It not only provides staking rewards as PoS type project but also profits earned by lending staked BOAs to promising companies related to stocks and real estate. Its rate of return amounts to almost 45% when 38% of staking rewards and 45% of lending interest are combined. Regarding token distribution, its total supply will be 450,000,000 BOA composed of 36.4% of Commons Budget, an automatically accumulating fund to support promising project/business which may enrich BOSAGORA’s ecosystem, and 54.5% of Confirmation Rewards(staking rewards) and rest being initial development budget. Its current circulating supply is 303,595,031 BOA as of today.BOA token can be purchased in total 7 exchanges; Bithumb, Kucoin, gate.io, Bittrex, Bithumb Global, Coinbene, Gdac.

Crypto Library Team : Could you give us some information about your roadmap, your recent progress, and also your future plans in terms of technology?

Summer Cho (Bosagora) : Major achievements we have made so far in terms of development are:
  •  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)
Important roadmap has been released very recently by BOSAGORA team:
The most notable thing is release of coinnet which is coming soon. 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: 
SECOND SEGMENT (TWITTER)
Crypto Library Team : The environmental concerns are all over the market right now. Since Bosagora has already running eco-preserving projects, what is the plan for exposure to such actions? How is Bosagora going to capitalize in terms of public image, advertisement, etc) on all that eco hype?

Summer Cho (Bosagora) : The vision of BOSAGORA is ‘make a better world’ by providing advanced blockchain technology and financial support to promising business as a project enabler and contributing to UN’s SDGs(Sustainable Development Goals). BOSAGORA is a member of UN Global Compact which is the world’s largest corporate sustainability initiative that implements practices contributing to achievement of UN SDGs. Therefore, it is active in executing eco-friendly business practices. Recently, Elon Musk suspended payment with Bitcoin when purchasing automobile of Tesla taking issue with Bitcoin’s enormous electricity consumption. Different from Bitcoin which adopts PoW system, BOSAGORA adopts PoS system of which electricity consumption is significantly lower. Also, BOSAGORA entered into a partnership with Carbon X, a company which develops and manages low carbon financial products and invested in convertible notes. Carbon X is the world’s first eco-friendly Bitcoin ETF which was listed in Canadian Stock Exchange. The collaboration of BOSAGORA which develops blockchain platform, and Carbon X which provides a carbon transaction service is expected to create synergy in eco-friendly business. Last but not least, BOSAGORA has established WSO(WeSaveOceans), a non-profit organization that aims to ‘solve the climate crisis by protecting oceans.’ in March. WSO’s grassroots environmental movement is consisted of spreading environmental knowledge and voluntary environmental practices through SNS.We believe our sincere activities aimed at protecting environment will build up eco-friendly image of BOSAGORA.

Crypto Library Team : I'm sure I'm not the first one to ask, but the network is an important question, which is very interesting. Can you tell me about CoinNET? Do you know when it will launch, will it support interoperability? What will be better than other main-net? Tagged ppl in a tweet before

Summer Cho (Bosagora) : BOSAGORA coinnet will be launched by 3Q this year and mainnet in which Smart Contract is implemented with all main functions like Congress Network and issuance of Commons Budget available will be out by first half of 2022. To increase interoperability with multiple blockchains, we entered many partnerships, one of which is linkage with BSC(Binance Smart Chain) recently. After our mainnet is out, BOA will be available not only in its ecosystem but also that of BSC. One can freely swap BOA with other BSC coins, and even yield farming using BOA will be possible.
The major advantages of BOSAGORA’s mainnet is as follows.
  1. Anti-centralizing consensus algorithm: BOSAGORA adopts consensus algorithm that combines FBA with PoS. It ensures ‘1-node-1-vote’ equality but reward BOA relative to the amount frozen in each node. This prevents centralization of political and economical power.
  2. Congress Network: BOSAGORA establishes an on-chain governance that enables democratic deliberate decision-making even when a large number of people gather. This is realized with the tool named ‘Votera’, which systemizes whole process of decision making from raising proposal, discussion to voting while ensuring anonymity and equality.
  3. Trust Contract: It is an improvement from traditional smart contracts. By leveraging WebAssembly, BOSAGORA aims to build decidable contracts and maximize scalability while ensuring safe and accurate execution.
  4. Flash Layer: It is a two-layer solution that solves the scalability problem. By adopting this, BOSAGORA can make transactions accepted by peers without the need to record all data in blockchain layer. 
  5. Commons Budget: It is a fund aimed at providing seed money to promising project/business which may enrich BOSAGORA ecosystem. If the proposed project/business passes through the ‘Congress Network’, the coin is sent to the proposer. It is at the core of BOSAGORA’s identity as a ‘Project Enabler’.
Crypto Library Team : Bosagora was included in one of the world's leading stock exchanges, gate io. Congratulations for this great achievement! How do you expect this new inclusion to affect the expansion of your project in the near future? What markets do you expect to conquer thanks to this?

Summer Cho (Bosagora) : Thanks for congratulations. As you mentioned, BOSAGORA has been listed on the one of major global exchanges, gate.io, thanks to receiving tremendous supports and responses from numerous people around the world through the listing vote. Prior to this, BOSAGORA was listed on Kucoin in February, 2021. This means BOA token is available in world’s 6th (Kucoin) and 8th(gate.io) largest exchanges. These news allows BOSAGORA to expand its international coverage and expect more significant growth potential in the future. It’s true that thanks to listing in Kucoin and gate.io both of which are Chinese exchanges, outreach to Chinese people has significantly improved. However, our target market is not only China but the globe. We will keep applying for listing on other top-tier exchanges and we are seeing some positive signs that show interest of those exchanges in us. For example, we even held joint community event with Binance recently in which more than 20K people participated.We believe there comes a future where people can freely and easily trade BOA. Please look forward to our next listing announcement in the future.
 
Crypto Library Team : What is the difference between the Trust contracts implemented in Bosagora and regular smart contracts? What are the benefits and use cases of each?

Summer Cho (Bosagora) : BOSAGORA team aims to implement Trust Contracts, which enable a safe, accurate, programmable and executable contract. We are considering adopting a methodology that uses flexible programming language on top of virtual machines and we are currently exploring WebAssembly. With WebAssembly, developers can code in a variety of programming languages such as c++ and Rust, and they can expect to run the program in a near-native performance.In the end, we intend to provide an efficient, safely designed smart contract engine and provide an easy-to-develop language with many tools and popularity for easy adoption by developers.
 
Crypto Library Team : Does your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?

Summer Cho (Bosagora) : According to white paper, one should stake more than 40,000 BOAs and operate nodes to receive staking rewards. It is expected that in the first year, staking rewards will be over 37%. Such return will decrease by 6.31% each year compared to previous year. However still, these reward rate is far higher than that of competitors such as Cosmos 9.2% and Tezos 5.4% per year. Even Holders who have difficulty meeting the requirement of staking more than 40,000 BOA can receive rewards through the BOA Node Operations Service provided by T-Fi Labs(LTD.) and earn staking rewards.Given these, there is no reason to hesitate staking BOA
 
Crypto Library Team : What kind of partnerships can we expect from Bosagora with different platforms or projects in the future? How can other platforms and projects benefit from Bosagora?

Summer Cho (Bosagora) : BOSAGORA has established partnerships with diverse companies including not only those related to wallet development, security, KYC to ensure its security and transparency but also other representative blockchain projects. Especially, we entered partnership with Chainlink and linked with Binance Smart Chain recently. First, partnership with Chainlink ensures secure and reliable prices for calculating returns in our innovative staking pool investment model. BOSAGORA will use Chainlink Price Oracle to calculate profit and up-to-date exchange rates between BOA and fiat currencies.Second is linkage with BSC(Binance Smart Chain). This will enable BOA to be used in the Ethereum(ERC-20) ecosystem as well as Binance’s BSC(BEP-20) ecosystem. By supplying BOA liquidity to the Pancake Swap, the DEX that boast highest liquidity in BSC, one can freely swap with other BSC coins and even yield farming using BOA will be possible.These partnerships increase interoperability between BOSAGORA and other projects which increases mutual benefit. This means that the services available to the holders of the two ecosystem will increase, and the areas where they can cooperate and create synergies are broadened.BOSAGORA will seek such partnership continusously in the future.
THIRD SEGMENT (LIVE QUESTIONS) 
Crypto Library Team : Does the BOSAGORA name and logo have any meaning? why did you choose the name BOSAGORA for your project?
 
Summer Cho (Bosagora) : Our project name 'BOSAGORA' is a combination of 'BOS' which stands for Blockchain Operation System and 'AGORA', an ancient place in Greece where democracy was given a birth. Its name emphsizes our characteristics of 'deliberate democracy' enabled by 'Congress Network'. Congress Network is consisted of those who stake more than 40,000 BOA and operate full nodes. Anyone who qualifies these conditions can become a member of Congress Network. There happens deliberate democracy with help of decision making tool named 'Votera'. It systemizes entire process in decision making from raising proposal, discussion, voting and review. Thanks to its well designed functions, people can participate in decision making enjoying anonymity and equality.
 
Crypto Library Team : Trust and security is very important in any business , what makes investors , customer and users safe secure when working with your project?

Summer Cho (Bosagora) : We partnered with Chainlink, an blockchain oracle which connects outside data with out trust contract. We have an innovative staking pool investment model called T-Fi. T-Fi provides not only staking rewards but also profit out of invesment using staked BOA into promosing companies related to stock and real estate. It is important to ensure secure and reliable prices for calculating returns which Chainlink is expert on. It also enables exchange between BOA and fiat to be accurate by applying up-to-date exchange rates. With help of Chainlink, we provide transparent financial service to BOA holders.

Crypto Library Team : Could you please tell me the ultimate goal of Tits coin? What are your plans to reach out a vast majority of users, both inside and outside the crypto space ? Are there any community events to attract more members and raise the project's awareness?
 
Summer Cho (Bosagora) : Our ultimate goal is 'make a better world' by providing advanced blockchain technology and seed money to promising business and contributing to achievement of UN's SDGs(Sustainable Development Goals). We plan to reach out to more people by listing on top-tier exchanges which cover all corners in the world. Recently, we added Kucoin and gate.io to the list of exchanges which support trading BOA coin. There are many community events taking place both inside and outside our telegram. Currently, meme contest is going on inside our telegram and we have recently held a joint community event with Binance in which 20K people participated.

Crypto Library Team : 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?
 
Summer Cho (Bosagora) : Ethereum blockchain was most adopted platform at the time we were in the initial stages of development. It was efficient to build our system on Ethereum due to wide adoption and ease of development but now it cost enormous gas fee which questions if it is economical choice. We will be releasing our Coinnet soon within 3Q this year. This is preliminary version of our own mainnet. After Coinnet is released, we will migrate to it to enjoy benefits we promised in our white paper.

 

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