Bosagora AMA Recap
Bosagora focuses on establishing a decentralized blockchain platform which can implement a democratic decision-making process based on Trust Contract.
Today we have Sook Hwang as BD of Bosagora joining us to answer our questions
I’m Sook Hwang. I have been with the team since 2019 and it’s really great to see the project build up at such a fast speed. Today I am here to introduce to CryptoRank community and crypto-enthusiasts about BOSAGORA. It’s a really exciting time to be witnessing all the positive changes in the crypto-space and glad to join you today for the AMA.
Question from the CryptoRank team
#1. Can you tell us about Bosagora blockchain ? What problems do you solve, both in the space and for the community?
Sook: – 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 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, which is quite hard to be realized due to scalability issues, governance issues, and lack of decentralization.
#2. Could you shortly describe the milestones Bosagora project have achieved, and about your upcoming plans?
Sook: – In terms of development, we are a bit behind our schedule, but we are flexibly adjusting our time and managing our resources so that roadmap can be followed through.
Major developments we have made so far is:
⚡️Full Nodes and Validator Functions
⚡️Completion of Flash Layer PoC
⚡️Partnership with RNS to develop an absolute blockchain development
We have quite ambitious goals and plans for the first half of 2021 including BOA wallet, 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 on listing BOA in additional major exchanges within this year.
Questions from Twitter
#1. You are a guest of the Geneva Blockchain Congress, have partnerships with TOP companies, which indicates your recognition in the High crypto and TOP financial world. Tell me, how you reach such heights do you have government investment and assistance?
Sook: – Thank you! Actually… we began this project from scratch. We are a great team all very professional coming from all different parts of the world. Building mainnet is a really challenging and huge task and with BOSAGORA meaning to achieve so many differences and due to its uniqueness, it seemed near impossible at first. However, the development team is working really 24/7 to meet our roadmap and so is the marketing team to let BOA known far and wide.
#2. Currently, Where is Bosagora’s target market? What languages does your system currently support?
Sook: – This is quite an interesting question to me because would you ask BTC or ETH, do you have a target market? The answer to that question would be no. BOA’s target market is actually “universal.” Our ICO participants came from all across the globe and today, BOSAGORA’s community reflects this diversity. To accomodate and also communicate our followers most effectively, we have very recently added Russian and Spanish communities. If you are one of the speakers, please feel free to join Spanish community: https://t.me/bosagora_es and Russian community: https://t.me/bosagora_ru !
#3. Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold BOA long term? Will run any stake program with your token?
Sook: – Yes, I totally agree with your comment on investors’ point of view. The true value of the project is not only reflected in its price, but what you can actually do with that coin/ token. BOA has PoS (staking feature) and if you stake 40,000 BOAs, you can receive rewards whenever a block is created. The confirmation rewards (2.7b BOA) can be quite a big merit for node runners to hold. In addition to that confirmation rewards, we have also announced many partnerships including GMS (edutech company) and FMway (blockchain-based digital stock fund) to create a solid BOA ecosystem.
CryptoRank community questions
#1. Why is PoC used for the Flash Layer? Completing the PoC infrastructure. What technological work will you do with RNS to contribute and improve blockchain development?
Sook: – PoC is the acronym for Proof of Concept. We have basically finished the outline of Flash Layer and what needs to be developed. Flash layer will be completed in the first half of this year before the launch of Coin net. The partnership with RNS will allow us to perfect BOSAGORA efficiently and in a timely manner.
#2. Can you share BOSAGORA opinion on DeFi ? What steps are already being taken towards the future progress of BOSAGORA ?
Sook: – DeFi is a hot-potato. It is quite a new term and development that is still in its very nascent stage. BOSAGORA will soon release its own interpretation of DeFi, which is more than just earning interests from what has been staked. Actually, we released an article defining DeFi and our own views on it today. I hope you have the time to read through it: https://medium.com/bosagora/building-a-defi-ecosystem-with-bosagora-c75b632f3218
#3. Can you explain more about the Votera System that being launch in your platform? How can your community participate with this system? How does Votera System works in Bosagora network?
Sook: – Votera is the name for our governance tool. We have released its UI as you can check out in this 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 all node operators should participate freely;
public opinion can be free from bias; anonymity is guaranteed; and the voting results are saved in blockchain transparently.