Why Bora Finance decided to build on Cardano
The cryptocurrency ecosystem is filled with various different blockchains. Bitcoin and Ethereum are two of the well-known blockchains, however each blockchain is different from one another. Why did Bora Finance decide to build on Cardano?
We will summarize our research and will present to you our reasoning for choosing to work on the Cardano Blockchain. Bora Finance’s decision was heavily influenced by the following key considerations.
1) The Cardano Team
Bora Finance was blown away by the team and the methodologies behind Cardano. Bora Finance believes in the vision of the leader, Charles Hoskinson. Charles has a deep passion to help those in developing economies. Charles has a popular channel on youtube where he regularly speaks about various topics, from cryptocurrencies to philosophy, and superheroes. Charles is an inspiration to Bora Finance and we want to be part of the Cardano community as we all change the world together.
Cardano was founded by Charles Hoskinson. Prior to founding Cardano, Charles was a co-founder of Ethereum . Although Charles is seen as the leader of Cardano, the oversight of the advancement of the Cardano protocol ecosystem is decentralized and responsibilities are shared by Cardano’s partners: The Cardano Foundation, IOHK, and EMURGO .
The Cardano Foundation, a not-for-profit organization, is the legal custodian responsible for the primary oversight and supervision of the Cardano brand. The foundation advances the visibility of the protocol on the global stage, cultivates use-case opportunities and connects with policymakers, regulators, and academia .
IOHK is the software engineering and technology company responsible for building Cardano, with a research arm dedicated to promoting blockchain education. Charles Hoskinson is the CEO of IOHK. IOHK works closely with academic partners to not only further its education mission, but also improve the long-term scalability of the Cardano protocol by using the most recent peer-reviewed scientific research to inform platform updates before implementation .
EMURGO is the global technology partner responsible for driving the commercial adoption of the Cardano protocol, integrating businesses across a wide range of sectors into their blockchain system .
Bora Finance believes in and supports the decentralization of control and power. Cardano is not controlled by a single entity and the community has inputs. Furthermore, with the implementation of Voltaire, voting and control over the Cardano protocol will truly be decentralized and controlled by the Cardano community.
2) Research driven approach
Bora Finance believes that Cardano took the correct approach to building a blockchain. Cardano decided to start from scratch and use academics to research the limits of what can be accomplished with blockchain technology. Bora Finance has faith that Cardano’s academic and scientific approach will lead to long term success.
Based on academic research, Cardano was designed and build from the ground up to be the first third-generation cryptocurrency without scaling problems that was encountered by first and second generation blockchains (Bitcoin and Ethereum). Aside from scalability, the third-generation platform Cardano also seeks to address interoperability and sustainability issues that plagued the earlier generations .
The Cardano Foundation has partnered with academic institutions to research and review all aspects of the Cardano blockchain. Cardano is the first blockchain platform to be built through peer-reviewed research, to be secure enough to protect the data of billions, scalable enough to accommodate global systems, and robust enough to support foundational change .
Our technology is underpinned by research. We have redefined what it means to create a global software platform through scientific methods. We have not compromised on our belief, or in our approach. To build a better future — secure, sustainable, and governable by the many — we have taken the road less travelled. The result of our efforts is a blockchain platform unparalleled in its capability and performance, and which is truly able to support global applications, systems, and real-life business use cases. — Cardano.org
To support global applications, systems, and solutions, Cardano believe security assurance is not a choice: it’s a requirement. The Cardano protocol implementations and platform integrations are first researched, challenged, and mathematically modelled and tested before they are specified. These specifications then inform development which, in turn, is independently audited. The result is a codebase offering an unrivalled level of assurance .
The Cardano approach of “build from the ground up based on academic research” means the development time of Cardano has been long. Cardano smart contract deployment timeline is behind competitors, however, Bora Finance believe that Cardano will win in the long run. The scientific and research approach by Cardano, will enable Cardano to find better solutions to problems related to scalability, interoperability, and sustainability than current blockchain competitors.
3) Programming language
Cardano is built on a functional programming language called Haskell. Initially developed in the late 80’s, Haskell have been through several iterations such as Haskel98 and Haskell 2010. Today, there exists a massive body of work with comprehensive libraries and tools for Haskell developers to utilize.
Haskell is very popular within the finance sector and is widely used for processing lots of data and for efficient algorithmic analysis.
With regards to the finance sector, you will find extremely large entities like Credit Suisse, Deutsche Bank, Bank of America Merrill Lynch, and Barclays Capital Quantitative Analytics Group using Haskell, among others — Occam.Fi.
Other companies like AT&T, BAE Systems, Facebook, Google, and Intel implement Haskell in a variety of use-cases — due in part to its high propensity to avoid bugs through functional programming .
From history we know DeFi has been attacked and hacked numerous times on various other blockchains, leading to disastrous outcomes and millions lost in value. Security is of the utmost importance to Bora Finance, we must protect our customers and their assets. Haskell is a proven programming language used by the biggest financial corporations in the world due to its security and safety.
Haskell is the basis for Plutus, Cardano’s smart contract programming language. Both off-chain and on-chain code for Cardano is written in Haskell, which allows Cardano to inherit the rich body of research that already exists within the Haskell ecosystem, instead of reinventing the wheel with a totally new and unproven smart contract language .
Bora Finance support Cardano’s use of Haskell as base language. The intrinsic safety from using a functional programming language will provide the needed security to protect our customers. Furthermore Haskell is proven through its years of use in the traditional finance sector and the Haskell ecosystem provides developers comprehensive libraries and tools to utilize.
4) Great Advantages for BORA Token as a Cardano Native Token
Bora Finance will have the BORA Token as a native token on the Cardano Blockchain. Tokens on the Cardano blockchain are very different from tokens on the Ethereum blockchain. On Ethereum, tokens get created as part of a smart contract. However, on Cardano the logic is not based on smart contracts, but rather based on the Cardano ledger . This means the Bora Finance token can have the same key functionalities as Cardano’s native currency ADA.
The BORA Token will have the same level of safety and security as ADA itself. Including access to the Cardano network tools for Governance (Voltaire) and Decentralized Identification (Atala Prism).
Security and Safety: In Cardano, all native token transfer logic is coded in the ledger. This ensures the predictable and uniform behavior of the system. The native tokens share the same security as ADA itself .
Governance: The Voltaire era of Cardano will provide the final pieces required for the Cardano network to become a self-sustaining system. With the introduction of a voting and treasury system, network participants will be able to use their stake and voting rights to influence the future development of the network . BORA token holders will have the same ability to vote on Bora Finance Protocol development. The future of Bora Finance will be in the hands of the Bora Finance community.
Atala Prism: Atala PRISM is a decentralized identity solution that enables people to own their personal data and interact with organizations seamlessly, privately, and securely. Atala Prism is a Digital ID, users credentials are instantly verifiable from anywhere, removing the need for third-party verification services .
Bora Finance believes that Decentralized Identification will be a ‘game changer’ in the blockchain space. With Decentralized Identification it is possible to link an asset to an identify. Furthermore, Digital ID’s open the door to provide uncollateralized loans, credit scores, mortgages and much more to the blockchain financial ecosystem.
The inherent features that the BORA Token will have as a Cardano Native Token, convinced the Bora Finance Team to built our ecosystem on the Cardano Blockchain. The Bora Finance team can focus on building the best protocol for our customers while benefitting from the safety and security underlining the ADA token itself.
5) Cardano vision and values
The traditional finance system has left billions behind, Bora Finance and Cardano share the vision of creating a new financial system for emerging markets. Cardano’s vision and values resonate with the Bora Finance team.
A platform built for a sustainable future, to help people work better together, trust one another, and build global solutions to global problems. Cardano is a fork in the road. It takes us from where we’ve been to where we’re destined to go: a global society that is secure, transparent, and fair, and which serves the many as well as the few. Like the technological revolutions that have come before, it offers a new template for how we work, interact, and create, as individuals, businesses, and societies. — Cardano.org
Bora Finance believes that Cardano will be a new global financial operating system. This new financial system will replace the existing outdated traditional financial system and will benefit those left behind by the traditional financial system. Bora Finance will build our ecosystem on Cardano to benefit from Cardano’s world changing technologies.
The five reasons outlined above is the reasons why Bora Finance decided to built on the Cardano ecosystem. Everything about Cardano resonates and inspires Bora Finance. The team behind the project, the research methodology, the programming language, the native token benifits and, the vision and values are all reasons why Bora Finance decided to be part of the Cardano ecosystem.
Join us on our journey
“If you want to go fast, go alone. If you want to go far, go together.” — old African proverb.
We at Bora Finance want you to be part of our journey, lets go far together.
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The story could not have been possible without previous work done by others. If you want to dive even deeper, we engourage you to further explore our references: