Hello, This is BORA team.
The warm spring is just around the corner. BORA is working hard to finalize the service for the upcoming official launch. Today, we’d like to introduce to the community about the patented technologies that BORA owns.
One of BORA’s strengths is its technological prowess. As the creators of a blockchain-based digital content platform, BORA’s development team consists of people specialized in IT, including platform and service system development, infrastructure deployment and operation. BORA is committed to achieving its goal of creating a healthy blockchain ecosystem by obtaining globally competitive blockchain technology.
In the blockchain R&D lab led by Director Chun Kyung-wook of Research and Development Institute, specialized blockchain technologies are being researched and developed. From security technology to research to provide real-time smart contact, a wide range of studies are underway to construct blockchain as a base platform for the various digital content to be serviced by BORA. Developing crucial technologies through in-depth research and patenting them was the goal at the time of the institute’s founding. And we have taken our first step towards that goal, where the technology developed by the lab has been formally applied for patents in Korea and the United States. Today we introduce you to the technology of BORA, which has been applied for a patent in Korea.
This patent concerns ‘the method of token management and its server management based on the heterogeneous blockchain networks.’ So what we’re talking about is the BORA’s token mechanism in a dual token structure, which can be summarized as below:
“If a user who owns BORA Token(1stcryptocurrency) requests an exchange with the BORA Shell(2nd cryptocurrency), the token management server transfers ownership of the BORA Token(1st cryptocurrency) from the public blockchain to the token management server from the user. The corresponding ownership of the BORA Shell(2ndcryptocurrency) allows the token management server to transfer BORA Shell(2ndcryptocurrency) to the user, enabling the user to use services linked to the private blockchain.
Conversely, if a user who owns a BORA Shell(2ndcryptocurrency) requests an exchange for the BORA Token(1stcryptocurrency), the token management server transfers the user’s ownership of the BORA Shell(2ndcryptocurrency) to the token management server, which eradicates the BORA Shell(2ndcryptocurrency) and transfers the ownership of the BORA Token (1stcryptocurrency) corresponding to the discarded Shell from the token management server to the user.”
BORA currently supports two types of tokens: BORA Token based on ERC-20 and point-like BORA Shell that circulates only within the BORA ecosystem.
As many of you know, BORA Token is connected with Ethereum like other ERC-20-based tokens, enabling user-to-user transactions on cryptocurrency exchanges. However, BORA Shell can only be obtained through exchanging it with BORA Token, and its purpose is to be used as a method of payment for various services on the BORA platform.
Because the BORA Shell can only be used within the BORA platform, all records of use and transactions related to the BORA Shell are stored in the BORA’s private chain, the BORA chain. Therefore, the exchange process of BORA Token for BORA Shell and the use of BORA Shell does not incur any fees.
With this dual token structure, the BORA has managed to solve the problem of using existing tokens. First, we reduced the burden of Gas fee when using digital contents with ERC-20-based tokens in our traditional blockchain environment.
We’ve also reduced the risk of instability and value reduction, which are problems for the existing digital content assets. Because BORA Shell is used for all services on the BORA platform, users can utilize BORA Shell for other services or switch to BORA Token at any time, even if certain content in the BORA ecosystem disappears. This mechanism ensures that users’ digital asset values are well protected. Furthermore, all of this information is recorded in the blockchain and is accessible to everyone and therefore, more secure.
Also, the dual token structure solves the slow speed of ERC-20 token transactions on the Ethereum Mainnet, enabling users to quickly and easily purchase, use and sell digital contents with BORA’s proprietary encryption currency, BORA Shell.
Besides the patented technology we have just introduced, BORA has two other technologies that are patent pending, both domestically and internationally, which we’ll update you on through our medium channel.
Based on our strong technical capabilities, the BORA team is focused on perfecting the quality of the official service. We’re open to your feedback for the BORA Beta version 2, which is currently open, and we looked forward to your continuous support and interest.
BORA Beta 2 version service is available on the links below:
- BORA Lagoon: https://lagoon.boraecosystem.com/en
- BORA Atoll: https://atoll.boraecosystem.com/index_en.html
Thank you,
BORA
Website: https://bora.boraecosystem.com/
BORA Lagoon: https://lagoon.boraecosystem.com/
BORA Atoll: https://atoll.boraecosystem.com/index_en.html
Telegram: https://t.me/boraofficial
Twitter: https://twitter.com/bora_ecosystem
YouTube: https://www.youtube.com/channel/UC_ECXkBdIBp-_Rs9DdGjHyA
Facebook: https://www.facebook.com/BORA-752657065111307/
Medium: https://medium.com/boraecosystem
Email: contact@boraecosystem.com
