Here is a recap of Q&As that sums up questions and answers in AMA on CFC Telegram.
- How did you name after BOSAGORA?
Our previous name was BOS, but there were some hurdles in the beginning due to the failure to stick to the original plans laid out by White Paper (version 1). BOSAGORA went through rebranding in April of 2019, where we added AGORA at the end of BOS, which is the pillar of democracy and democratic decision-making process in Ancient Greece. Thanks for waiting me to type the whole meaning behind BOSAGORA
2. BOSAGORA claims “decentralization” but the word can be relative (eg Entities can be divided into vertices they still control & claim). Can you offer verifiable evidence that proves that BOSAGORA is decentralized, unreliable & without a dominant party in control?
This cannot be proven right now. Why? decentralization of our mainnet blockchain is our goal. In order to do that, we have to implement a protocol which allows anyone can join the to network. However, we will archive this gaol after we launch our mainnet.
Which we call “Open Membership”
This is where Proof of Stake comes in, we have policy that anyone who hold more then 40,000 BOA, can run their nodes and become a validator. After the validator is part of the network, they will join “Congress Network” and becomes a Member of the Congress.
In this Congress Network, they will do “discussions and votings” to archive whatever they need to decide. We will provide the tools for this as well.
3. What are some of the issues #BOSAGORA is currently seeking to
solve? What is the progress of business development and what are some of your commercial partnerships?
In technical perspective, we are tyring to solve scalability issue of blockchain by adopting built-in 2nd layer solution.
Right now, lots of blockchain will suffer from their lack of scalability. The size of legder always rises and this is eventually make normal people run their nodes. We will adopt 2nd layer and we call this “Flash Layer”.
The blockchain will only have “Settled” data and this will save lots of storage and also we are utilizing Schnorr signatures which will help too.
We are in the development stage of planning out #ProjectWhale, which is a worldwide project to save whales. We are seeking for partners, messengers, who can effectively deliver the message to save whales. BOA will be used as a means of donation to save whales, who are one of the 27 endangered species.
4. Most blockchain projects use smart contracts and ignoring its limitations, so how does Trust Contracts improve that? And what is the role of Trust Contracts in the BOSAGORA ecosystem?
When we started this project back in the 2017, we had this concept. and the original wp was trying to make this “Trust Contracts” with something called OWL and TAL. The initial dev team tried to build “Ontology” of it and utilize to build the Trust.
However, this is pure conceptual and impossible to archive. This is usually researched by other industries, mostly AI part. Rather to continue that is too difficult, we decided to pursue more realistic goal. Which is WebAssembly
Lots of other projects are already researching it and we think this will provide new capabilities and offers significant performance benefits.
5. Explain more about #Bosagora mining, minimum and maximum requirement and APR as well as hardware requirements?
Ok. we are not PoW blockchain, thus there will not be mining. However, in order to become a validator, you should hold more then 40,000 BOA and the minimum requirements of the hardware will be very minimum. however, if you want to become a sufficient validator with “Flash Layer”. You need a bit of hardware power. This has not been decided yet. we will get them up our github and development documents when they are ready.
btw, not just hold. you actually have to Freeze them. :) the freezing process will take 2 weeks.
6. What is the Federated Byzantine Agreement Consensus Algorithm? And how to modifiy it from different algorithms?
Ok. FBA come from Stella Lumen. Let me explain a bit.
In 2015, Professor David Mazieres, head of Stanford’s Secure Computer Systems Group, introduced an alternative to pBFT called the Federated Byzantine Agreement.
I will quote his word here.
“A network consisting of quorums, and each quorum is a set of nodes sufficient to reach an agreement. FBA also introduces the concept of a quorum slice, the subset of a quorum that can convince one particular node of agreement. The consensus process is achieved via the quorums, and the collective agreement of the quorums is used as the final decision of the entire network despite byzantine failure.” to be simple, its basically saying that “not every node has to agree” within the network, they make something called quorum and the nodes in quorums agree to each other and eventually quorums agree to each other.
Thats the idea. It has 2 main reason that we use it.
First, it is fast. There is no pow like calculation and all. its just voting process with messege among the nodes. Second, the membership mechanism is open to public. This is key to the decentralization.
7. What is the difference between TRUST CONTRACTS and SMART CONTRACTS?
Maybe not much different. As I mentioned, when we started it was the new concept but we decided pursue more realistic Goal.
- What’s the difference between COINNET and MAINNET?
Coinnet means the blockchain with tx function and wallets and nodes and validators. Our definition mainnet is Coinnet + VM (Contract)
Explain more about the following.
Simplified Payment Verification -> This is the payment that what Bitcoin does.
- Quorum Balancing
As i mentioned about the FBA. they have quorum. however, if this quorum is fixed, then network could be unstable since nodes try to cheat or do some bad stuff. also new nodes cannot join. So every few rounds of block, the shuffling comes in. thats what we call Quorum balancing.
8. What do you think is the biggest problem BOSAGORA will solve that no other project is solving now, and why it is the problem important to solve?
Blockchain still faces a trilemma of issues including scalability, security, and decentralization. There are various projects working in one way or another to solve these issues and it is likely that the scalability problem could be the one that is solved this year. The Bitcoin lightning network, Ethereum 2.0 and the BOSAGORA Layer 1 protocol are some of the steps being taken to deal with these issues. We are constructing our mainnet in a way that can best balance out and solve the issue of trilemma.
9. What is bosagora strategy to promote the development of decentralized technologies in the future?
This is one of our long term goal. we are using a language called D. Our main devs are D contributors as well. It is similar to C++. Also we will utilize WASM, which means devs can choose the language what they like for their dapps. Nowadays, Rust seems to be a good one.
POLICY & BUSINESS
10. Adoption is a very critical element at every crypto project, how does BOSAGORA ensures adoption to its technolofy in the long run?
By developing good use-cases and when mainnet is ready, we would love to see DApps on top of it which makes full use of the Congress Network to make business proposals and use the Commons Budget.
11. What is your long-term vision about the industry which Bosagora exchange is working at? Are you afraid some day there will be another project with more innovative technology can replace Bosagora?
We call ourselves “Project Enabler” This is becoz of “Commons Budget”. This is something that blockchain will generate automatically and will be utilize as Congress votes. YOU can select projects and go over what to do with it.
And the goal for this is “Eco system expansion” Thats the foundation’s goal as well. btw we are not exchange we are blockchain. Also we are not afraid. This is very competitive industry and from 2017 when we started it wasnt easy and it wont be easy in the future as well.
12. On which type of Businesses or Market you’re primarily Focusing on ?
We are not “targeting” a geographical location and market. This is a worldwide project and we wish to have all types of businesses and projects florish with our Commons Budget.
Since the proposals will need to pass and gain consensus to receive the any business budget proposed, it will be up to the commons to decide what is a good project and ideal business.
13. Do you have any plan to implement burn mechanism or something to reduce the supply?
Yes, we will develop a business model to burn. We also plan on launching a financial service in the first half of this year.
In addition, we will prepare Node Operation custody service through cooperation with large exchanges.
14. What benefits are currently available for long term holders of BOA?? And how do you plan to reach out to more people?
You will see the increase in our use cases, BOA will be used for voting, democratic decision-making process, a means of donation, also used in financial services. :) It should motivate you to hold onto BOA.
Please join our communication channels as follows!