Here is a recap of Q&As that sums up questions and answers in AMA on CFC Telegram.
- What is BOSAGORA mission now? And What is BOSAGORA progressive plan to ensure that the project network remains relevant & valuable in the next 5 years, in the case of adoption and use?
Our mission : Building an open decentralized blockchain protocol that ensures the transparency of consensus algorithm and the clarity of contract, thereby enriching the blockchain ecosystem through enabling the meaningful projects with the expression of the collective intelligence by an advanced democratic decision-making process.
We will try to develop more use-cases of coz… we are focusing on UN’s SDG. We hope that we can be part of making better world with blockchain tech. :)
2. What are the great achievements that BOSAGORA has achieved so far? What difficulties and risks did you encounter during project implementation and what factors helped motivate you to overcome difficulties?
I think starting last year, it was a hard and bumpy ride for the foundation. However, many core issues have been settled and we are really driving on marketing and building use cases of BOA. We have several platforms that we are planning on soon to be released this year and also more plans to be listed in globally reputable exchanges.
3. How do you view your listing on Bithumb, any more top exchanges?
It was something that the community had been longing for a long.. time :) First time, we also reached #80 in CMC. I think it was very good move. However, this is just one of many more to come including more listings and the launching of the mainnet.
4. What role does the community play in the BOSAGORA Project? What have you done and will do to attract people to join BOSAGORA and build a thriving community?
We are always open to the feedback from our community. We are running as much communication channesl as possible and at the same time moderating and monitoring your inputs in Telegram :) We have plans to hold AMA weekly in March. We hope to meet you more often and be transparent about our plans and progress. You can take a look inside weekly progress we make as well as monthly by following our channel in medium. https://medium.com/bosagora
5. BOSAGORA is uses the term “Coinnet” for blockchain launch. How is this different from the popular “Mainnet”, and what necessitated it, and what will BOSAGORA achieve through it??
It’s just our term… Coinnet means the blockchain with tx function and wallets and nodes and validators. Our definition mainnet is Coinnet + VM (Contract)
6. Why did Bosagora decide to use a Modified Federated Byzantine Agreement Consensus Algorithm (mFBA)? and how is it different from other Consensus Algorithm like the Proof of work, Byzantine Agreement and Tendermint?
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 your goal in creating a decentralized full node POS system? Why is the development of this system important for your project?
Because we are implementing decision making tool in our system. We are tyring to implement “democratic way” of on chain governance. everyone should be a part and if you want to join the Congress you will have to run a node. Thats why it is important to have full node POS.
8. What role does the Federated Byzantine Agreement (FBA) play in SCP? How do you ensure that verifiers have proper shares in the system?
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.
We will be using mFBA for the following two reasons.
First, it is fast. Second, the membership mechanism is open to public. This is key to decentralization.
9. Trust contract is a seemingly new term to me. Why did you choose it and the benefits it offers?? How is it different from smart and live contracts??
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.
So… its just our own term for smart contract.
POLICY & BUSINESS
10. BOSAGORA signed an employment contract with KoSAC, partner of Defora. What procedures does this contract include? What works will you carry out jointly?
BOSAGORA and KoSAC were invited to attend the Blockchain Congress in Geneva, on 20 January 2020. What is the purpose of that Event? What was discussed?
Ok. Kosac is our partner company that develops Defora. Defora is the tool that Congress Network will use to decide what to do whithin the network(blockchain). This is the decision making process of BOSAGORA (on-chain). and Yes we were invited to Geneva and discussed about “e-voting and e-governance”
11. What is Defora?
This is a tool used to help democratic decision-making process. We will incorporate this in Congress Network. Proposals that garner approval from the Congress Network will be able to access funding that can benefit the entire ecosystem.
12. You will agree with me that ADOPTION and UTILITY is very key to project survival and success, what’s being done to drive global adoption of BOSAGORA amidst crypto regulations, legislation and competition.
We think that the main difference between fiat and crypto is whether in can be adopted and used vertically or horizontally (in terms of sectors/ industries it can be used for). Since crytpo transcends borders, time, and space, we do think that it is just a matter of time for it to be adopted and utilized horizontally.
13. What are the biggest obstacles to your project when you implement it to the real world, and what is your plan on overcome these problems ?
Probably the tech itself. We will try to make as easy as possible but blockchain technology is still in early stage and still have a lot of issues. Especially scalability is the main one. and we are solving it by having built-in “2nd layer” solution.
14. What is the use case of Bosagora token? Can you tell me what is the incentive for market demand of Bosagora token? Can you convince us about long-term potential increase in Bosagora market value?
We plan on presenting our use cases this year. For instance, we have #SavetheWhales project in the pipeline to start and fund grassroot funding and support to save whales from the threat of being endangered. This is just a use case and with main net, there are further usages of BOA that will make it more valuable.
15. What role does the community play in the BOSAGORA Project? What have you done and will do to attract people to join BOSAGORA and build a thriving community?
Community is very very important in crypto space. We need our supporters! We will communicate freely and most importantly if you are a developer please join us on our github. :)
Please join our communication channels as follows!