Satoshi Club
Published in

Satoshi Club

Bosagora x SatoshiClub AMA from 5 March

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Bosagora and our guest was Sook, BD. The AMA took place on 5th March.

The AMA session was divided into 3 parts with a total crypto reward pool of 500$

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Hello Satoshi Club! We are happy to announce our AMA session with Bosagora! Welcome to Satoshi Club

Good evening, dear community!

Today our favorite project, our good friends, is our guest!

[

Sticker ]

Welcome here

Welcome to Satoshi Club, @sookspecial!

Thank you for your warm welcome!

[

Sticker ]

Happy to see our favourite Bosagora here again

Feel honored and happy to join SatoshiClub’s AMA

[

Sticker ]

Thanks for joining @sookspecial!

Could you please introduce yourself and Bosagora for our new users, who accidentally could miss our previous AMA

Thank you @GoldRocket27 and @madamlobster

No problem at all.

Hello, SatoshiClub!!!

It’s been a while since I last answered your questions!

Actually 1 year has flied since our last AMA with SatoshiClub (https://medium.com/bosagora/satoshi-club-ama-bosagora-recap-a49b85273c5f). I see SatoshiClub has grown A LOT in just one year with AMAs back to back everyday. Happy to be back and it feels like home!

I am Sook, BD at BOSAGORA. I am here to introduce to you about BOSAGORA, the first ICO project from Korea in 2017, currently ranked at #366 according to CMC today (https://coinmarketcap.com/currencies/bosagora/).

BOSAGORA’s vision is to make a better world. Towards this mission, we will realize and provide more secure and convenient financial services. Another important effort is to contribute to making a better world by developing and practicing the UN’s Sustainable Development Goals (SDGs).

Our core values are transparency, fairness, and publicness.

As a decentralized public financing blockchain platform, 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.

Thank you for having me and inviting me again to SatoshiClub community!

What you are doing is incredibly important for world peace!

Thank you for being such a big fan of BOSAGORA. We are very thankful of all your support!

I love that you are connecting blockchain and new technologies with caring for the planet!

Thanks for everything you’re doing! Your initiatives always great and world definitely became better with Bosagora!

Our community has questions. Ready to proceed to this part of AMA?

Together with all our friends, we think it is essential for crypto projects and us to be involved in UN SDGs (Sustainable Development Goals) and make a better world with grassroots movement.

Yes, sure!

[

Sticker ]

Very recently, we have released T-Fi (also “True Finance), BOSAGORA’s unique definition and an alternative to DeFi. T-Fi is a next-generation financial business model that combines blockchain with traditional economy. In other words, it is an innovative BM that seeks stable and high returns by combining financial products with BOAs.

Basically, T-Fi service allows all users to invest in crypto and earn from traditional economy.

There are three different ways to participate in T-Fi mainly being 1) node operation using BOAs, which will result in BOA rewards(staking confirmation rewards: 37.84%), 2) lending BOAs to FMway(7% or more of interest rate), and 3) investing in STO projects.

DeFi is a great innovation, but with many limits such as limitation that it only supports ERC-20 based tokens and it is still in its nascent stages with lots of uncertainty and vulnerability associated with it.

That’s great! Do you have any statistics about how many users already participated in T-Fi?

Our first round of T-Fi Lending service with T-Fi Labs closed after 47 seconds after the opening of the application with the cap of 10m BOAs filled just in a matter of time!

[

Sticker ]

awesome

Wow! It was so fast

i see your members enjoyed it

It closed even faster than our ICO

Very impressive and thank you all for participating in our first round.

Second round is expected to open in May

15 seconds?

And our next question is also connected to T-Fi

Maybe even faster

don’t forget to share with Satoshi Clubbers

Will Do!

I am waiting for our next question

we have announced BOSAGORA’s unique definition and alternative to De-Fi, which is T-Fi, short for True Finance. T-Fi is a next-generation financial business model that combines blockchain with traditional economy. In other words, it is an innovative BM that seeks stable and high returns to the world by combining financial products with BOAs.

2020 was marked by DeFi. DeFi is indeed a very innovative digital financial model, but it is not without its limits. First of, it is not universal in that it cannot replace and be applied to pre-existing financial products. Many still do not understand how DeFi works and what needs to be done to participate in it. Moreover, DeFi does not take into consideration fairness in that it can be abused and manipulated by attackers and even the founders themselves.

T-Fi is BOSAGORA’s alternative to DeFi overcoming the limits of DeFi and seeks to realize the values of universalism and fairness (https://bit.ly/3u8kJVs).

Basically, T-Fi service allows all users to invest in crypto and earn from traditional economy.

There are three different ways to participate in T-Fi mainly being 1) node operation using BOAs, which will result in BOA rewards, 2) lending BOAs to FMway, and 3) investing in STO projects(targeted for the end of 2022).

https://esatoshi.club/wp-content/uploads/f77a855c-ec0f-47bd-9a98-f6a3efbd253f.jpg

You can see the structure of T-Fi in this one pager

Thank you very much for sharing! It’s enough just to take part!

What do i need to do to participate in an STO project, for example?

I need to tell that it’s very complex structure!

As you might already know, STO is still not certain meaning that it has no clear legal guidelines yet. We will wait for until next year to receive approval from SEC to properly invest in STO projects related to real estates so that we can open up T-Fi to even greater market and also the U.S.

Gotcha

landing of staked BOA works, as i understand

which was max/min for current round?

The min. amount of BOAs to stake is 40,000 BOAs as the norm when Coin net is launched. To be a node operator, you will need to stake and forego 40k BOAs. The max. amount of BOAs one can lend is 1m BOAs with the cap at 10m.

http://t-fi.io/

You can see the cap has been filled in T-Fi website above.

Thank you! And our next question is connected with this

again

Can we jump to it?

Oh… T-Fi is receiving a lot of attention! Which is good!

let’s jump right it!

I can help Sook

i have some info!

https://esatoshi.club/wp-content/uploads/389a3754-6a45-4803-97bf-dc6ce310e4cb.jpg

Yes, since it is our first round of T-Fi, we wanted to secure the same rewards rate as you would when you actually run a node after Coin net, BOSAGORA mainnet is launched. That is why we set the rewards rate for staking as annual return rate of 38%. Interest rates may vary with diversifited investments with traditional economy and STO projects later on. The very reason why we opened T-Fi service was to accomodate and open financial investments to those who can’t meet the min. creditials of 40,000 BOAs (currently BOA is $0.211 which makes it approximately $8440). That’s a lot!

So… with T-Fi, even those without 40,000 BOAs and even less can participate in future rounds that we will open for T-Fi.

Ohh advertisement time!

This is awesome, BOA trading event!

[

Sticker ]

Yes, and thank you for giving to our members such opportunity

No problem at all! I am just happy to share with you BOA!

[

Sticker ]

It’s great that everyone can join and earn with Bosagora!

Really gold times!

[

Sticker ]

Satoshi Clubbers! Join!

Hope BOA can make the world go around!

Can’t wait for the next question

I have no doubts!

@GoldRocket27 shoot it

Smart contracts have the potential to be a paradigm shift in the development of decentralized applications. Programs that are not held on a centralized server, yet can run the same logic anywhere. Smart contracts can be used to develop: decentralized marketplaces, currency exchange platforms, and projects like Golem which aim to create a 4 decentralized worldwide super-computer. However, the freedom and flexibility provided by the Turing-complete language which Ethereum is based on is the cause for several serious problems.

WebAssembly is a new type of code that can be run in a modern web browser. It provides new capabilities and offers significant performance benefits. WebAssembly is a binary instruction format for a stack-based virtual machine. WebAssembly is designed as a portable target for compilation of high-level languages like C/C++/Rust, enabling deployment on the web for client and server applications.

Thank you very much for your comprehensive answer!

I see your development never stops! Always read your monthly reports, even that tech part in which everything is hard for me!

Can you tell us how big is your development department?

Can’t believe you translated that! It’s hard for me to comprehend as well!

[

Sticker ]

Yes

it wasn’t easiest challenge for me

We have more than 10 developers from all parts of the world. CTO, Matthias is from France, and many of our developers come from international backgrounds, some working remotely.

It can be seen that this is a good team of like-minded people!

Yes! Tell them hi from us! They’re incredible

[

Sticker ]

Thank you for your answers

Ready to proceed?

Let’s continue!

lol

Thank you for your question and watching our video on Votera. Votera is the tool BOSAGORA will incorporate to Coin net for true democratic decision-making process. By democratic decision-making, we mean that

-All node operators should participate freely

-Prevent the distortion of public opinion (free from bias)

-Everyone needs to be given a random name; anonymity is crucial

-The voting results should be stored in the blockchain transparently

This anonyomous, yet transparent tool will allow all Congress members to decide on system and funding proposals fairly. Reaching an acceptable outcome by allowing every member to participate in an equal and rational way is finally possible thanks to VOTERA(https://bit.ly/2FtBNB6) within the BOSAGORA system.

Is this Votera tool already working?

Yes and no

The tool is already developed. It needs to be incorporated in Coin net

Coin net release is expected June 1st of this year.

By the way, tell us please, does UN membership help the implementation of blockchain in government? It would be good if Votera, the technology of transparent voting, began to be applied in countries to achieve democratic results.

@sookspecial

Yes, we might have the possility of show casing how Commons Budget and Votera can actually work in a real policy decision-making process. However, it doesn’t have connections to UN membership. We are only part of UNGC (UN Global Compact), the world’s largest global sustanability initiative of corporate members

Thank you very much for the clarifications and for your contribution to the cause of peace.

[

Sticker ]

Ready to the next question?

Let’s go~

oh this question is from our dear friend! He is so smart and keen…! The next news in pipeline is the next round of T-Fi (2nd round), which we will open in May. We are quite busy to meet the launch date of our Coin net in June 1st. Within this year, we will work with Chainlink to automate the full procedure related to T-Fi. By using Chainlink’s Oracles, we will ensure that users have highly secure and reliable exchange rates during all junctions of the automated yield-bearing strategy, making it more trusted and transparent.

In terms of development, we are looking forward to sharing with our community BOA wallet and explorer, public test net and Flash Layer within the 1st half of 2021. Very busy, yet exciting year for BOSAGORA!

[

Sticker ]

[

Sticker ]

Wow, so many events! Which event do you personally wait most of all?

Btw, on which exchanges can I still buy BOA and what listings are you still planning?

For me, although I am BD, I am also in charge of all SDG-related activities of BOSAGORA. I am waiting to release our very first SDG campaign of this year near the end of March

We have many pleasant surprises coming and really expecting a great year!

https://coinmarketcap.com/currencies/bosagora/markets/

We are listed in Bittrex Global, Kucoin, Bithumb Global, and Coinbene

We are also looking forward to

We were listed in Kucoin in February and hosted many trading events for those new to BOA and also for SatoshiClub today!

You are the best in surprises

https://esatoshi.club/wp-content/uploads/389a3754-6a45-4803-97bf-dc6ce310e4cb-1.jpg

[

Sticker ]

You’re my favourites

Thank you very much for the answer. I’ve already tried a few to be honest

[

Sticker ]

BOAs are getting expensive day by day… and I am shocked everytime I set the amount for airdrop

[

Sticker ]

Let’s follow the rules and bring me the questions!

Sure, our members participate in your events

Let’s go

Part 2 — live questions from the Telegram community

Smartling

BOSAGORA Foundation became a full-fledged participant of the UN Global Compact (UNGC) in November 23rd, 2020. UNGC is the world’s largest corporate sustainability initiative that provides guidelines and supports the implementation of Ten Principles and the SDGs in business strategies and day-to-day operations. It calls for companies to align strategies and operations with universal principles on human rights, labor, environment and anti-corruption, and take actions that advance societal goals. Currently, more than 12,000 companies based in over 160 countries have joined this initiative with BOSAGORA Foundation joining the global alliance.

We will migrate from ERC-20 to our own mainnet when it is released in June 1st. We are also considering the possbility of making BOA more accessible using cooperating with other chains such as BSC (Binance Smart Chain).

I personally like the Commons Budget the most about BOSAGORA. The Commons Budget is a fund to expand the BOSAGORA ecosystem and is automatically accumulated through two channels in the system. The first is direct issuance of 50 BOA every 5 seconds for roughly 6 years, and the second is accumulation of 30% of transaction fees. The Commons Budget is a significant amount of funds, accounting for about 54% of the total BOA issuance. It is used to to support and fund Dapp projects on BOSAGORA Coinnet, non-blockchain businesses, and donations for NPOs (Non-Profit Organizations). It serves the purpose as a funding that would normally be given out by Venture Capitals, but the only difference is that you (or the Congress Members) decide which projects and ideas to fund.

As a node runner, you need to first stake 40,000 BOAs. In return, you can earn significant percentage of rewards per year, 37.84%. This is comparatively high relative to other mainnets such as COSMOS(Atom) 9.2% and TEZOS(XTZ) 5.4% per year.

Bitcoin that only uses a proof-of-work(PoW) is affected by issues arising from the non-separation of economic and political incentives. By acquiring more mining hardware, a user can attain more control of the blockchain(political), while also increasing their mining profits. BOSAGORA overcomes this issue by using a consensus mechanism (mFBA) that separates economic incentives from political ones. Attaining either political power or economic profits requires an investment in the system. A user can either acquire more votes by increasing the number of nodes(one operational node equals one congressional vote) or a user can earn confirmation rewards(rewards relative to the amount of coins locked away in a node) to maximize mining income.

Decentralized systems lack a systematic decision-making process. There have been several cases in which this has led to confusion and substantial financial losses.

BOSAGORA constitutes a governance system whereby node operators referred to as the Congress Network can participate in creating and voting on proposals in order to continuously improve the software and ecosystem.

#whenBinance. Moon is near. Binance is not our end-goal and listing should never be an end-goal for any project. But if that is the way to make BOA more accessible, liquid, and valuable we will try all means to. Hope you can celebrate with us on the day we get listed.

We always notify our community members through our announcement channels. It is the most prompt and up-to-date channel in which we share our updates. Please feel welcomed to join any of the following channels below: Official Telegram: https://t.me/bpf_eng/

Announcements: https://t.me/boa_announcement/

Telegram Spanish: https://t.me/bosagora_es/

Telegram Russian: https://t.me/bosagora_ru/

Telegram Korean: https://t.me/bpf_korea/

Telegram Turkish: https://t.me/BosagoraTR/

WeChat: Add (ID:wy5854430) as a friend to join

Twitter: https://twitter.com/BOSAGORA1/

Medium: https://medium.com/bosagora/

Newsletter: http://eepurl.com/gJSHff/

Facebook: https://www.facebook.com/BOSAGORA/

Our vision says everything: make a better world. You would probably have never seen a crypto-project with that slogan and vision

We want to make a better world. We will realize and provide more secure and convenient financial services as we have released T-Fi, a better alternative to De-Fi. We will contribute to making a better world by developing and practicing the UN’s Sustainable Development Goals (SDGs). We hope you will join us from today towards the same vision of making a better world.

BOSAGORA adopted the modified Federal Byzantine Agreement(mFBA), which combines the characteristics of proof-of-stake(PoS) with FBA, as the consensus algorithm.

In FBA, nodes form a group without having to verify the data in all nodes, and consensus is reached by checking only result of the quorum vote in each group. This enables fast transactions with high energy efficiency as there is no need to wait for all nodes to reach unanimous agreement like Bitcoin. In addition, in FBA, the number of votes given to each node is not proportionate to the amount of coins frozen. Each note equally receives 1 vote.

BOSAGORA applies the feature of proof-of-stake(PoS) to FBA so that the node freezes at least 40,000 BOAs to become validators, and provides newly issued BOA as confirmation reward relative to the amount of frozen coins to suppress liquidity.

Such a system prevents the problem of centralization in which political and economic gains are simultaneously concentrated by a few. One needs to either increase the number of nodes to obtain a large number of votes(political gain), or freeze many coins in one node to gain a significant amount of confirmation rewards(economic gain).

We don’t think that we can “replace” De-Fi considering all the hype it has created. However, we are the first to propose an alternative to trouble-ridden De-Fi. DeFi is still in its nascent stages and they are often times listed and invested without thorough and careful evaluation.

It is vulnerable to hackers’ attack and even exploited by core members. For instance, in the most latest incident, the attacker of Yearn.Finance gained $2.7 million in profits by exploiting Yearn’s version 1 DAI yield vault costing the vault $11 million in DAI.

SushiSwap, well-known DeFi protocol unveiled a significant drama in last September. Sushi’s leader,Chef Nomi, ran off with some of the project’s development fund. T-Fi is BOSAGORA’s alternative that takes into consideration the downsides and vulnerabilities inherent in DeFi realizing the values of universalism, fairness, and publicness.

Part 3 — Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

English Telegram group: https://t.me/Satoshi_club/

Russian Telegram group: https://t.me/satoshi_club_ru/

Spanish Telegram group: https://t.me/satoshi_club_spanish/

Telegram Channel: https://t.me/satoshi_club_channel/

Twitter: https://twitter.com/realsatoshiclub/

Website: https://esatoshi.club/

Telegram: https://t.me/bpf_eng/

Twitter : https://twitter.com/BOSAGORA1/

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store