BOSAGORA aims to establish a decentralized, censorship-resistant blockchain platform where Congress Members (part of the decision-making body) can decide on what projects to support through a democratic decision-making process. BOSAGORA pursues the goals of democracy, legitimacy, fairness, transparency, and efficiency.
First created in 2017 and hailed as the very first Korean ICO, the BOSAGORA project went through several changes and updates to its whitepaper in 2019 to clearly define its core concepts and to set the foundation for its future success.
Around the world, there are many brilliant people with unique blockchain project ideas that never see the light of day due to the lack of funding and proper guidance.
BOSAGORA is there to help such ideas grow into reality. BOSAGORA's mission is to build an open, decentralized blockchain protocol that ensures transparency through its unique consensus.
The project aims to improve the blockchain ecosystem by providing a powerful platform to support meaningful projects through innovative blockchain technology based on a democratic decision-making process.
The BOSAGORA token after Mainnet (Launch in 2021) will be a POS coin with staking rewards. In order to participate, validators need to freeze at least 40,000 BOA within a node. The frozen coins in the node will act as both an economic incentive (staking rewards) to operate a node as well as collateral for the security and integrity of the information held in the node's blockchain. Nodes are also used for voting purposes, where 1-node-to-1-vote rule exists.
The BOA token is currently ERC-20 based with a total token supply of 450M tokens, the current circulating supply is 282,119,914 BOA tokens with a Marketcap of $13.6 million USD and is priced at $0.048 USD per token. The token is listed on Bittrex Global, Bithumb Global (and Bithumb), GDAC and Coinbene exchanges with a daily volume of $607,841 USD. BOA token is ranked at 184 in Coinmarketcap.
At the time of the ICO, BOSAGORA received a surprising response from 95 countries in May 2017 achieving 6902 BTC hard cap in just 17 hours.
Good marketing as well robust partnerships are the hallmark of successful crypto projects, the team leaves no stones unturned when it comes to marketing and is currently concentrating on online marketing due to a halt on offline events because of COVID19 situation.
They have already done a couple of campaigns, one is E-Hello Campaign that encourages the community members to E-Hello to their friends, families, medical workers, and community. The second campaign they are working on is called ‘Care Project.’ Whereby matching BOSAGORA members 1:1 to nurses and doctors, the BOSAGORA members will send 100 special care kit to encourage the nurses and doctors' precious work and devotion in this crisis time.
The executive team at BOSAGORA is headed by President Inhwan Kim, Founder Serge Komaromi, and Vice President Munsu Lee. Together they bring many decades of experience in IT, marketing, and finance.
Their previous work includes areas such as banking, stock trading, fund management, cloud computing, enterprise intranet groupware, and security solutions for financial institutions and cryptocurrency exchanges. Their head office is situated in Geneva, Switzerland.
The consensus algorithm is the core of any blockchain-based currency system.
BOSAGORA uses a Modified Federated Byzantine Agreement (mFBA) consensus algorithm based on Stellar’s Consensus Protocol(FBA). The BOSAGORA platform is a decentralized self-evolving cryptocurrency that is built on Trust Contracts and an embedded decision-making system called the Congress Network.
Trust Contracts: are securely executable contracts based on a protocol layer. The intention is to provide an efficient, safely designed smart contract engine and provide an easy-to-develop language with many tools and popularity for easy adoption by the developers.
The Congress Network: is the decision making body of the BOSAGORA platform consisting of fully synchronized node operators that solve governance issues arising in decentralized organizations. For example, the development of the source-code and marketing resources can be proposed, decided and implemented within the system. All node operators can join the Congress Network and participate in the collective decision-making process.
The members can engage and contribute through proposals, discussions, voting, and reviewing issues of a project's common interest. The Congress Network adheres to the 1-node-to-1-vote rule. The Congress Network uses Votera for voting and discussion as the tool provides safety to users’ privacy through AAID tech which is based on homomorphic encryption.
There are mainly two types of proposals that can be subjected to voting, one is System proposal that is basically a proposal for blockchain changes like software upgrades or changes in features. The second one is Funding proposals, that are the proposals requesting funds from the Commons Budget.
The funds are used for blockchain Dapp projects, non-blockchain for-profit business investments, and non-profit donations for the ecosystem. Through these systems, as well as a series of other mechanisms, BOSAGORA creates the first smart contract blockchain powered by the collective intelligence of its users.
The project is further bolstered by its scalability, as it plays host to an in-built second layer solution called the Flash Layer. In some ways similar in concept to Bitcoin’s Lightning Network, BOA’s Flash Layer allows for the near-instantaneous confirmation of transactions without putting any extra pressure on the blockchain enhancing scalability.
Other important features are:
Voice: ‘Voice’ is the ability to participate in discussions, suggesting proposals, and evaluating outcomes. It is distributed equally to all members within discussions. It is also limited to prevent inefficient and lengthy communication and trolling.
Incognito: This technology enables your privacy is preserved even in the unlikely scenario of the servers being compromised. It would maintain trust while ensuring the elimination of biases and promote freedom of speech during discussions.
Flexible: Recognizing that everyone has different ways of approaching a problem, choice, and decision, the process flow can be directly customized to structure discussions and problem-solving methods.
Facilitated: To help you focus on discussions on a topic to reach an outcome, there are activity templates and an extensive catalog of features to signpost expectations for members at each stage.
Archived & Interlinked: It is nothing but Transparency and Accountability, that are essential foundations for a good decision. Archived information of decisions can be verified through hashes of records on the blockchain, and other important data is stored in third party services accessible only to participating members.
In a very short period of time, they have rebuilt and rebranded themselves and are trying to be genuine in all the efforts and work they are involved in. Towards the end of 2019, they grew exponentially and saw rapid development due to the changes they made to their core concepts earlier.
In the near future, they are planning on developing and releasing Votera, a democratic voting mechanism to be used within the Congress Network. The aim is to make a better world, which is borderless and not limited just to the crypto-community by allowing and supporting everyone, small and big projects, with creative ideas and proposals.