Recap AMA Bosagora X ZTH Crypto
Thank you Bosagora (BOA) for Ask Me Anything (AMA) in ZTHCrypto 17th September 2020. Best Speaker Sook Hwang (Businees Developer )
Segment 1 : Introduction
Let's ZTH x Bosagora AMA get started❗️
⚠️ Don't Panic! You are not in Ban. CHAT is muted for AMA! ⚠️
📣We will host AMA with (Sook Hwang )
✨During the AMA, we will often close the chat feature to smooth the question and answer session.
Q1 : Welcome to the ZTH Crypto community, thanks for taking the time for today’s AMA session!
We are glad to meet here:
Sook Hwang @sodamp Business Developer
A1 : Thank you for arranging this AMA ZTH team :) It’s a big honor to be here for the AMA. I hope it would be a very informative time for the ZTH family :)
Q2 : Before starting to Segment 1, please introduce yourself first so that we all here are more familiar with the figure of Bosagora
A2 : :) Sure! I am Sook (I go by Sodam in our community and Telegram ID), BD at BOSAGORA. I tweet a lot, so you can follow me here if any of you are interested in knowing more about me https://twitter.com/sookspecial
Q3 : Ok thank for your explanation
Some introductory question have already been answered and we will enter segment 2.
5 QuestionTwitter best question comes from the twitter.
A3 : Yes, thanks for all the interesting and great questions on Twitter
Segment 2 : Twitter Question
Q1 : From @laivulong41
Can you give a brief introduction to Bosagora and its achievements to date?
A1 : Thanks @laivulong41 for the quesiton. BOSAGORA aims to establish a decentralized, censorship-resistant public blockchain platform where Congress Members (part of the decision-making body) can decide on what projects to support through a democratic decision-making process.
Our goals are to promote and realize democracy, legitimacy, fairness, transparency, and efficiency.
First created in 2017 and hailed as the very first Korean ICO, BOSAGORA aspires to play a vital role in making a better world with blockchain technology as a project enabler.
BOSAGORA uses a Modified Federated Byzantine Agreement(mFBA) consensus algorithm based on Stellar’s Consensus Protocol(FBA). Agora protocol is based on PoS(Proof of Stake)and is a full node based on open membership, meaning that the network is open to anyone who is willing to participate and earn incentives. BOSAGORA's distinctive feature lies in the public financing of project proposals using the Commons Budget. The members of the Congress can vote on what proposals are attractive and doable and support two types of proposals, system and funding proposals.
So far, we have 1) built an international community (https://t.me/bpf_eng) and established partners worldwide to spread BOSAGORA announcements, 2) orchestrated first BOA use-case by using BOAs as a means of donation to help flood victims in Wuhan, China (https://finance.yahoo.com/news/bosagora-donates-chinese-red-cross-010000297.html), 3) awarded UN Solidarity Award as the first blockchain project during COVID-19 (https://finance.yahoo.com/news/bosagora-boa-won-un-solidarity-010000540.html) and lastly 4) making great leap towards the completion of validators, STOA SDK, and core technical feature, quorum balancing.
We have many more great announcements to make very shortly in terms of partnerships, ecosystem, burn model, and VOTERA, which is a voting tool to be used by the Congress.
Q2 : From @MiyukiMikoto
BOSAGORA is an interesting project apart from developing Blockchain. also carry out many
activities outside of crypto such as humanitarian assistance for the COVID-19 outbreak. Q: what
are the main objectives of BOSAGORA? How can the community participate in the BOSAGORA
A2 : Thank you @MiyukiMikoto! BOSAGORA’s vision is to make a better world with blockchain technology as a project enabler. We carry out many campaigns and events to increase awareness and participation by our community members in realizing UN SDGs (https://sdg-tracker.org/). Our foundation is founded in Zug, Swiss, which also happens to be where the UN Headquarter is located. Together with our community members, we have created sticker sets to spread World Oceans Day. We have delivered 100 care kits to health employees and nurses in a Korean hospital treating COVID-19 patients under the names of 100 community members. We have also shown solidarity in supporting flood victims in China by using BOAs in Overcome Flood: Jia You Donation Campaign (https://medium.com/bosagora/overcome-flood-jia-you-donation-campaign-895837e79137). 36,225 BOAs were raised, which at that time was equivalent to $2551.72. Most recently, we signed Covid Citizen Action Statement part of the UN SDG’s #SolidarityinAction (https://medium.com/bosagora/bosagora-endorses-un-sdg-covid-citizen-action-campaign-94f0eb9b5566). All of our campaigns and events are announced and shared with BOSAGORians in our official announcement channel (https://t.me/boa_announcement). Please feel free to join to keep up-to-date with our latest news and campaigns! :D
Q3: From @dmsaly14
Can you tell us how do you plan on getting BOSAGORA adoption increase and how do you ?
A3 : @dmsaly14 Defi has gained momentum in the last couple of months. UNI is a very big sensation and hype now. We are also getting ready to announce our Defi partnerships and overall structure of our ecosystem including burn model. Since we are a public mainnet, we have two sources of revenue, which are 1) increasing the value of BOA and 2) transaction fees in BOAs. After we have created more use-cases and have announced our ecosystem, we will ultimately add value to BOA. When Coinnet is launched next year (2021), we will see transactions taking place and additional sources of revenue will be created via transaction fees. In the initial stage of BOSAGORA, transaction fees will be fixed at 0.01 BOA. The fixed transaction rate can later be adjusted by the Congress Network through the voting process.
Q4: From @Ontortk
The POW-based protocol is the most proven and successful model to at the moment , POS has
many security and decentralization issues. Why BOSAGORA choose POS , Does BOSAGORA
have a way to overcome that limitation ?
A4 : @ontortk Great question! Cryptocurrencies especially Bitcoin, that only use a proof-of-work(PoW) consensus protocol, are affected by issues arising from the non-separation of economic and political incentives. By buying more mining hardware, a user can attain more control of the blockchain(political) and also increase their mining income(economic). BOSAGORA overcomes this issue by using a consensus mechanism that separates economic incentives from political ones. Attaining either political power or economical wealth requires an investment into 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 invest in confirmation rewards (rewards relative to the amount of coins locked away in a node) to maximize mining income.
In Proof of Stake(PoS) mechanism, if a participant wants to become a validator, he/she has to lock-in his/her coins. Frozen coins are used as collateral in case of attempted forgery of the blockchain. For instance, if a node attempts to forge the blockchain, a portion of the frozen coins are confiscated. Additionally, the system requires two weeks prior notice to unfreeze coins, which helps in retaining price stability. To join this protocol, a validator must freeze 40,000 BOA within a
node and forgo liquidity. The frozen coins in the node then act as an economic incentive to operate the node as well as collateral for the security and integrity of the information held in the node’s blockchain.
Q5: From @ale_urich
Recentely the BOSAGORA team completed The Quorum Balancing MVP, what does this big change Mean For BOA? How will the validation of transcations work?
A5 : @ale_urich Thank you for staying up-to-date with our latest updates! Quorum is a set of validators, nodes that participate in block creation, and is divided into each small group of quorum slices, that forms a consensus structure that secures stability and reliability. Quorum Balancing plays an important role in periodically relocating validators within the quorum slice and placing high stake validators at the boundaries of each quorum slice so that they become connected.
Quorum Balancing is a technology that moves one step further from the existing Stellar consensus algorithm and helps everyone to easily participate as a validator.
Through this, a true decentralized platform can be realized, while securing stability and transparency. With this technology, as mentioned in our whitepaper and I have mentioned in the 4th question from Twitter, anyone with just 40,000 BOAs can participate as a validator to run the node.
ZTH Host : Questions on segment 2 have been answered, It’s wonderful thank you : @sodamp
Segment 3 : Live AMA
Great AMA 650+ Question 30 second and this best question
Q1 : There are lots of Project coming these days & The Main problem with many project is Adoption, Why do you think that Bosagora will Achieve #Mass_Adoption?
A1 : Of course, establishing BOA use-cases are of huge importance. We will make very significant announcement very soon on our ecosystem and partners creating this ecosystem. They will all be tied to our burn model, which keeps BOAs' values in tact with our partnerships and the profitability of these businesses. We are very close to the announcement and these partners provide services to the general mass and users :) We will share with you the good news shortly.
Q2 : Why does $BOA choosing to build on erc20?
Is there any upcoming plan to create $BOA own chain or migrate to other chain like bnb or ect?
A2 : As you know, we are in the process of building our own coinnet. When it is launched next year, we will go through the process of swapping from ERC-20 to our coinnet. We are expecting this to happen next year.
Q3 : The crypto world is becoming overcrowded with blockchain projects and tokens, what makes BOSAGORA different from other projects?
A3 : Good question. No other project holds the two distinctive features BOSAGORA has. 1. Commons Budget
Our distinctive feature lies in the public financing of project proposals using the Commons Budget. The members of the Congress can vote on what proposals are attractive and doable and support the proposal.
2. Congress Network
The node operators will be the ones to make decisions about what goes on within BOSAGORA and this will provide inclusive collaboration throughout the ecosystem. In other projects like Ethereum for example, anyone could choose to build a project on the blockchain without having to ask permission from the wider community. During the ICO period of 2017/18, this is what lead to much of the speed and scalability issues that Ethereum continues to deal with. With the Congress Network, however, projects would need to achieve approval from the network members first before developers could start building. This also extends to the allocation of funding from the BOSAGORA Commons Budget. Proposals that garner approval from the Congress Network will be able to access funding that can benefit the entire ecosystem.
Q4 : Can you explain about Deliberative decision-making platform of Bosagora project? How Deliberative decision-making platform works & which technology is used for above platform?
A4 : Hi Diego. We have VOTERA to be used as the voting tool in our coinnet. We are creating a demo page for BOSAGORians and anyone interested in knowing to learn more about how it can help the Congress Network make proposals, vote, and receive funding for great ideas and projects. UI will be disclosed shortly. STAY TUNED for more!
Q5 : As a community driven project, how can I contribute my quota to your success? Do you have a Global ambassadorial Program or Referral Reward System? Do I get any benefits from holding $Bosagora token in the long term?
A5 : As introduced to you earlier, without the help and participation of our community members, BOSAGORians, we could not have reached so many mildstones. We value your contribution, shilling $BOA on Telegram and Twitter, participating in our events and campaigns. A strong network benefits all participants. This is difficult to replicate in smaller networks, where issued coins tend to be held in concentrated pockets and the businesses that could profit are few. It is even more difficult to replicate in traditional open-source technologies, where network effects are harvested by private businesses and profits flow towards size. In crypto, the network effects are enjoyed by the whole community, not just for-profit businesses. We find all of your attention, interest, and participation meaningful. Thanks all.
Dont Forget Follow social media Bosagora :
Official Announcements: https://t.me/boa_announcement