Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Bosagora on July 14, 2020. This guest star Business Development Sook Hwang. If you were unable to join the live AMA, no worries, here comes our 29th AMA recap!
We are glad to meet here:
Sook Hwang, Business Development at Bosagora
For taking your time out from busy schedule for the AMA!
Q1: Can you introduce yourself to the community? What is your background and how did you join Bosagora?
Hi, everyone 🙂 I am Sook Hwang, BD at BOSAGORA. I have joined as BD in the beginning of this year. It’s been a great ride seeing many improvements and seeing the project grow fast 🙂 I entered the crypto-space with my first project in 2018. The project is still up and running with Samsung Blockchain Wallet. It’s been a great journey so far being in the crypto-scene 🙂
Q2: Can you briefly describe what is Bosagora? and what makes Bosagora different from other competitors?
BOSAGORA focuses on building an open decentralized blockchain that ensures transparency of the consensus algorithm and clarity of contracts. BOSAGORA will play a vital role in making a better world with blockchain technology as a project enabler.
We are not a fork from another main net. Our protocol is based on PoS 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.
We plan on using flash layer, which is a built-in 2nd layer solution that can enhance Scalability.
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.
F: what is the amount of the Commons Budget?
1,800,000,000 BOAs which is 36.36% of entire token supply.
F: Maybe you can explain the meaning of Bosagora? As far as I know Bosagora consists of 2 words
BOSAGORA is a combination of two words as @Faizrdisy correctly pointed out. BOS (Blockchain OS) + Agora (which stands for our ideals to stand for democracy). Agora’s literal meaning is “gathering place” or “assembly”. The agora was the center of the athletic, artistic, spiritual and political life in the city in Ancient Greece (https://en.wikipedia.org/wiki/Agora).
Q3: What solution does Bosagora actually do to blockchain democracy?
Great question! We want to pursue and want to realize democracy and democratic decision-making process via
- Open membership
- Commons budget
- Congress funciton
By open membership, our network is open to anyone who is willing to participate and earn incentives. The Commons Budget is a used to fund creative and lucrative businesses and ideas and decided upon by the Congress. The Congress Network ensures that a consensus is reached throughout the network through passing system proposals in addition to ensuring that the Commons Budget is used correctly or effectively.
Feel free to check all article about Bosagora, Monthly Report May, April & June and many more:
Q4: What are the major milestones Bosagora achieved so far & what are in future pipeline?
Starting June, we have rigorously announced several partnerships that we believe are key to advancing forward with CoolBitX(wallet which integrated BOA as one of defalt tokens), Argos(world leading KYC & AML company), and Certik(which applies standardized test suites, static analysis, and expert manual review of blockchain projects and exchanges). We have further announcements to make with regards to partnerships and will announce them at an appropriate time. Burn model which is based on the profits and earnings from our partners will be released in October along with long-awaited Votera, decision-making tool that everyone’s been waiting for!
Q1: What is Votera? How does the BOSAGORA project guarantee the transparency of Votera? What benefits does it offer to stakeholders?
As mentioned in the previous question, Votera will be released to you in October. It is a democratic decision-making tool in which you can post issues/ agendas that need people’s opinions and need to be decided. You will be able to open polls, participate, and have your opinion heard. It is the fruit of our partnership with KOSAC.
F: so, how to vote? Are there special requirements?
No requirements yet 🙂 For detailed information as well as UI please take a look at it here:
Q2: BOSAGORA has completed the integration of the Stellar Consensus Protocol (SCP) into Agora, so what are the advantages of SCP and its benefits to the BOSAGORA system?
Adopting and incorporating SCP (Stellar Concensus Protocal) addresses and balances out the imitations of Byzantine Agreement through a new consensus protocol that achieves Decentralized Control, Flexible Trust, Low Latency and Asymptotic Security, these are the key benefits.
The FBA is also open to nodes joining through an open membership rather than through a close membership list. Nodes don’t need to be verified ahead of time and thus control is more decentralized. Trust is determined by the nodes themselves and various quorums can emerge instead. While a quorum is the number of nodes required to come to an agreement, the FBA relies on quorum slices. Quorum slices are subsets of a quorum and are used as a means of convincing other nodes to agree.
Q3. 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?
Check this article about SCP in indonesian
This is also a good question. Very smart..! Well.. FBA (Federated Byzantine Agreement) implements non-unanimous consensus mechanism by grouping nodes into teams (also known as Quorums). When a transaction is made, the information is sent to all those in the group. Rather than waiting for the whole network to agree on the state of the data, if a node hears the same message from a sufficient number of trusted nodes, the node assumes the information is correct. The overlapping of nodes, or loose federation of nodes, results in different nodes that have different sets of teams to agree on the same transactions. This leads to a system-wide consensus, without requiring unanimous agreement for each transaction block. So this is smart and efficient 🙂 In addition, we have moderated FBA(mFBA) with our added-on feature of PoS.
Q4: Based in blockchain technology, BOSAGORA will implement a democratic government model, how will this model contribute on the decision making to investment?
We mention the word “democracy, democratic” a lot. What do you think democracy means? It would mean your voice is heard, and that’s why in democratic system your voice is heard and transferred via a medium called vote. Also, if your resource is being used for public good, you want to have a say in that. So simply, in BOSAGORA ecosystem you can vote because it is open to everyone and anyone. Plus, the Commons Budget is used and allocated for the right reasons and great ideas that have been passed by the Congress Members. All in all, that is why BOSAGORA stands to represent and realize democracy.
Q5: KNOWLEDGE IS KEY TO ADOPTION! Can you share with us your plans to educate and raise awareness & adoption among the community to make more people understand the Blockchain capabilities of BOSAGORA and its technology?
Engaging with the community and participating AMAs are one of “educating” others about BOSAGORA, how it is different, and what we are trying to achieve. For instance, we collaborate with worldwide communities like @NanoChatroom to have our updates and announcements shared in Indonesian and rest of the Southeast Asian region. We will continue to make development and marketing updates and communicate with global community members via Telegram, Twitter, Medium, Youtube (the list goes on…). We will soon introduce BOSAGORA to you in normal terms 🙂 The contents are under preperation stage 🙂
Q1. What is the name of the hard wallet company that BOA is included as a default?
Q2. Which of the following is NOT a feature/ characteristic of BOSAGORA mainnet? Congress Network/ PreMa/ Commons Budget/ Votera
Q3. How many nodes does a participant have to freeze in order to qualify as a validator? How many BOAs?
Q4: BOSAGORA team has started many campaigns to increase solidarity and win through COVID-19 together. Which of the following campaigns are NOT a campaign by BOSAGORA? 1. E-Hello 2. Project Care 3. Let Covid Go 4. #WorkatHome
We encouraged our community members to work from anywhere, not just home 😀
Q5. Which of the following is NOT an exchange in which BOA is listed on? 1. Bithumb 2. Bittrex 3. Binance 4. Coinbene
Putu got it correct 🙂 We are listed in all the other three (Bithumb, Bittrex, and Coinbene)
Q1: All project’s coins have their main Utilities & real-life use! So, Can you tell us what are the main role of BOA in your ecosystem? Explain its Utilities & Real-Life usecases? and Why should i invest in BOA for long term?
BOAs will be used in BOSAGORA ecosystem. As mentioned earlier in our AMA session, BOAs fund the Commons Budget. BOAs will be used in our partnership applications and platforms. To participate as a validator, you also need to forgo 40,000 BOAs in other words to stake. We will provide reward in BOAs. BOAs will have many more use-cases in the near future including for donation, platforms, and staking. Hope this keeps your hopes high for BOA.
Q2: Aside from Bosagora’s #WorkFromAnywhere campaign,do you have any other upcoming campaign that you are planning to launched in the near future?If you have, can you share some hint about it?
Good question Jobel. I hope you had a try at any of our campaigns. Many community members worldwide shared with us a glimpse of where they were working in this hard times. We encourage all to stay safe and work in hygiene environment or remotely. We plan to start a new campaign named “BOSAGORA Summer Getaway.” Please stay tuned in for further information regarding this campaign through our Telegram Announcement Channel : https://t.me/boa_announcement It will start next week 🙂
Q3: Truly, you’ve done AMA in many telegram groups, so what next, what other way will you make Bosagora more popular?
AMAs are a great way of making BOSAGORA known globally. We also have partners and ambassadors worldwide who help spread announcements and updates about BOSAGORA in their languages including Turkish, Japanese, Russian, Spanish, English, Korean, and Indonesian 😀 We intend to build and grow our own regional communities from all this marketing efforts. We are also updating our news via multiple channels as pinned in this community.
Official Announcements: https://t.me/boa_announcement
Q4: On which types of Industries & user base $BOA project is mainly focusing on? Do you plan to establish partnerships with local cryptocurrency developers in each country to make the use of $BOA more global?
Since we are not payment token, we do not have a set industry to target. We intend to forge partnerships in broad terms with everyone from different industries. Our ecosystem will be built and operated cross-borders transcending industries whether it be Defi, STO, education, information-providing platform, KYC & AML company, or hard wallet company 🙂 We will announce our partnerships one by one in the near future. #HODL
Q5: What about long term design goals of #BOSAGORA?
I think this is a great end to end today’s AMA. Our Testnet and Coinnet will be launched in the first half of 2021. We are very excited and working very hard for their releases. You can also check out our development progress by looking through our roadmap bosagora.io/tng Votera will be released to you in October of this year. To keep out inflation, we have plans to announce our Burn model in October also 🙂 October will be a BIG MONTH.
Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about Bosagora
Join our Telegram group and you can talk directly with other Communities and enjoy some of the events that we created for Nano Gang, We are always here to support the current adoption of cryptocurrency in Indonesia.