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BOSAGORABOA

BOSAGORABOA

BOSAGORA aims to establish a decentralized, censorship-resistant blockchain platform where stakers (part of the congress) can decide on what projects to support through a democratic decision-making process. BOSAGORA pursues the goals of democracy, legitimacy, fairness, transparency, and efficiency.

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.

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. (1) Trust Contracts

are securely executable contracts based on a protocol layer. We intend 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 developers. The Congress Network is the decision making body in the

BOSAGORA platform which solves governance issues arising in decentralized organizations. Through a

clearly defined and automated governance system, we aim to continuously develop the community and

software into a more anti-fragile ecosystem. The Congress Network follows the rule of one vote for one

node. In other words, it promotes DAO where all node administrators have equal rights to vote without

the delegation of voting rights or election of a delegate. The Commons Budget is a BOA asset where

a certain amount of BOA is accumulated whenever a block is created and 30% of the transaction fees are

accumulated continuously. Its use is requested through a proposal in the Congress Network, and it is

approved through the voting of the Congress Network. T-Fi is a DeFi platform operated within the

BOSAGORA platform. Based on a structure that connects blockchain to the real economy through

lending, T-Fi promotes a broader concept of DeFi where fairness and publicness are guaranteed. T-Fi is

an innovative business model that creates stable and high profits by converging the BOA coin with

products of the real economy from all over the world.

The blockchain was first conceptualized in Satoshi Nakamoto’s white paper “Bitcoin: A Peer-to-Peer

Electronic Cash System“ in 20081. The technology was implemented the following year as the central

technology behind Bitcoin. Bitcoin uses blockchain technology as a financial transaction ledger where

individuals publicly record transfers of currency. Bitcoin was the first of its kind to use the blockchain to

successfully solve the double-spending problem. Despite the absence of a centralized administrator,

Bitcoin successfully supported 180 million P2P (peer-to-peer) transactions, and it is on its way to

achieving market capitalization of over 1.1 trillion USD in 2021.

Following the success of Bitcoin, there have been numerous systems leveraging blockchain technology.

There are hundreds of competing cryptocurrencies and according to a IBM report, more than 90% of

banks are investing in blockchain technology. Currency transactions are the most common applications

of blockchain technology2. However, some groups are also attempting to transfer and manage other kinds

of digital assets using this technology, such as financial products and services, logistics information,

property ownership, identity etc.

The cryptocurrency Ethereum gained a lot of traction in 2016 and aims to provide smart contracts on the

blockchain: “A blockchain with a built-in fully fledged Turing-complete programming language that can

be used to create ‘contracts’ that can be used to encode arbitrary state transition functions."3

The goal is to allow users to write any kind of program (or contract) onto the blockchain. Similar to

Bitcoin, Ethereum uses the blockchain and a consensus mechanism to ensure that if a malicious node

attempts to forge the content of the contract, the forged contract will eventually be removed from the

blockchain. As Bitcoin ensures the integrity of the amount of Bitcoin being transferred between accounts,

Ethereum must similarly ensure the integrity of the contract being executed.

The smart contract has 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 contract can be used to develop: decentralized marketplaces, currency exchange platforms, and

projects like Golem4 which aim to create a 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. We believe that using a turing-complete language may

be inappropriate for writing a smart contract as they are inherently undecidable.5 Due to this

undecidability issue, a smart contract based on a Turing-complete language will make it difficult to know

what a smart contract will do before running it. Ethereum attempts to overcome this issue by applying a

cost to computational work (gas), however the inherent issue of the language used to program and

execute a smart contract has inevitably led to a series of security vulnerabilities6 and outright failed

projects.

Timeline

Further reading

Title
Author
Link
Type
Date

BOSAGORA Team | BOSAGORA

Iwan Kim

Web

Documentaries, videos and podcasts

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