Blockchain

The BOSAGORA Blockchain Breaks Out With Strong 2019 Performance

TheMerkle BOSAGORA

One of the most exciting breakouts of 2019 was BOSAGORA and its native token BOA which showed an impressive 279% growth after its launch in the final quarter of the year. BOSAGORA is a public, decentralized smart-contract blockchain platform focused on development through democratic collective decision making. The aim of the project is to create the first truly equitable blockchain that trusts in the collective will of its users. In short, BOSAGORA puts power in the hands of the people. 

BOSAGORA will achieve this through the Congress Network, BOSAGORA’s decision making body. Any BOA node operator can join the Congress Network to interact and contribute to the direction of BOSAGORA by discussing, proposing, voting and reviewing issues relating to the project. Congress members are free to propose and vote upon anything from the development of the source-code, to forks, to marketing. Such practical and inclusive collaboration among various project stakeholders will facilitate the continuous enhancement of the software and ecosystem. 

BOSAGORA not only allows its users to direct it in its evolution, it actively supports approved proposals by financing them through a dedicated reserve called the Commons Budget. Those putting forward a proposal via the Congress Network can also apply for funding through the commons fund. Once a proposal is approved, BOSAGORA will finance the proposal to ensure that the will of the people is actually carried out. 

Through these systems, as well as a series of other mechanisms, BOSAGORA is creating the first smart contract blockchain powered by the collective intelligence of its users and which will, therefore, constantly adapt to meet their needs and wants. 

Another important aspect of the BOSAGORA project is its approach to scalability. In BOSAGORA’s approach smaller transactions are dealt with by the layer 2 solution dubbed the Flash Layer. This Flash Layer, which is built into the protocol, reduces pressure on the first layer, known as the settlement layer. This means that less data is required on the blockchain, that confirmation times are near instantaneous and users do not have to wait for a block for transactions to complete. Thanks to the Flash Layer, micro transactions are far cheaper too.

This vision of a democratic and adaptable blockchain was first laid out in 2017. In May 2019, the Foundation officially announced the creation of BOSAGORA to fulfill the goals laid out in the whitepaper. Since the announcement, the BOSAGORA team has been working tirelessly to build the technology that will enable the realization of this vision. BOSAGORA is ready to announce the release of an updated whitepaper which details the team’s forward strategy to execute its plans. 

Front and center of the whitepaper is a breakdown of BOSAGORA’s key values to better offer insight into the goals of the project. These are:

  • “Forward-thinking” –  Pioneering future realization: The project aims to develop the first full-node Proof of Stake, and Federated Byzantine Agreement consensus algorithm blockchain platform. It will achieve this with the development of innovative technology so that users will benefit from a blockchain project that is both fast and trustworthy.
  • “Fair” – Mature democracy: The project will embody the very best features of democratic decision making. In this way, it will guarantee the highest level of fairness through free and inclusive decision-making, with the advanced deliberative democratic decision-making tool, Defora.
  • “Dependable” – Clear and transparent: This will make it easier for anyone to see the entire project with clarity and transparency, and to make good decisions based on established procedures. (Community update, Technical advisory board, Github, Congress voting process)

This is coupled with the mission statement which seeks to facilitate an “expression of… collective intelligence” with “an advanced democratic decision-making process”. This is the concept of the Congress Network. Expressed in simple terms, the BOSAGORA Congress Network allows a large group of people to make known their collective democratic will and for that will to be carried out.

In both the original whitepaper and the updated edition, Trust Contracts play a major part since this is a critical functionality of the BOSAGORA concept. What remains unchanged is that with BOSAGORA trust contracts will be designed to “enable a safe, accurate, programmable and executable contract”. There have, however, been some changes as to how these goals will be achieved.

One thing which has remained the same is the consensus algorithm. BOSAGORA still plans to use a modified Federated Byzantine Agreement (mFBA) to reach consensus. This clusters nodes into groups known as Quorums and with enough consensus reached can allow for system-wide consensus to be achieved without the agreement of every single node. Added to this is a Proof-of-Stake (POS) feature for the maintenance of the governance protocol.

There are a few significant changes to BOSAGORA which have been reached through hard work and application of theory, discovering what has worked so far and what has not. No changes have been made lightly, but are instead a result of careful consideration and the desire to best deliver on the core concepts and key deliverables which BOSAGORA has set out to accomplish from day one.

To find out more about the BOSAGORA project, visit the website: www.bosagora.io

The post The BOSAGORA Blockchain Breaks Out With Strong 2019 Performance appeared first on The Merkle Hash.


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