Future Looks Bright For BOSAGORA After Great End To 2019

UTC by Kseniia Klichova · 5 min read
Future Looks Bright For BOSAGORA After Great End To 2019
Photo: Pixabay

Significant changes to BOSAGORA have been reached through hard work and application of theory, discovering what has worked so far and what has not.

The future looks bright for BOSAGORA. Although Bitcoin and the wider cryptocurrency market was somewhat stagnant throughout 2019, BOSAGORA bucked the trend as BOA increased in value by 279% from August to year’s end. BOSAGORA now looks forward to 2020 following a period of steady project development and refinement.

BOSAGORA is a decentralized, project-enabling blockchain built on Trust Contracts, and supported by the democratic governance of the Congress Network. With this clearly defined governance system BOSAGORA sets itself apart, providing a means for people to make their voices heard and to influence the future shape and direction of the project and its blockchain. Throughout the history of the project, these elements remain unchanged.

How then, does the voting and decision-making process work? The answer is that any BOA node operator can join the Congress Network, by staking 40,000 BOA tokens. Topics for discussion are chosen by congress members which can cover such varied topics as source-code to forks and marketing. Any BOA operator can join the congress to shape and direct the future of the network allowing BOSAGORA to improve and evolve over time.

To give the BOSAGORA congress real muscle in the application of its democracy, the network is backed by the Commons Budget. This financial reserve of public funds means that BOSAGORA is much more than a place of idle discussion. When a proposal is approved by congress the money is available to carry out any proposed changes and transform ideas into action. The money which is held in the budget gives the congress a real drive and purpose, and a robustness which comes from transformative legislation.

Trust Contracts, which are securely executable contracts based on a protocol layer, are another important feature of the BOSAGORA offering, and one which sets the project apart. The ultimate goal is to allow users to write any kind of program or contract onto the blockchain. Trust Contracts are designed to create a powerful tool for the safe application of the smart contract engine, they provide an easy-to-develop language supported by many tools for easy adoption by developers. Smart contracts have the potential to offer a significant step forward in the development of decentralized applications.

The initial vision of the BOSAGORA project was described in detail in 2017 in the whitepaper. Since then, the BOSAGORA team has worked tirelessly to build the platform that will realize the goals of its vision. It is further believed that BOSAGORA should pioneer new areas, where it could gain a more exclusive status while retaining the same spirit and framework.

The updated whitepaper makes clear BOSAGORA’s values to offer greater insight into the goals of the project. These are:

  • “Forward thinking” – BOSAGORA is developing the first full-node Proof of Stake, and Federated Byzantine Agreement consensus algorithm blockchain platform. This creates a blockchain that is both fast and trustworthy.
  • “Fair” – The project will embody the very best features of democracy and collective decision-making. This will guarantee the highest level of fairness with the advanced deliberative democratic decision-making tool, Defora.
  • “Dependable” – This will help to facilitate the way the project can be viewed. Moreover, more weighted decisions could be taken on the base of well-organized processes. (Community update, Technical advisory board, Github, Congress voting process)

The mission statement seeks to make an “expression of… collective intelligence” easier with “an advanced democratic decision-making process”. The BOSAGORA Congress Network provides many participants with an opportunity to reveal their collective democratic will. And as a consequence, this will can be translated into life.

Trust Contracts are a standout feature of the project in all incarnations. However, they have undergone significant changes from the alpha to beta stages. What remains the same is that trust contracts are created to “enable a safe, accurate, programmable and executable contract”. BOSAGORA will use “flexible programming language on top of virtual machines”, using WebAssembly to bring Trust Contracts to fruition.

The other great advantage of BOSAGORA is scalability, which is achieved with the Flash Layer – a second layer solution that is built directly into the protocol. This allows the confirmation times on the network to be near-instantaneous. Thanks to the Flash Layer microtransactions can be completed at a far lower cost. Among the many additional advantages of this scaling solution, it is expected that the Flash Layer will help to bring about a secure, low-cost dApp development environment.

There is one more component of the project that is unchanged. In this case, we are talking about the consensus mechanism. An updated Federated Byzantine Agreement (mFBA) helps BOSAGORA to achieve consensus. The FBA does not need unanimous agreement made by all participants. Each node can take a decision which nodes to trust. What’s more, a Proof-of-Stake (POS) consensus mechanism maintains the governance protocol. 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.

Significant changes to BOSAGORA have been reached through hard work and application of theory, discovering what has worked so far and what has not. Absolutely none of the alterations have been made lightly, but are considered and fully weighed from a desire to best deliver on the core concepts and key deliverables which BOSAGORA has set out to demonstrate from day one.

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