What is Bosagora (BOA)? Your ultimate guide

The network wants to create ‘True Finance’, but what is bosagora (BOA)?

Bosagora blue and white logo                                 
Bosagora wants to bridge traditional and decentralised finance – Photo: Shutterstock
                                

Contents

Bosagora is the blockchain system that aims to bridge the gap of traditional, centralised, finance and the online world of decentralised finance to create what it describes as true finance. It aims to do that, at least in part with the Bosagora (BOA) cryptocurrency. But what is bosagora (BOA)? How does Bosagora work? What is Bosagora used for? Let’s take a look. 

Finance: Decentralised and true

Decentralised finance, or DeFi for short, is the concept that ultimately drives cryptocurrency. The idea is to allow people who do not have a bank account the opportunity to access financial services. In 2018, according to the World Bank, there were 1.7 billion people across the world who did not have bank accounts. But around two thirds of those had access to mobile phones, and those are the people DeFi advocates are trying to reach.

One problem with decentralised finance is that, as its name states, it remains decentralised. While people who can access DeFi are able to get loans and other financial services, very often this is paid in cryptocurrency. Although there has been progress in real world usage of crypto over the past few years, this may not be terribly useful for someone living somewhere where brick-and-mortar shops do not accept crypto. What Bosagora is trying to do is to bridge the gap between decentralised finance and traditional centralised finance. It is doing this using a system that it calls True Finance, or T-Fi for short. 

In a somewhat jargon-filled statement, Bosagora said T-Fi “pursues more stabilisation and higher profits by complementing [the] vulnerabilities of existing DeFis”. Whereas conventional DeFis “are focused on lending and transaction of ERC20 tokens,” T-Fi can make investments in “traditional economies”, it said. In addition, because its profit system is based on “verified traditional economy”, T-Fi “has a structure that is fundamentally impossible for individuals to manipulate by taking advantage of bugs, smart contracts and other blind spots in [the] profit mechanism”. Another advantage of T-Fi , Bosagora said, is the fact that it can “lure universal participation”, meaning presumably, encourage everybody to get involved, "being based on [the] profit system of traditional economy that is familiar to all.”

The organisation behind Bosagora wants to link activities such as buying stocks and shares with its BOA coin, the native crypto of the network. One of the ways it wants to achieve this is through a partnership with the investment company FMWAY, which signed an agreement with the crypto organisation in November 2020. 

Kim In-hwan, chair of the Bosagora Foundation, said in a statement: “With the vision of building a better world, Bosagora is happy to provide safer and more convenient financial service via T-Fi.

“Bosagora will create a financial ecosystem that is transparent, fair and beneficial for all through T-Fi.”

The system

Bosagora Congress Network
How the Congress Network works – Credit: Bosagora

T-Fi and its potential for giving people financial opportunities they otherwise might be excluded from ties in with the mission statement in the Bosagora white paper, which, in typically opaque jargon, says its aim is: “Building an open decentralised blockchain protocol that ensures the transparency of consensus algorithm and the clarity of contract, thereby enriching the blockchain ecosystem through enabling the meaningful  projects with the expression of the collective intelligence by an advanced democratic decision-making process.” This appears to mean, if it means anything, “power to the people”.

One thing that Bosagora does that makes it a bit different is the way it approaches contracts. A lot of crypto organisations use smart contracts to do deals. These are computer programs that execute automatically when certain conditions are met. Bosagora does something that is similar, but not exactly the same, using a system it calls Trust Contracts. These are, according to the white paper, “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”.

Trust contracts link in with the system’s decision-making process, which is called the Congress Network. This, basically, allows everyone who has a node (one of the computers which helps run the network) to have a vote. All nodes have one vote and the network operates as a decentralised autonomous organisation (DAO). This means that, while the Congress Network is integrated into the Bosagora system, it is not regulated by Bosagora, giving it an independence which, it is hoped, will allow it to make better decisions. The network makes proposals, debates them, votes for them, and implements them. However, the proposals that can go to the Congress Network fall into two categories.

The first is Systems Upgrade Proposals. Items such as changes and improvements to the network fall into this category. The second is the Commons Budget Spending Plan. The white paper says: “The Congress Network can propose how to apply the Commons Budget, and can execute the proposed plan upon approval. Since the decision is made through DAO, proposals that benefit only a small group can be dismissed by a majority vote. In other words, proposals that benefit the entire BOSAGORA and holder community are more likely to be approved.”

Bosagora (BOA)

The BOA coin is the native token of the Bosagora blockchain system. One of its key functions links in with the Congress Network. People who want to join the Congress Network will have to freeze 40,000 BOA in order to be accepted. The Commons Budget is a bosagora (BOA) asset, with BOA accumulated whenever a new block on the blockchain is created. The bosagora cryptocurrency is also used to reward people operating on the blockchain and it is used for transaction fees in the blockchain. As we have already mentioned, one of BOA’s other uses is in the T-Fi system. People can get involved in T-Fi in three ways. First, they can stake BOA through a node they control. Second, they can take part in lending BOA on the blockchain. Finally, they can get involved in Security Token Offerings (STOs) with Bosagora’s partners. 

As of 7 December 2021, there were 303,595,030.74 BOA in circulation out of a total supply of 450,000,000 BOA, or 67.4%. Bosagora was founded in 2015 by Kim In-hwan, a marketer, fund manager Serge Komaromi and IT specialist Mario Lee and has its headquarters in Zug, Switzerland. 

FAQs

As of 7 December 2021, there were 303,595,030.74 BOA in circulation out of a total supply of 303,595,030.74 BOA.

Bosagora was created by the Bosagora Foundation, headed by Kim In-hwan, Serge Komaromi and Mario Lee.

Something that makes Bosagora a little different is the true finance procedure, which aims to link decentralised finance and conventional finance. 

Further reading

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