We are glad to meet you guys
Miss. Hyesook Hwang (t.me/sodamp)
Mr. Seanghoon Ju (t.me/boaplaton)
Hyesook Hwang :- Hello guys 🙂 Thank you for showing huge interest in BOSAGORA we will try to answer your questions to the best of our ability 🙂
Seanghoon Ju :- Hello! Guys, this is Sean from BOSAGORA project and we are happy to be here. 🙂
So lets begin the AMA session….
Question 1:- What are your goals for 2020?
Seonghoon Ju :- Wow. That is a big question. So right now, we are mainly developing the BOSAGORA blockchain. which is currently in internal testnet phase. Therefore, the most important goal of 2020 should be the Launching of our blockchain which is planned for 2021 Q1.
Hyesook Hwang :- It’s alright 🙂 In marketing team’s perspective and long-term goal as well summarized by Iwhan, these few days, In April and May of 2020, we will attend global conferences in North America to show presence of BOSAGORA project, and we will hold meetups. We will hold a meet-up organized by BOSAGORA team in New York in May, Korea in June, and Europe in September, to promote the project, and to increase the number of coin holders, and to discover potential partners and to tie-up with them. All of these marketing activities are geared towards increasing the value of BOA and its usage.
Seonghoon Ju :- So, that she just mentioned are the other side of what we are aiming for. 🙂
Hyesook Hwang :- Seanghoon is explaining development goals for 2020 and me in terms of marketing perspective 🙂
Seonghoon Ju :- So most project call it Mainnet, but we call Coinnet, first release of the blockchain, since it woulnt have the contract function yet. the launching of coinnet should be our main goal.
Question 2:- Why you choose project name as Bosagora? Does it mean something?
Seonghoon Ju :- Ok, this will take time to answer. Give us a minute. haha…. a lot to write
Hyesook Hwang :- Our previous name was BOS, but there were some hurdles in the beginning due to the failure to stick to the original plans laid out by White Paper (version 1). BOSAGORA went through rebranding in April of 2019, where we added AGORA at the end of BOS, which is the pillar of democracy and democratic decision-making process in Ancient Greece.
Thanks for waiting me to type the whole meaning behind BOSAGORA.
CF Admin:- Okay my last question is specially for t.me/sodamp
Question 3:- Can you explain Bosagora and your role at Bosagora as Head of Marketing?
Hyesook Hwang :- lol 😀 That was a very personal question. I really enjoy being part of BOSAGORA with really hardworking and intelligent team. It is really my honor to work with brilliant people that work very hard to make things transparent, safe, and efficient. As a member of marketing team, we are working hard to develop use cases, arrange meetups and conferences worldwide, increase partnerships and networks, let BOSAGORA name be known not only in the crypto-community, but also to regular users and ordinary people.
Question 4:- BOSAGORA claims “decentralization” but the word can be relative (eg Entities can be divided into vertices they still control & claim). Can you offer verifiable evidence that proves that BOSAGORA is decentralized, unreliable & without a dominant party in control?
Seonghoon Ju :- This cannot be proven right now. Why? decentralization of our mainnet blockchain is our goal. In order to do that, we have to implement a protocol which allows anyone can join the to network. However, we will archive this gaol after we launch our mainnet. Which we call “Open Membership”.
This is where Proof of Stake comes in, we have policy that anyone who hold more then 40,000 BOA, can run their nodes and become a validator. After the validator is part of the network, they will join “Congress Network” and becomes a Member of the Congress. In this Congress Network, they will do “discussions and votings” to archive whatever they need to decide. We will provide the tools for this as well. Anyone can join means, key to the decentralization.
Question 5:- What are some of the issues #BOSAGORA is currently seeking to solve?
What is the progress of business development and what are some of your commercial partnerships?
Seonghoon Ju :- In technical perspective, we are tyring to solve scalability issue of blockchain by adopting built-in 2nd layer solution.
Right now, lots of blockchain will suffer from their lack of scalability. The size of legder always rises and this is eventually make normal people run their nodes. We will adopt 2nd layer and we call this “Flash Layer”. The blockchain will only have “Settled” data and this will save lots of storage and also we are utilizing Schnorr signatures which will help too.
Hyesook Hwang :- this is about our development we are in the development stage of planning out #ProjectWhale, which is a worldwide project to save whales. We are seeking for partners, messengers, who can effectively deliver the message to save whales. BOA will be used as a means of donation to save whales, who are one of the 27 endangered species.
Question 6:- Most blockchain projects use smart contracts and ignoring its limitations, so how does Trust Contracts improve that? And what is the role of Trust Contracts in the BOSAGORA ecosystem?
Seonghoon Ju :- Ok this is also gotta be a long answer. Platon, [25.02.20 13:01]
When we started this project back in the 2017, we had this concept. and the original wp was trying to make this “Trust Contracts” with something called OWL and TAL. The initial dev team tried to build “Ontology” of it and utilize to build the Trust.
However, this is pure conceptual and impossible to archive. This is usually researched by other industries, mostly AI part. Rather to continue that is too difficult, we decided to pursue more realistic goal. Which is WebAssembly, Lots of other projects are already researching it and we think this will provide new capabilities and offers significant performance benefits. It does not mean, we gave up, we re-defined and trying to get the value of the idea. 🙂
Question 7:- Explain more about #Bosagora mining, minimum and maximum requirement and APR as well as hardware requirements?
Seonghoon Ju :- Ok. we are not PoW blockchain, thus there will not be mining. However, in order to become a validator, you should hold more then 40,000 BOA and the minimum requirements of the hardware will be very minimum. however, if you want to become a sufficient validator with “Flash Layer”. You need a bit of hardware power. This has not been decided yet. we will get them up our github and development documents when they are ready. btw, not just hold. you actually have to Freeze them. 🙂 the freezing process will take 2 weeks.
Question 8:- What is the Federated Byzantine Agreement Consensus Algorithm? And how to modifiy it from different algorithms?
Seonghoon Ju :- Ok. FBA come from Stella Lumen. Let me explain a bit.
In 2015, Professor David Mazieres, head of Stanford’s Secure Computer Systems Group,
introduced an alternative to pBFT called the Federated Byzantine Agreement. I will quot his word here.
“A network consisting of quorums, and each quorum is a set of nodes sufficient to reach an
agreement. FBA also introduces the concept of a quorum slice, the subset of a quorum that
can convince one particular node of agreement. The consensus process is achieved via the
quorums, and the collective agreement of the quorums is used as the final decision of the
entire network despite byzantine failure.”
to be simple, its basically saying that “not every node has to agree”
within the network, they make something called quorum and the nodes in quorums agree to each other and eventually quorums agree to each other. thats the idea.
It has 2 main reason that we use it.
First, it is fast.
There is no pow like calculation and all. its just voting process with messege among the nodes.
second, the membership mechanism is open to public. This is key to the decentralizatrion.
Question 9:- As i see #Bosagora project is currently running on Ethereum ERC20 blockchain ! So, Is there any plans to Launch Mainnet Blockchain for Bosagora?
Hyesook Hwang :- We are working on Coinnet, Mainnet is targeted for the Q1 of 2021 😀
Question 10:- What are the plans for the team’s expansion? For which jobs are you hiring?
Hyesook Hwang :- Our develoment team is open to brilliant and well-trained developers 😀 If you are interested please send us a email with your CV as we are a worldwide team!
Question 11:- Adoption is a very critical element at every crypto project, how does BOSAGORA ensures adoption to its technolofy in the long run?
Hyesook Hwang :- By developing good use-cases and when mainnet is ready, we would love to see DApps on top of it which makes full use of the Congress Network to make business proposals and use the Commons Budget.
Question 12:- What is your long-term vision about the industry which Bosagora exchange is working at? Are you afraid some day there will be another project with more innovative technology can replace Bosagora?
Seonghoon Ju :- We call ourselves “Proejct Enabler” This is becoz of “Commons Budget”. This is something that blockchain will generate automatically and will be utilize as Congress votes. YOU can select projects and go over what to do with it. and the goal for this is “Eco system expention” Thats the foundation’s goal as well. btw we are not exchange we are blockchain. Also we are not afraid. This is very competitive industry and from 2017 when we started it wasnt easy and it wont be easy in the future as well.
Question 13:- On which type of Businesses or Market you’re primarily Focusing on ?
Hyesook Hwang :- We are not “targeting” a geographical location and market. This is a worldwide project and we wish to have all types of businesses and projects florish with our Commons Budget. Since the proposals will need to pass and gain consensus to receive the any business budget proposed, it will be up to the commons to decide what is a good project and ideal business.
Questiom 14:- What is the difference between TRUST CONTRACTS and SMART CONTRACTS?
Seonghoon Ju :- Maybe not much different. As I mentioned, when we started it was the new concept but we decided pursue more realistic Goal.
Question 15:- What’s the difference between COINNET and MAINNET
Coinnet means the blockchain with tx function and wallets and nodes and validators. Our definition mainnet is Coinnet + VM (Contract)?
Seonghoon Ju :- As i mentioned about the FBA. they have quorum. however, if this quorum is fixed, then network could be unstable since nodes try to cheat or do some bad stuff. also new nodes cannot join. So every few rounds of block, the shuffling comes in. thats what we call Quorum balancing.
Question 16:- Explain more about the following Simplified Payment Verification.
Seonghoon Ju :- This is the payment that what Bitcoin does.
Question 17:- What do you think is the biggest problem BOSAGORA will solve that no other project is solving now, and why it is the problem important to solve?
Hyesook Hwang :- Blockchain still faces a trilemma of issues including scalability, security, and decentralization. There are various projects working in one way or another to solve these issues and it is likely that the scalability problem could be the one that is solved this year. The Bitcoin lightning network, Ethereum 2.0 and the BOSAGORA Layer 1 protocol are some of the steps being taken to deal with these issues. We are constructing our mainnet in a way that can best balance out and solve the issue of trilemma.
Questiom 18:- Through the Defora that you utilise, users privacy is guaranteed. Does this mean that BOGARA can serve as a privacy blockchain??
Seonghoon Ju :- No. voting result will be on chain which means the data will be shown. Defora only will ensure that users (voters) identity is safe.
Question 19:- Community support is an extremely important factor for all projects, so what made you decide to choose Crypto Friendly Community to host AMA and what do you expect the most from this AMA?
Hyesook Hwang :- We think that it is time we receive questions from our community and openly discuss and give feedbacks so that we build trustworthy and transparent means of communication. We are really thankful for this opportunity to hold the AMA with CFC and if our community wants more AMA on a regular basis, we are more than happy to hold them regularly and will announce these sessions to our community in advance. It is really our first try on Telegram, so after this AMA we are open to your opinions. Let us know if you liked it!
Question 20:- What is bosagora strategy to promote the development of decentralized technologies in the future?
Seonghoon Ju :- this is one of our long term goal. we are using a language called D. Our main devs are D contributors as well. It is similar to C++. Also we will utilize WASM, which means devs can choose the language what they like for their dapps. Nowadays, Rust seems to be a good one.
Question 21:- Towards the end of 2019, he interviewed CNN Money BOSAGORA project. How do you evaluate such activities for Bosagora in terms of media and advertising?
Hyesook Hwang :- We will continue our marketing efforts to be covered by reknown and credible media that is known to you globally. Please stay tuned for more coverage 🙂
Question 22:- scalability and adoptability is the major problem !
As BOSAGORA goal is to deliver scalability and decentralization !
So, How technical functionality like scalability ,work flow, customer privacy
consideration , databases are done and handled by BOSAGORA?
Seonghoon Ju :- No. your node, your keys, your data.
Question 23:- Lot of projects these days do have or will have a mobile app. Don’t you think BOSAGORA should also have its own iOS and Android app?
Seonghoon Ju :- right now, we do have plan for Atomic wallet integration. We are working with other wallet providers as well. Own app, maybe for the service but others we will consider.
Question 24:- Do you have any plan to implement burn mechanism or something to reduce the supply?
Hyesook Hwang :- Yes, we will develop a business model to burn. We also plan on launching a financial service in the first half of this year.
In addition, we will prepare Node Operation custody service through cooperation with large exchanges.
Question 25:- How has BOSAGORA developed? Can you describe in detail current development efforts, market expansion plans, expected applications and when they will be available in the market?
Seonghoon Ju :- We opened our github to public and you can see all . (too much alll imo) you can actually see our devs talking to each other on github.
Question 26:- What benefits are currently available for long term holders of BOA?? And how do you plan to reach out to more people??
Hyesook Hwang :- You will see the increase in our use cases, BOA will be used for voting, democratic decision-making process, a means of donation, also used in financial services. 🙂 It should motivate you to hold onto BOA.
Seonghoon Ju :- https://github.com/bpfkorea/agora/issues/406 check this issue. 🙂
I never seen any project to write this kind of detailed oppinions and progress nowadays. 🙂
Hyesook Hwang :- Please tune into our announcements to be listed in a major exchange, partnerships, hold meetups worldwide (May and September as of now) and attend conferences (one in April, one in May, and one in June).
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