What Is BOSAGORA (BOA)?
BOA is the native token of BOSAGORA, which is a decentralized blockchain platform that focuses on providing its users with a democratic voting process based on the concept of a decentralized autonomous organization. BOSAGORA refers to itself as a “project enabler.”
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Democracy, transparency, and fairness are some of the main principles of the project. Initially, when the project launched in 2019, its name was just BOS. However, it was then changed to BOSAGORA by adding “agora,” which is a word that describes an assembly place where people used to gather in ancient Greece. In essence, this word represents the birthplace of democracy.
How Does the BOSAGORA Network Function?
The BOSAGORA network consists of three main parts – Trust Contracts, modified Federated Byzantine Agreement (mFBA) consensus algorithm, and the Congress Network.
Trust Contracts are utilized in both – the Congress Network and the consensus algorithm of BOSAGORA. The contracts can be easily developed using a creation engine built into the platform. Besides, they are securely executed on a protocol layer.
The mFBA consensus mechanism is a modified version of the Federated Byzantine Agreement (FBA). The sole difference between the latter and the traditional BFT algorithm is that FBA does not necessitate unanimous consent from all participants. However, BOSAGORA modifies FBA even more by implementing the Proof-of-Stake algorithm.
The Congress Network is the collaborative decision-making system of BOSAGORA. It essentially is the place where proposals for changes are created and where they are accepted or denied by the community.
Use Cases of BOA Tokens
The BOSAGORA tokens are primarily used for the governance of the project. In addition to that, they are an important part of the consensus mechanism. This is the case because, in order to become a validator, a user has to stake a minimum of 40,000 BOA tokens. Besides, for staking and securing the network, validators are rewarded with BOA coins.
Don’t forget to check the current BOA price featured on the BOSAGORA price chart above.
Tokenomics of BOA
The initial total supply of BOSAGORA tokens is 450 million. 54.5% of the supply was dedicated to confirmation rewards, while the remaining portion was set aside for token burns, bounty rewards, the foundation, the members of the platform, marketing purposes, and the Commons Budget.
