Introducing BORA Ecosystem, the Solution for the Content and Entertainment Industry
The last few years the media has been releasing countless stories of companies that have been suffering from hacks or security breaches that resulted in user data being compromised by malicious actors. Hackers are apparently becoming ever more creative on how to divert servers and hack into systems. Even big companies, like Yahoo, Ebay and LinkedIn, have fallen victim to hackers. It seems like no one is safe; except for systems that are literally incorruptible.
Like Don and Alex Tapscott state in their 2016 book Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World, ’The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.’
Blockchain is a system that is incorruptible, tamper free, safe, secure and transparent. By implementing the technology into various projects, vulnerabilities can be phased out. A project that is focused on creating a blockchain based ecosystem that does just that is BORA ecosystem.
BORA Ecosystem
BORA ecosystem aims to create a blockchain-based ecosystem for the publishing of content, while at the same time rewarding contributors for their input. By implementing a dual-chain system, BORA will enable high throughput to guarantee high volume dApps to fully function on their network. In order to solve the scalability issue of the Ethereum blockchain, but still profit from the beneficial features of the Ethereum blockchain, such as the ERC20 standard token, BORA will create its own blockchain, conveniently called BORA Chain.
BORA Chain will work as a sidechain that runs parallel to its mainchain, which is the Ethereum blockchain. The BORA sidechain will not be restricted to having just one chain. It can have a multitude of chains, which allows for companies to create their own decentralized project that can be run on one of the BORA sidechains.
BORA tokens
A dual-token is another feature introduced by the BORA ecosystem. The two tokens that the network offers are: the ERC20 (Ethereum) based BORA main token and the BORA point token. The contract address of the official BORA token on the Ethereum blockchain can be found here. As you can see, the total circulating supply of BORA (main token) is 1,325,000,000 of which 40% will be sold in the crowdsale. The private sale has concluded with no indication as to how many funds were raised yet. BORA Point tokens will only be used internally for interaction on the platform.
BORA architecture
BORA’s ecosystem is comprised of three layers, namely: the core layer, the service layer and the application layer. In the core layer the internal BORA chain is situated together with the BORA Token Manager, an internal system that processes users’ requests to convert BORA (ERC20) into BORA Point tokens or the other way around. The BORA blockchain enables high-throughput through sidechain technology. It also allows for projects to join the ecosystem as it is modular and easy to adapt to. The second layer is reserved for developers to build on the BORA Chain. The service layer is laid out with development tools like API and SDK. On the top layer (the application layer) projects can implement their dApps though the web-based or mobile interface.
Later this year, according to their official Medium blog, BORA’s parent company Way2Bit will release the public beta version of the BORA ecosystem.
Concluding remarks
At first glance the BORA ecosystem project could be an interesting project. However, not a lot of information is available at the date of writing. It would be great if the team could provide the community with additional information, so we can gain a more thorough understanding of the ins and outs of the BORA ecosystem. Especially on social media they could be more active. As of now they have been MIA (missing in action) for a bit on their official Twitter and Facebook page. On their website I noticed they already have different partners and investors into the project and they are working on their first two dApps for the platform. Like a said, the BORA ecosystem could be an interesting project and I am looking forward to updates from the team. I will be posting new articles on the project in the near future, as more information surfaces.
Official channels
For more information about BORA:
Website: https://www.boraecosystem.com/
Telegram: https://t.me/boraofficial
Twitter: https://twitter.com/bora_ecosystem
Medium: https://medium.com/@BORA_Ecosystem
Facebook: https://www.facebook.com/BoraEcosystem/
Disclaimer: This article is not intended as investment advice. It is just my personal opinion about BORA Ecosystem. You should always do your own research #DYOR. BORA Ecosystem incentivizes me for writing this article and encourages me to express my own opinions.
Subscribe to my channels: Medium, Twitter and Steemit if you enjoy my articles and would like to be informed about blockchain, cryptocurrency projects, and news. You can also read my articles on LinkedIn.
If you have any questions about this article, please comment in the comment section below. Claps are also welcome, Thank you!
CryptoShowdown