On the 31st of October 2008, Satashi Nakamoto published a whitepaper called Bitcoin, a Peer-to-Peer Electronic Cash system. It was the birth of Bitcoin, one of the most interesting innovations of the past decade. In these previous ten years, Bitcoin has gone through a lot of ups and downs. After its initiation, various developers have tried to improve upon its master, but none have succeeded to surpass Bitcoin in popularity or market capitalization so far.
Ethereum has been catching up to Bitcoin as it was the first blockchain project to add smart contracts to its Ethereum blockchain. Smart contracts enabled Ethereum to help launch countless blockchain-based projects with the introduction of an Initial Coin Offering (ICO). Smart contracts have the ability to disrupt many traditional industries like fintech, advertisement, insurance, healthcare, and the entertainment industry.
The blockchain and cryptocurrency industry is maturing with the addition of new financial cryptocurrency products that overlap with traditional financial products, like Bakkt and a possible Bitcoin or Ethereum regulated ETF in the near future. This market growth in combination with the introduction of smart contracts on the blockchain allows for new innovative projects to attract attention.
One of the projects that will be built on the Ethereum blockchain is BORA Island, a blockchain-based ecosystem platform for content distribution that rewards contributors with its own tokens.
BORA Island
BORA stands for Blockchain Orchestrated Redeemable Asset. BORA will create its own internal blockchain that is based on the Ethereum network and works as a side chain to the main chain. BORA Chain enables high-throughput. This means fast transaction confirmations and scalability. On the application side of the network, content providers have the ability to launch decentralized content applications on the web-based interface or on a mobile application. BORA has a dual-token system. On one hand, they have BORA token, the ERC20 token called BORA which can be bought and sold on digital asset exchanges after its launch. On the other hand, there are BORA Swell tokens, that are used on the network internally. By playing games, adding content and performing tasks on the network, contributors can be awarded BORA Swell. On BORA Island, users can convert BORA to BORA Swell and they can convert internal BORA Swell to BORA tokens.
BORA recently released its testnet version of the platform called BORA Lagoon. In Q2 of 2019, the mainnet version of BORA Island will be released to the public.
BORA Lagoon
Just last week, BORA launched its testnet called BORA Lagoon. BORA has been created to simplify the steps for content providers to enter the blockchain industry without extensive knowledge of the underlying technology. With BORA Island, content providers can easily integrate their decentralized applications into the network.
BORA Lagoon has the following features that are now in Alpha release:
➡️ BORA explorer: you can see an overview of all the transactions on BORA Lagoon in the BORA block explorer. Currently, you can see that the initial platform game, called Tower Blocks has 73 users that hold a total of 40,381,578,079 BORA Swell. The overall number of users that ask for BORA testnet tokens is 79. Information that can be publicly viewed is of users that are minting new tokens and the transferring of tokens into other accounts.
➡️ Various functions can be tested in BORA Lagoon. For instance, transfer tokens into other accounts, deposit tokens, withdraw tokens Also, Converting BORA tokens into BORA Swell and vice versa can be tested on the BORA Lagoon testnet.
➡️ Developer toolkits will become available to interact with BORA Lagoon. For now, the REST API for the BORA network hasn’t been added yet, but it will become available in the near future according to the BORA team statement on their testnet website.
Concluding remarks
As the development of the platform continues, BORA can grow even more with the help of its community and interested content providers. Together with a growing community and an increased participation of content providers, BORA can grow into a leading content creation platform that is based on blockchain technology and gives incentives to its participating community contributors. The development team has been working on the BORA Lagoon testnet and they have launched it perfectly on schedule. I am looking forward to seeing new features added to BORA Lagoon.
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. You should always do your own research. All the information provided in this article is based on my own personal opinion. The team at BORA Ecosystem incentivize me for writing this article but supports me in ventilating my personal opinion.
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LindaCrypto