The 2021 year has witnessed amazing growth and some exciting innovative projects. This post is all about one such project called BORA Coin. Let’s take a look at it in more detail.
What is BORA Coin?
According to its website, BORA is a decentralized entertainment platform. This platform shares digital content and gives incentives to its members. The BORA project is a layer-2 platform with an ERC20-based token project.
Layer-2 Chain Structures: Image Source: BORA Ecosystem
The purpose of this project is to fix the current issues by circulating games and digital content and facilitating user communication by employing a double blockchain network and main token instrument. As mentioned earlier, the token is called a BORA coin.
BORA backs blockchain-based technologies such as token links and smart contracts for coders to create blockchain technology used content (BApps) efficiently. Such created digital content is delivered to the users using the BORA ECOSYSTEM medium. At the moment, BORA functions with architects in different services and enterprises, initiating from the IT entertainment domain, such as games, music, video, and other endeavors, such as ICT enterprise that employs Big Data of education.
BORA Coin: How does it work?
We are pleased to inform you that BORA can be deposited in the Klip wallet provided by KakaoTalk, after the Mainnet migration from Ethereum to Klaytn. https://t.co/UQnMWY4EM4
As mentioned earlier, BORA delivers a solution that allows the safe and efficient distribution of content and spreads the importance of digital assets on the blockchain. Also, the BORA platform has been created by utilizing architecture to permit autonomous blockchain execution by content creators and providers.
The BORA platform structure is made up of an internal blockchain (BORA Chain) and the Ethereum public blockchain tied concurrently. It delivers the elevated transaction throughput and expandability needed for retail content application services.
At the time of writing this, the BORA price is sitting at USD 0.963896 with a 24-hour trading volume of USD 53,131,095. It has a marketcap of USD 830,155,458. with a circulating supply of 861,250,000 BORA coins.
BORA utilizes a dual blockchain system consisting of an Ethereum mainnet and numerous collections of sidechains. Each collection of sidechains can run 2,200 TPS (transactions per second). The structure is modular and efficiently expandable. For instance, a quintuple sidechain would be competent in processing a capacity of 11,000 TPS (2,200 TPS x 5). There is also no structural boundary to sidechain development, so implementation can rise indefinitely by utilizing different sidechain collections.
According to its whitepaper, the BORA environment has a dualistic system and the internal token ‘BORA Point’ is founded on the BORA Chain. BORA Token may be voluntarily exchanged through exchanges and has market value, whereas BORA Point is tokens for distribution within the platform environment.
The inner and outer token are nearly equivalent in terms of their technological configuration, as they are both cryptocurrencies established on blockchain technology, but are distinct in that BORA Point is handled alone within the BORA Blockchain and may only be distributed within the platform environment. BORA Tokens are originally developed by the Ethereum mainnet, but BORA Point is only developed via usage transfer demands on already developed BORA Token.
In other words, users who desire to play games within the BORA environment may alter their BORA Token to BORA Point. When a transfer proposal is accepted, the ‘BORA Token Manager’ develops BORA Point as per the demanded amount, and the demanded BORA Tokens are obtained from the user to be kept. Users can play the game by utilizing the allocated BORA Point. Users may also move kept BORA Point to BORA Token at any time. To achieve this, the BORA Token Manager obtains the demanded BORA Token from the kept balance of BORA Point and delivers them to the user. The BORA Point are obtained and vanish.
