Kriptoks

BORA is a decentralized entertainment platform that aims to revolutionize the way digital content is distributed and consumed. The platform, which is currently in its version 2.0, was designed to meet the diverse needs of the gaming, content, and entertainment industries on the blockchain. The token that powers the BORA ecosystem is also called BORA.

BORA's journey began in December 2017 with the launch of Way2Bit, the blockchain technology company that created the BORA platform. The team behind BORA is composed of a group of South Korean blockchain and mobile development experts, including Way2Bit CEO Gyehan Song and Chief Strategic Officer Yune Kyung Ho.

In May 2018, the BORA team published a white paper outlining its vision for the platform and its solution to the challenges facing internet-based content businesses. The team designed a dual-blockchain system consisting of an internal blockchain, called the BORA Chain, and the Ethereum public blockchain. With this system, BORA aims to provide the high transaction throughput and scalability required for commercial content application services.

Following the publication of the white paper, BORA launched a number of services, including the BORA Lagoon testnet space in November 2018, and the BORA Island digital content blockchain platform, which soft-launched in July 2019.

In September 2019, BORA announced its plans to migrate its platform from Ethereum to Klaytn's Mainnet 'Cypress' by the end of October 2019. Klaytn is a blockchain project developed by South Korean conglomerate Kakao Corp, and its Kakao Games Inc unit became the major shareholder of Way2Bit after acquiring 45.8% of the company's total shares. The migration to Klaytn was completed in November 2021, during which BORA's ERC-20 tokens were swapped for the Klaytn Compatible Token version of BORA.

On April 11, 2022, BORA released a new white paper and website, and as of May 2022, the circulating supply of BORA tokens is 861,250,000, while the total supply is 1,205,750,000 tokens.

The BORA blockchain, in its current version, is capable of creating various solutions, known as "Eco-products," through its connection with the Klaytn blockchain. With the migration to Klaytn, BORA also switched from the proof of authority (PoA) consensus algorithm to the practical Byzantine Fault Tolerance (PBFT) algorithm used on Klaytn. BORA chose the PBFT algorithm for its speed, fault tolerance, and finality, as well as the convenience of collaborating with several partners that are already active on Klaytn.

In addition to the change in the consensus algorithm, BORA also changed its node operation method to one that relies on a governance council for the majority of the decision-making needed for BFT. Currently, BORA has a total of 19 GC partners for BORA 2.0, including Sandbox, Neowiz, and several Kakao subsidiaries.

The BORA ecosystem for media distributes developed digital material to consumers. The platform collaborates with architects in various services and businesses, beginning with the IT entertainment domain, such as games, music, and video. BORA supports blockchain-based technologies, like token connections and smart contracts, which allow developers to construct blockchain-enabled content and applications, also known as BORA apps (BApps).

BORA tokens can be used to pay for activities supported on the BORA platform, such as the issuance of service tokens and non-fungible tokens (NFTs) by various entities. Under BORA 2.0, the project introduced inflation and permanent lockup mechanisms. In addition to the current circulating token supply used for trading or paying for blockchain activities, BORA tokens are distributed to five pools: liquidity, ecosystem, community, Governance Council, and reserve. The reserve pool is to be used for future developments and strategic partnerships.

The BORA platform allows users to participate in a variety of activities and earn rewards in the form of BORA tokens. These activities include creating and sharing content, participating in community-driven initiatives, and staking tokens to support the network. The platform also includes a marketplace where users can buy, sell, and trade digital assets and NFTs.

One of the key features of BORA is its focus on building a strong community. The platform includes a built-in social network where users can connect with one another and participate in discussions, contests, and other community-driven initiatives. BORA also has a strong presence on social media, with a large and active community of followers on platforms such as Twitter and Telegram.

In conclusion, BORA is a decentralized entertainment platform that aims to change the way digital content is distributed and consumed. The platform, currently in version 2.0, is built on the Klaytn blockchain and uses BORA tokens as the primary currency for transactions and rewards. BORA's focus on community-driven initiatives and its use of dual-blockchain technology set it apart from other platforms in the space. The platform aims to support various services and businesses, beginning with the IT entertainment domain, such as games, music, and video and also aims to support blockchain-based technologies like token connections and smart contracts.