What is BORA?
BORA is the native token that powers the Bora blockchain platform. Bora is a decentralized ecosystem for games and entertainment. The platform aims to attract games and applications from the GameFi sector by offering a lower gas fee.
Initially, Bora was based on the Ethereum blockchain. However, in 2022, Bora launched its own blockchain called Bora 2.0. With the launch of this chain, Bora switched from the Proof-of-Authority consensus mechanism to the PBFT consensus mechanism.
Bora follows a two-tiered blockchain system: the BORA token and a public blockchain. BORA token is traded on the Klytn blockchain, a public blockchain focused on metaverse and gaming use cases. On the other hand, the Bora chain is a modular blockchain that supports decentralized applications.
The project provides development toolkits for developers to build decentralized applications for the network’s ecosystem. The platform also uses Bora Points, another currency within the network used to incentivize contributions to the Bora ecosystem's sustainability. Bora Points can be exchanged for BORA tokens.
Bora blockchain boasts high cross-chain interoperability that works with different layers to boost security, scalability, and reliability. It has three key layers: the core layer, the service layer, and the application layer. The core layer is the network’s bottom layer. It supports the ecosystem’s infrastructure and data network. The code for this layer is modeled after Ethereum.
The network’s service layer supports the APIs and software development kits that integrate with content and applications running on Bora. The layer also supports the Bora Explorer, which enables tracking of all BORA token movements. BORA ATOLI Software Development Kit is another product operating at the level of the service layer. It offers developers the necessary tools to design and manage applications for Bora.
The final layer, the application layer, enables interaction with the end user. It supports all Bora ecosystem content as well as the asset management platform Bora app. The app offers token exchange functions and access to the free content application.
Use Cases of BORA
BORA, the native token that fuels the platform, was initially designed after the ERC-20 token standard and operated on the Ethereum blockchain. However, the token migrated to the Klaytn blockchain as the project aims to focus on gaming and metaverse applications. You can view the BORA price on the live chart above.
BORA crypto asset is a multi-utility token that is integral to Bora network operations. The tokens are used for trading with BORA-based digital applications. Additionally, BORA supports the incentive system in the ecosystem. The token can be exchanged for the blockchain's internal Bora Points, a reward currency for incentivizing ecosystem activities such as content provision, event management, and games.
Bora tokens can easily be traded on various exchanges. Though note that BORA price varies. Thus, if you wish to trade the token, ensure you research the BORA price to make an informed trade decision.
Who Founded BORA?
Bora was established by a Korean team of blockchain and mobile app developers. The platform’s whitepaper was released in 2018 after the team obtained a patent. In 2019, the platform created the business strategy and released the prototype game app. The team launched the BORA wallet in 2020. The BORA mainnet migration and the token swap to Klytn were completed in 2021.
The BORA team included expert developers led by CEO Gyehan Song. Song is an experienced game developer who worked at Samsung Electronics for over 20 years. The CSO Key Yune also has 20 years of experience developing online, desktop, and mobile games. The project’s CTO, Igoo Lee, is an experienced infrastructure operator who has worked on popular gaming projects such as Crossfire and FIFA Online.
Tokenomics of BORA
BORA 2.0 implements an inflation schedule, a permanent lock-up model for fees, as well as a different token distribution policy and usage plan.
The tokens are designed with a deflationary model with a 25% decrease rate. The model is designed to converge to the minimum supply after year 12 to sustain the BORA ecosystem. This structure helps BORA price maintain consistent good performance by balancing the demand and supply of the token.
The distribution of the token is as follows:
- Tokens in Circulation – 54.61%
- Reserve – 13.44%
- Ecosystem – 12.98%
- Liquidity – 15.04%
- Governance Council – 2.85%
- Community – 1.08%