The blockchain industry is one full of innovation. New projects dedicated to tackling one issue or another continue to emerge. As the GameFi sector in the cryptocurrency industry continues to grow, there is a need for more projects that can handle the demands of most, if not all, blockchain and metaverse-based games.

Bora emerges as an innovative project that houses all kinds of gaming and entertainment-related content. This article will explain how Bora works and examine how it can redefine how we consume digital entertainment.

What is Bora?

Source: bora portal

Bora (or Bora Portal) is a gaming and entertainment industry-focused project. It leverages the power of its modular blockchain to provide users with a wide range of games and other engaging entertainment content. Bora is a project dedicated to running metaverse and gaming applications, and its key strategy is to entice games and applications to its fast and decentralized platform- the Bora Chain.

Bora was designed as a multi-layer interoperable blockchain with a dual token system. Aside from offering an easy-to-navigate online interface, Bora provides game developers with a convenient application programming interface (API) that they can easily integrate into their applications.

Bora is a highly interoperable blockchain inspired by Ethereum’s first blockchain architecture version. The main difference is that Bora currently employs a proof-of-stake (PoS) protocol instead of Proof-of-Work (PoW).

History of Bora

The first version of Bora was founded in 2018 as a private Layer 2 blockchain on Ethereum. The private chain was set up to be easily scalable and handle traffic. However, in 2021, the second version of Bora was released, switching Bora’s trajectory from a privacy-oriented blockchain to a gaming and digital content-focused blockchain.

The Bora team is headed by the CEO, Gyehan Song, a seasoned game developer with over two decades of experience. The team comprises several members, including Chief Security Officer Key Yune, a renowned game developer from Korea. Kyoungwook Cheon is the Vice President of Engineering, and he was formerly a computer engineer and founder of the Free Chal game portal in 2000. The CTO, Igoo Lee, has worked on popular game franchises like Crossfire and FIFA Online.

The team has leveraged its diverse experience to create a highly functional ecosystem, collaborating with over 30 companies in the gaming and cryptocurrency industries, including popular brands like Kakao Entertainment, Sandbox, and XLGAMES.

The project has significant support from advisors such as Ryan UHR, the Coinplug CEO, Joonmo Kwon (4:33 Chairman), and William Croisettier.

How Does Bora Work?

Bora blockchain provides speed and scalability in managing data flow for gaming and entertainment content producers. Initially, Bora 1.0 was established in 2018 as a private Layer 2 blockchain on Ethereum.

However, private chains are closed ecosystems, which makes scaling difficult. The founders considered linking with other Ethereum-based projects but faced difficulties building participation for a privacy-inclined project like Bora in Ethereum’s massive ecosystem.

To address these issues, the Bora team partnered with Klatyn and moved their project to the Klaytn blockchain. This allowed them to secure the connection with a public blockchain, which in turn made it easier to scale the system and integrate it with other projects.

The Klaytn blockchain also supports the basic format of Bora’s products, such as the Bora Wallet, NFT, and DEX, which made it easier for the development team to modify them to meet the current needs of blockchain users.

Currently, Bora enables content providers to conduct transactions independently through their own applications. This means that various applications can run transactions simultaneously without causing any disruptions. Because of this, the Bora ecosystem can host different types of content applications for communities and games.

Bora Architecture

Source: academy moralis

As a modular blockchain project, Bora operates on three main layers: the central, service, and application layers.

Central Layer

The central or core layer is the foundation of the Bora stack. It contains the Bora infrastructure and data network, essential components of the project’s operation. The Bora blockchain and point token system also run on the core layer. By extension, the point token system also runs the Bora token manager smart contract.

As a former Ethereum-based project, the Bora blockchain shares a similar code to Ethereum but with a few differences. The blockchain uses a permission voting algorithm, which assigns each content provider app its own blockchain, allowing them to function independently. This approach significantly increases scalability and performance for each application built on the Bora ecosystem.

Service Layer

This is the middle tier of Bora’s modular blockchain architecture. This layer offers developers and content providers the tools needed to create and manage their applications easily. These include application programming interfaces (APIs) and software development kits (SDKs). It also offers management tools for analysis and allows content providers to track their app’s income and expenses easily.

The service layer also hosts the Bora chain explorer, which allows users to view all Bora token movements and is responsible for periodically auditing and reviewing the Bora chain.

Bora’s first software development kit (SDK) is the Bora ATOLL. ATOLL claims to be “the easiest blockchain toolkit” and allows developers to manage and analyze user data in applications easily. With this SDK, developers can modify their blockchain specifications, such as block size, transaction fees, and consensus mechanisms, to accommodate any changes to the overall amount of activity on the network.

Application Layer

This is the highest stack on the Bora chain architecture, and it is the tier with the most public interaction. All the content provider applications are hosted on this layer. The app also provides token exchange functions alongside access to free content apps.

Later, the Bora project plans to integrate third-party content providers to offer users even more content. This service, known as the “Bora Data Hub,” will also provide developers access to more data within the BORA chain to use when developing dApps.

Main Features of Bora

Bora is home to a host of revolutionary features. Some of these include:

Unique Modular Architecture

The Bora project created a modular project capable of handling transactions, dApps, and even sidechains independently. This is possible due to its two-tiered partnership with Klaytn. The Klaytn blockchain is responsible for the smooth running of the Bora Chain, which utilizes the Klaytn blockchain’s speed and lower gas fees to scale its ecosystem.

On top of that, Bora features a three-layered blockchain architecture that enables it to process transactions independently. This approach enables Bora to manage costs more efficiently and simplifies microtransactions and in-game purchases.

This modularity offers several advantages over traditional blockchain architectures. First, it fosters faster and easier innovation. Developers can work on individual modules without interfering with other projects, thus accelerating the development and deployment of new features for their dApps.

Secondly, it enhances scalability. If a particular dApp experiences a surge in activity, it can be scaled independently without impacting the performance of other dApps. This allows BORA to adapt to changing demands efficiently.

Bora Points

Bora Points are a type of currency used within the Bora ecosystem. It serves as an incentive for users to contribute to Bora and a bonus for content providers. It is also used as a resource for development purposes. Users can exchange BORA tokens to obtain these points.

Governance Council and PBFT

Bora employed a Proof of Authority (POA) consensus mechanism in its initial version. However, when switching to Bora 2.0, the BORA Team researched to find a solution to the limitations of the Proof of Authority (POA) consensus. After careful consideration, they decided to use Klaytn’s PBFT consensus algorithm.

PBFT’s major advantage is that it offers more speed and finality, overcoming the efficiency challenges typical of both Proof of Work (PoW) and Proof of Stake (PoS) consensus mechanisms. These qualities make PBFT the perfect fit for BORA 2.0, enabling faster transactions while maintaining a secure network.

This change in the consensus mechanism from PoA to PBFT allowed the Bora team to convert the traditional node operation method to the Governance Council (known as the “GC”), which is the same one Klaytn uses for majority decision-making as well.

The BORA GC consists of the Token Committee, the Contents Committee, the Tech Committee, and the Marketing Committee. Based on their specialties and contributions, a GC Partner would be assigned to each Committee.

Bora Wallet

Launched in 2020, the Bora Wallet App is a personal wallet service that allows users to store BORA and SHELL tokens. The wallet is automatically provided when users subscribe to the BORA Island.

With the BORA Wallet, BORA Island members can track their transactions after transferring BORA tokens via their email address or QR codes. The BORA wallet app can be downloaded for free from the Google Play Store or the Apple App Store.

Bora Dual-Token System

Bora operates a dual-token system to smoothen its operations further. The tokens include BORA and tBORA.

BORA

BORA is the native token of the Bora ecosystem, serving various functions as an ERC-20 token. It allows users to purchase digital goods, earn platform-specific rewards, and participate in in-house contests and giveaways.

BORA Tokenomics

BORA has a total supply of 1.325 billion tokens, with a current circulating supply of 99.36 million tokens. The RBC token was distributed as follows:

• 40% of the total supply was released in a token sale
• 20% was kept in the project’s reserve
• 25% were distributed in the project’s ecosystem
• 15% were reserved for the founding team and advisors

tBORA

tBORA is the utility token designed to operate in the BORA ecosystem. It is equivalent to the BORA token in a 1:1 ratio. While BORA tokens are managed through the Klaytn network, tBORA is directly supervised by the Bora team and is only distributed within the Bora ecosystem.

Users can use tBORA to buy NFTs, use services provided by the BORA Council, and swap for regular BORA tokens. They also earn rewards in tBORA when participating in services provided by Bora.

tBORA acts as a bridge token, enabling seamless interaction between the public KLAYTN Network (where BORA tokens are stored) and the private BORA Chain. This hybrid structure fosters a more efficient and secure ecosystem.

News on BORA

The Bora team is invested in making the blockchain industry more accessible to the general public. This is evident in their plans for the second quarter of 2024. In this quarter, they plan to make several innovative announcements, including an integrated trading module launch. They also have an update for the current Bora 2.0 and will release Bora 3.0 in the second quarter.

Additionally, Bora plans to release a global IP-based baseball simulation game launch and also a fan-based game.

Is Bora a Good Investment?

Bora is an innovative project that uses the Klaytn blockchain to provide cheap and fast transactions for its users. As such, it may be tempting to invest in this project. However, the cryptocurrency market is volatile, so it is advisable to conduct extensive research or consult a qualified financial professional before investing in any crypto project.

Take Action on Bora

Bora is available on different exchanges, such as gate.io. You can check here for the latest prices and trade your preferred pairs.

• BORA/USDT
• BORA/ETH