Bora is a decentralized application platform.
The CMP of BORA on 30th Dec’22 is $0.1089.
What is Bora?
Bora is a decentralized ecosystem for games and entertainment.
To avoid developing applications on blockchains like Ethereum, which has expensive gas fees, Bora wants to attract games and applications from the GameFi sector to its Bora Chain.
Its native token is BORA. Bora is built on the Klaytn blockchain, which focuses on metaverse and gaming use cases.
Decentralized apps can leverage the modular blockchain known as the Bora chain as an execution layer.
For the development of decentralized apps for its ecosystem, the Bora team offers development toolkits.
Additionally, it makes use of Bora Points, the ecosystem’s currency, as a resource for the growth and as a way to reward contributions to Bora. Bora Points can subsequently be converted to the BORA token.
How is it Unique?
There are 3 layers of the Bora blockchain.
They are the application layer, the service layer, and the core layer.
The infrastructure and data network of the ecosystem is supported by the core layer, which is the blockchain’s base layer. The settlement of the Bora points is supported by the core layer as well.
The APIs and software development kits that interface with the material and programs created for Bora are kept in the service layer. On the service layer, the Bora chain enables the tracking of all BORA tokens.
The application layer, which users interact with, is the bottom layer. Both the asset management platform Bora app and all of the material for the Bora ecosystem are hosted here. Along with access to free content applications, the app offers token exchange features.
The native token of the Bora network is BORA. The total supply of BORA is 1.2 billion & it has a circulating supply of 927 Million.
BORA is an inflationary token. It has an annual inflation of around 1.76%. Bora has a market capitalization of $107 million.
Bora vs Ethereum:
Ethereum works on the Proof of Stake consensus mechanism(Post-Merge and earlier, it was working on the Proof of Work mechanism). It has a transaction speed of 12 TPS.
Bora works on the Proof of Stake consensus mechanism. Due to Low gas fees and high transaction speed. Bora is trying to attract dApps to its ecosystem. It has a transaction speed of 2,200 TPS.
Team, Media, and Community:
A team of blockchain and mobile development experts from Korea created Bora. Gyehan Song, the CEO, has over 20 years of expertise as a game developer and has worked for Samsung Electronics.
Key Yune, the company’s CSO, has 20 years of experience creating online games for both desktop and mobile devices.
More than 30 businesses in the blockchain and gaming industries have partnered with the team, including ENP Games, UNIT5, Supertree, Neon Games, Emong, etc.
Bora is interesting because of its simple API and web interface navigation and complete ecosystem connectivity. Bora is working to launch an eSports NFT platform in the 1st quarter of 2023. Currently Bora is trying to launch a lot of new products.
1) Bora has a transaction speed of 2,200 TPS.
2) It has built good partnerships.
1) Bora faces high competition from other dApp blockchains like Cardano, Solana, etc.
2) Bora has not been able to attract big gaming companies to its network.