Cutting-edge blockchain BOSAGORA has reached another milestone: Completion of CoinNet functionality development.
As the CoinNet’s functional development is completed, the development code is going to be audited by an external auditor.
We have seen quite effective projects in the blockchain industry over the past few years and many new developments that make cryptocurrencies important to the market. Achieving the same goal for the BOSAGORA token is our common goal, and that is why we’ve been working on development and marketing after starting the project.
BOSAGORA is a public blockchain that values on transparency and openness. We aim to have a decision-making platform which allows anyone who can participate, build a sufficiently decentralized network, and collect opinions from BOA holders to select and support proposals such as business models that are helpful to the ecosystem. And in the subsequent process, by attracting businesses with value and profitability, controlling short-term inflation, or increasing the value of BOA through business performance, we want to benefit holders and further expand the ecosystem.
We would like to take a look at the successful strategy of the BOSAGORA team, how we developed it, and how to integrate it with the preparation process necessary for the releasing CoinNet in the future.
The functions that have been developed for CoinNet will be listed up, and how to integrate those functions during the preparation process required before releasing CoinNet will be shown below.
1) Open-minded — Public, with openness
3) Reliable (Security) — Reliable
4) Evolving through developmental suggestions
6) Full (Entire) node participation
7) Fast payment is possible — Fast
8) Provides scalability — Scalable
9) Considering energy and the environment
10) Beneficial to ecosystem participants (reward provided) — beneficial to ecosystem participants
We want to create a blockchain platform.
Based on the White Paper, those goals have been shared with the Foundation, BOA teams, Technical Advisory Boards (TABs), partners and the BOSAGORA communities. Moreover, it have served as signs of our long-standing mission and work.
Among those goals, particularly for achieving security, decentralization, and scalability, is the trilemma of blockchain technology. At the same time is known as an impossible task to solve. The decentralized Public Full Node POS is a technically challenge. It is hard to find a systematically completed project in the World. Projects such as Ethereum and Algorand are striving for a similar vision. If that challenges are solved successfully, BOSAGORA will be a technically significant standard in the blockchain industry.
4 Steps for CoinNet Conversion
Starting with the completion of CoinNet function development, the transition to a functional and stable CoinNet will be accomplished in the following four steps.
❖ CoinNet Stage Plan
Stage 1. CoinNet Function Development
✓ Period : ~ August (Completed)
In the BOSAGORA White Paper, technical implementation tasks are divided into three categories: Consensus, Contract, and Congress. Among them, we are in the immediate stage of completing the development of CoinNet, where the functions of Consensus and Congress will be implemented, and we are working on tool development and integration of Flash Layer, Votera for voting, Wallet and Block-Explorer.
We hope that all nodes with Congress voting rights to participate in block confirmation, and also it provides a way to reach an agreement (SCP has critical properties such as distributed control, flexible trust, and asymmetric security. The user chooses whom to trust and uses the trusted network formed based on this to reach consensus.)
However, SCP relies on a static, user-configured trust list, which resulted in centralization around the Stellar Foundation. To avoid this problem, we have build a protocol that does this configuration automatically. Balancing was implemented, and SCP created a systematic Reward structure for implementing POS, it was not considered and included Slashing to eliminate nodes that violate protocols and engage in harmful or malicious behaviour. The Slashing protocol is a set of rules that can take away shares of a node, and in a POS system with Slashing, validators pay less or charge no cost to cover a part of the system, but wrongdoing is punished harshly.
We implemented most of the basic features and applications required by the following blockchain for full-node implementations:
- Basic server architecture : config & argument parsing, logging /stats components (Configuration and argument parsing, logging/statistics components)
- Discovery protocol : A protocol allows one standalone node to start up and get enough networks to interact with other peers.
- Gossip protocol : A protocol that can propagate new data quickly and efficiently over a network can be either a transaction or a block.
- Catch-up protocol : A means of “catch-up” with the network by replaying the data that the node receives to reach the same global state as the network that it combines with the network.
- Disk serialization : Serialization saves local states to disk compactly and securely so that nodes do not catch up with the network every time.
- Settlement Layer : The module responsible for selecting a set of transactions that can be safely included in the next block and serves as the first step in designing an appropriate incentive model.
- Others: A bot that distributes coins so that it can become a verifier; Minimal interface for sending transactions; Develop tools to analyze and display “being settled on” data, etc.
An efficient signature scheme (Schnorr signatures) and UTXO data structure were designed and applied to develop a Validator (validator function). It is a UTXO data structure with data consensus to efficiently fetch and store new data, and node operators can create transactions that mark their UTXOs as ‘frozen’ and use them as collateral for validator node execution.
We have developed a Balancing function to open the quorum composed of nodes participating in consensus. A quorum is a decided and immutable consensus, a group of nodes chosen to be trusted, and ‘Balancing’ automates the quorum creation process, so users don’t have to worry about who to trust or how to trust is created.
Flash Layer was developed to solve the scalability problem. As the number of nodes increases, each node requires higher hardware and bandwidth, which takes more time to verify transactions. Flash Layer allows it to accept transactions from peers without writing all data to tier one.
Stoa and SDK are supported for an external interface. Agora is the network name of BOSAGORA, and Stoa is the API server name of Agora. To keep validator nodes as light and secure as possible, we have decided to separate the interface to the BOA blockchain between two entities: Agora is the core server responsible for validating blockchain data and act as a validator. On the other hand, Stoa is an API server that connects to Agora, processing each block to create a richer view of the blockchain. For instance, Agora could find all UTXOs belonging to a particular public key. However, it would have to iterate over all UTXO entries or use an additional cache to track this information, as this is not what Agora does typically. On the other hand, listing UTXO for a particular public key is the thing users desire, and Stoa creates and stores information. This separation reduces bug exposure as well.
The Votera Server and Application (android and iOS support) is promoted as a service for Congress. It has developed a system of node operators to directly select projects to build the ecosystem through a democratic decision-making process and record the vote’s content in a blockchain transparently.
To switch from Tokennet to Coinnet, not only a working product (node) is required, but an appropriate set of tools are also required, such as Block Explorer and a wallet that supports multi-platforms. The BOA team developed Block Explorer and named it BOAscan, also creates the BOA Wallet used for supporting Web, iOS, and Android. BOSAGORA hopes that more tools by third parties will be developed to comply with protocols and utilize SDK/API well provided for the BOSAGORA ecosystem in the future.
To conclude, BOSAGORA’s blockchain network function/complex functions and validation parts for block processing are being completed, along with integrating tools and management functions necessary for node operation.
Stage 2. External Audit for CoinNet & Wallet
✓ Period : September ~ November
To ensure there are no errors in the CoinNet, we will use the services from external audits for the development coding of CoinNet and Wallet, updating inspection and reviewing supplementary.
We spend time on selecting an external coding audit company that can audit the development code of CoinNet and Wallet. Although we kept communicating with the top 50 global companies in the World for about 6 months, most of them could only audit universal Smart Contracts. A few of them have the capabilities to audit coding for CoinNet and Mainnet. Fortunately, we recently signed a contract with one of the top companies to audit the coding and start auditing the code from September. It may take about 3 months according to the auditor’s unique procedures. A substantial complementary test will be conducted later in the code audit.
In addition, we will develop additional for the releasing Coinnet during the audit.
- Bridge Development (ERC-20 to CoinNet Preparation)
The BOA team will prepare a bridge that can transfer ERC20 tokens to BOA coins during the second stage of releasing CoinNet. At this stage, the development team have to work with exchanges and other API users (e.g., CoinMarketCap & CoinGecko) to meet new CoinNet requirements.
- Containers for installation & GUI Admin
Installation of nodes is based on images in container format to prepare them for easy installation.(All files, settings and environments in a bundled form of server programs, source codes and libraries, and compiled executables that are required to operate the node, which means that no longer need to collect or install dependency files.)
It supports Linux, MAC, and Windows as the node operating environment and register their private key through Admin, a GUI (Graphic User Interface) for the general public, along with a CLI (Command Line Interface) environment for those who are familiar with computing.
- Apply Agora Network automatic updating method
We are going to install a function that automatically applies the modified (updated) content during node operation later.
Development team needs to periodically update new code versions with new features and enhancements, sometimes to address critical security issues. We plan to implement auto-updating software for Agora and Store so that the complicated and inconvenient steps are not required to stay up to date.
Stage 3. CoinNet Launch
✓ Period : November ~ December
When an external audit of CoinNet is completed, it creates a Genesis block and starts to run the CoinNet. Releasing date will be informed in advance to plan accordingly.
However, as with most blockchain projects, the entire network (node) is run by the foundation for stabilization at this stage. During on that period, some adjustments to the node may be required for new features, fix bugs in the production environment, or simply for optimization.
Providing a fully distributed network is our goal, and there are several advantages to these early stages. First, it can ensure high availability (HA) of the web early on. Second, it allows our development team to focus on the most critical issues immediately. As the network is not at risk of a 51% attack, it can focus on attack vectors that slow or stop the web, and it doesn’t require a significant stake in the network. If the team can handle all attacks rather than 51%, the next step will be gradually reducing the foundation’s role in the consensus protocol to make the network more open.
The public will notice the large difference about the releasing CoinNet is converting the existing ERC-20 token to the BOA coin. The transition from TokenNet to CoinNet should be in an automated way. Moreover, to avoid doubling users’ coins, holders must burn ERC20 coins to receive their CoinNet coins.
Therefore, we will provide a Bridge for this flow. A Bridge was developed for exchange between chains, which receives and locks ERC20 tokens on one side and sends BOA coins to users on Coinnet. Specifications and related screens for this transition process will be provided as a separate guide.
In addition, to make sure a perfect final output can be released, cooperate with service providers (like, exchanges) and ensure they are willing to provide support is necessary. That is not only a mission for BOSAGORA, and it is important to coordinate and cooperate with the execution schedule in advance.
Stage 4. CoinNet Public
✓ Period : January ~ March
Coinnet will release when the stability of the BOSAGORA network is improved and verified over a while. Then, it allows BOA holders to operate the nodes.
The stage of Coinnet disclosure will transition from an entirely based execution platform to a distributed open operation platform. Even after reaching this stage, updates to fixes may be released frequently.
In the early days of CoinNet Public, some rushing to install Node will likely gain the majority of the consensus. The Foundation initially allocates the number of nodes so that the consensus power concentration does not negatively impact. In particular, the Foundation may take measures to limit the period and amount of proposals or voting until the Commons Budget is stabilized to prevent misuse.
CTO’s message regarding completion of BOSAGORA CoinNet function development: