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BOSagora announcing the launch of BizNet, a dapp-specialized network
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BOSagora announcing the launch of BizNet, a dapp-specialized network

2022-07-05

BOSagora is developing ‘Agora Network’ (from now on as ‘AgoraNet’) that aims to solve the blockchain trilemma (scalability, safety, decentralization). In order to meet the fast changing market demands, we are also launching an independent network called ‘Business Network’ (from now on as ‘BizNet’), optimized for establishing business ecosystem.

Beyond the limits, Into the future

BizNet has been designed with the goal of high versatility from the beginning. With that in mind, we used Ethereum, currently the most active and commonly used network in the market, as our base for the development. BizNet’s consensus engine is designed with following objectives:

BizNet’s Consensus Engine

  1. Reduce the wait time required to finalize a block.
  2. Block generation cycle is the same as that of the Ethereum network.
  3. There is no inflation, and compensation for block generation is its transaction fee.
  4. Compatibility with Ethereum.

BizNet supports smart contracts, considered to be a vital part when it comes to NFT and DeFi implementations, as smart contracts command a substantial influence on cryptocurrency as a whole. We also want to emphasize the fact that BizNet is easy to learn and adapt for blockchain developers.

BizNet allows deployment of smart contracts to generate NFTs and issue ERC20 tokens. Based on this, diverse Dapp services can be provided within the BizNet.We are currently in discussions with a number of interested companies to provide NFT minting and trading, DeFi service, and Service-to-Earn (S2E) services such as Play-to-Earn (P2E) and Move-to Earn (M2E).

BizNet is currently available for mainnet connection. In addition, TestNet, a test environment for developers, is also on-going and our development team is operating the node of the TestNet. You can check the activation status of BizNet’s mainnet and TestNet through Block Explorer. Block Explorer, a graphical user interface designed to allow users to interact with the blockchain, can help you not only to find information about blocks added to the blockchain, but also to review transaction details, wallet balance and BOA data on the blockchain.

Please find more details and learn about the BizNet below:

https://bosagora.io/biznet/

Usage of BizNet | SWAP

Each application can use Biz-BOA, a BizNet native token. Each application can issue and use Biz-BOA directly or choose to issue their own point tokens. Individually issued point tokens can then be converted to Biz-BOA with the Swap function. Reversely, Biz-BOA can be converted to specific point tokens using the Swap function.

Usage of BizNet | Bridge

According to our plan, the amount of Biz-BOA tokens issued will be 450 million, the same amount as ERC20-BOA token. Initially, the issued tokens will be distributed and circulated only within BizNet for actual use for service providers and their users.

Once Biz-BOA tokens can be exchanged with ERC20-BOA tokens, the total issuance and the circulating amount of the tokens will not be affected as we plan to freeze the the amount of Biz-BOA tokens requested for exchange when a request is submitted for exchange of Biz-BOA to ERC20-BOA tokens and the opposite will be true when a request is made for exchange of ERC20-BOA to Biz-BOA.

Bridge function supports the bidirectional exchange of Biz-BOA and ERC20-BOA.

Coexistence and integration of BizNet and AgoraNet

BOSagora has been and is working hard on developing AgoraNet as a network aiming to implement DAO through node operators’ participation in the project in the form of Congress function and the execution of the Commons’ budget accumulated by block generation.

BizNet, our newest network we are introducing to the market, is equipped with smart contract function and is also compatible with EVM. BizNet specializes in building a business ecosystem, aiming to revitalize the token economy such as Dapp, NFT, DeFi, and S2E and It is currently being developed simultaneously with AgoraNet.

These networks will be integrated as one in the future upon the completion of AgoraNet mainnet development projected to finish in 2023.

All services that use blockchain-based tokens can now be provided through BOSagora’s BizNet. As new services get added to the network, the usage of BOA tokens will become diversified and the ecosystem of BOSagora will grow more expansive. Starting July 1st, BizNet will sequentially add new services.

The foundation is working tirelessly to create a fair and efficient ecosystem and to increase the value of BOA tokens. Please stay tuned. Thank you.


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