Spring is upon us and the BORA team is working hard to finalize services ahead of the official launch of their platform. Today, we will take a closer look at BORA’s patented technologies.
One of the strengths of the BORA team is its technological prowess. As creators of a blockchain-based digital content platform, BORA’s development team consists of IT experts who specialize in platform and service development as well as infrastructure deployment and operations. The BORA team is committed to achieving its goal of creating a healthy blockchain ecosystem by developing globally competitive blockchain technology.
In the blockchain lab led by Director Chun Kyung-Wook of the Research and Development Institute, specialized blockchain technologies are being developed. From security technology to real-time smart contracts, a wide range of studies are underway to construct a base blockchain platform serving BORA digital content. Developing and patenting critical technologies was the goal of the institute since its founding, and they have recently taken their first step towards that goal by formally applying for patents in Korea and the United States. Let’s explore the technology behind the patent obtained in Korea.
This patent concerns the method of token and server management based on heterogeneous blockchain networks. In simple terms, this is in relation to BORA’s dual token structure, which can be summarized by the graphic below.
If a user who owns BORA Tokens [first cryptocurrency] requests an exchange with BORA Shell [second cryptocurrency], the token management server transfers ownership of the BORA Tokens [first cryptocurrency] from the user on the public blockchain to the token management server. The corresponding ownership of the BORA Shell [second cryptocurrency] allows the token management server to transfer BORA Shell [second cryptocurrency] to the user, enabling the user to use services linked with the private blockchain.
Conversely, if a user who owns BORA Shell [secondcryptocurrencyy] requests an exchange for BORA Tokens [first cryptocurrency], the token management server transfers the user’s ownership of the BORA Shell [second cryptocurrency] to the token management server, which eradicates the BORA Shell [second cryptocurrency] and transfers ownership of the BORA Tokens [first cryptocurrency] corresponding to the discarded Shell from the token management server to the user.
BORA currently supports two types of tokens: the BORA Token based on Ethereum’s ERC-20 standard and point-like BORA Shell which circulates only within the BORA ecosystem. The BORA Token is connected with the Ethereum network like other ERC-20-based tokens, enabling user-to-user transactions on cryptocurrency exchanges. However, BORA Shell can only be obtained through exchange with the BORA Token, and its purpose is specific to payments for services within the BORA platform.
Since BORA Shell can only be used within the BORA platform, all transaction and use records related to BORA Shell are stored within BORA’s private chain, the BORA chain. As such, the exchange and use of BORA Shell do not incur any fees.
With this dual token structure, BORA has managed to solve issues that plague existing tokens, such as the burden of gas fees in traditional blockchain environments. They have also reduced the risk of instability and value reduction of digital content assets.
Because BORA Shell is used for all services on the BORA platform, users can utilize BORA Shell for different services or switch to BORA Tokens at any time, even if the content in the BORA ecosystem is removed. This mechanism ensures that users’ digital asset values are protected. Furthermore, all data is recorded on the blockchain and accessible to everyone, providing better security.
The dual token structure also solves speed issues present in Ethereum ERC-20 tokens, enabling users to quickly and easily purchase, use, and sell digital content using the BORA Shell proprietary encryption currency.
Beyond the patented technology discussed above, BORA has domestic and international patents pending for two other technologies which they will provide further information on in the near future.
The BORA team is focused on perfecting its technology ahead of the official launch coming soon. They are currently collecting feedback from the second beta version of their platform which is open to the public now. Check out the beta platforms of BORA Lagoon and BORA Atoll
Are Blockchain Casinos on the rise?
Over the years, the online casino industry has gone through many changes with new technology allowing for better payment methods and software on the sites. One of the newer additions to online casino sites is blockchain and sites that use this.
Here, we are going to discuss whether we think that blockchain casinos are on the rise or not. Keep reading if you’d like to find out more about these casino sites.
What Is A Blockchain Casino?
Blockchain technology is essentially a system that allows digital information not to be copied when it is being distributed. This technology originally started out as a method for Bitcoin which is a cryptocurrency and now is present in many online casinos. Blockchain was first invented in 1992 and since then it has come a long way.
A blockchain casino is a safe and secure casino that uses this special technology to pass the information on. There are many new casino sites that are already using blockchain technology but is the number of these still rising?
Why A Blockchain Casino?
You might be wondering about the advantages of blockchain casinos and why many casino operators are making the switch to this technology. The main reason for this is that there are many advantages to using this technology. Firstly, there is more transparency and trust and there is also a reduced risk of fraud.
This is something which is very important to many players at online casinos as they want to make sure that they are not passing their details onto a company that is going to sell it on.
When a casino uses blockchain technology, they can also allow players to make payments with cryptocurrencies like Bitcoin which are becoming even more popular in recent years. Of course, there are many other advantages of using a blockchain casino both for the player and the operator. For this reason, we have seen a rise in the number of blockchain casinos online right now.
Issues With Blockchain
There are some minor issues with blockchain casinos that operators are working hard to resolve as soon as possible. The fact that it is new means that there are some general infrastructure issues and the transactions can go through a lot slower than some players would like. Of course, these issues are set to be resolved sooner rather than later.
The Rise Of Blockchain Casinos
From the research done by companies interested in blockchain casinos, it is clear that these casinos are on the rise. In the first quarter of 2019 alone, there was $1 billion of TRON cryptocurrency gambled online. This is a lot of cash and it shows that players are not afraid to try out this new type of casino when it comes to spending their own cash.
Research also suggests that this income came from over 432,000 users which are a lot more people than it would have been in the past when this technology was first invented.
Of course, it is also important to note that the online casino industry is growing at the same time as the popularity of blockchain casinos. It is expected that the online casino industry will earn more than $50 billion this year which is a lot of cash.
With more people playing online in general and the technology improving so much – it is expected that blockchain casinos will become even more popular as time goes on.
It is clear that blockchain casinos have been on the rise for a while now and they don’t plan on stopping any time soon. As the technology gets more advanced and players can be sure that their details are going to be kept safe, these casinos are set to become even more popular.
On top of this, online casino regulators can rely on technology when it comes to ensuring casino operators are sticking to the regulations. Look out for the rise of blockchain casinos as time goes on and more casino operators start to make the switch to this technology.
We expect more payments being allowed in Bitcoin form as well as the other cryptocurrencies that are gaining a bit of momentum right now.
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