BOSAGORA Foundation (President: Kim In-hwan) announced that it has launched BizNet exclusive BOASwap on July 28th.
BOSAGORA has recently launched BizNet, a business network compatible with DApp operating on the Ethereum blockchain that supports Ethereum Virtual Machine (EVM), a proof of authority (POA) type of consensus algorithm. After launching BizNet, BOSAGORA has been continuously expanding its ecosystem for vitalization of BizNet through issuing BizNet-based NFTs and reinforcing partnerships with various partners participating in the BizNet ecosystem.
Functions provided by BOASwap mainly consists of My Asset, Swap, Pool, and Bridge.
My Asset displays the coins and tokens retained by the user on the current network. Displayed coins, tokens, and points are managed through a separate list with ERC20 specifications. To display tokens you own in My Asset, the MetaMask wallet must be connected to BizNet network, and a trusted connection must be set with BOASwap.
Swap is a function that allows an ERC20 token to be exchanged with another token. When the user selects the input and output tokens, and designates the input amount, BOASwap DEX Protocol automatically calculates the amount of output token to be received by the user for token swap.
Especially, Swap function does not use the order book to indicate liquidity or determine price. BOASwap uses the automated market maker (AMM) mechanism to provide immediate feedback to exchange rates and slippage.
Pool indicates the liquidity pool for BOASwap DEX Protocol. To exchange a pair of ERC20 tokens through the Swap function, someone has to supply liquidity to the pool through the initial security deposit of selected token(s). Also, initial price is set depending on the initial liquidity supply.
Bridge connects the blockchain networks of Ethereum Mainnet and BizNet, and brokers transactions. Currently, it supports transmission of Ethereum network-based BOA Coin issued by BOSAGORA and listed on exchanges such as Bithumb, KuCoin, and Gate.io into BizNet, and two-way pegging is available.
Meanwhile, BOSAGORA is expecting various service-to-earn (S2E) DApps such as non-fungible token (NFT), play-to-earn (P2E) tokens, and move-to-earn (M2E) tokens uploaded to BizNet through BOASwap to be exchanged and grow mutually within the BizNet ecosystem.
Also, BOSAGORA will continue to reinforce its partnerships with corporations, institutions, and local governments to build a safe and sturdy BizNet ecosystem for BOSAGORA.
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