We held an AMA with Boring DAO in our public Telegram channel on October 10th.
For those who missed the AMA, here’s our recap for you to catch up.
Intro
Ivan & Elson(founder & co-founder): Welcome onboard Core Member of Henry Chen and Core member of Leo Gu from BoringDAO！
Leo: Hi, All! Nice to meet you guys! First of all, let me introduce myself. I am Leo, a core member of BoringDAO. I am a year two engineer at the University of Cambridge, a cryptocurrency fan, Uniswap degen, and aviation enthusiast. In terms of our project name ‘BoringDAO’, we want to pay tribute to Boring Company founded by Elon Musk. Elon Musk build Tunnels for people to travel between cities in a short time. We build tunnels for crypto assets to travel between chains with one click.
Henry: I come from Taiwan, I used to work at Nervos (director of the community) and Band Protocol (China PR Lead), I am also a YouTuber (Snap Fingers), I love the project who make the crypto world more efficiency, and BoringDAO is the Solid choice for me and my team, so I am happy to join this team
Leo: Thanks for giving me the opportunity to introduce our project!
1) BoringDAO is a decentralized protocol to migrate other native blockchain assets (BTC, XRP, BCH, etc.) to the Ethereum in the form of “bToken” (an ERC-20 Token) through “Tunnel.”
2) BoringDAO is more reliable than any other cross-chain protocol in terms of security since it requires 100% equivalent original crypto assets plus 15–150% equivalent $BOR/other Tunnel pledge assets. The higher TVL, the higher value of $BOR.
3) New token incentive mechanisms, ‘Mint Mining’ and ‘Boring Farm’, are uniquely designed to maximize the benefits of holding $BOR and participating in the ecosystem. Minters, Pledgers, and Custodians will all be rewarded.
4) Introducing a new ‘Tunnel,’ adjusting parameters such as pledge ratio of $BOR and other assets, etc., will all be based on our DAO governance.
5) BoringDAO has a long-term plan for the Multi-signature wallet, V1(3 signers), V2(7 signers), V3(21 signers，BFT+DPoP), and V4(dozens of, ZK-proof). For more details, please kindly refer to our website: www.boringdao.com
6) Our team is professional and experienced; notably, they are professionals in the DeFi industry and have a strong bonding with BTC miners community.
AMA begins
Q1: What is the vision and mission of BoringDAO? What problems are you trying to solve? Do these problems remain unsolved with the existing public blockchains?
Hi, Thank you for asking this! Our Long-Term vision is to be the best Bridge/Tunnel of any digital assets across all blockchain ecosystem. BoringDAO uses a decentralized and safe method (double-pledge model: multi-signature + contract layer pledge) to transfer any assets (BTC, LTC, and other valuable crypto assets) wrapped to the different blockchain ecosystems. Allowing the frictionless free-flow of dominant crypto assets into other crypto ecosystems is why we believe BoringDAO will eventually reshape the current cryptocurrency & DeFi landscape.
Q2: Does BoringDAO have Competitors in Crypto Space? What are the special advantages of BoringDAO with competitors? Also What consensus algorithm is BoringDAO currently using?
I would like to say there's bearly no competitor for us because what we are trying to do is helping crypto-asset move from one blockchain to another blockchain, we are doing infrastructure for the those like BTC, BCH, BSV, LTC now, they are missing all the opportunity in DeFi trend, when BoringDAO is online, those holders can enjoy farming like all erc20 assets.
Q3: How much of the BOR token will be distributed through Boring Farm? How will the Boring Farm reward system work fairly?
34% of $BOR will go through to the Boring Farm. Boring Farm is the mechanism users can use: A Migration pool of WBTC, renBTC will also be opened to help users convert other ERC-20 BTC into bBTC with one click. You can also use bToken, $BOR LP Token, and Tunnel Pledge Token, to farm $BOR.
Q4: How do you overcome the Threat of CENTRALIZATION
Hi! Thank you for asking this! $BOR holders take power over the core developers. Every design in BoringDAO is well demonstrated by DAO governance. The community can decide many things through referendum and proposals: 🏦Assets Custodians; ⛏Minting; 👨🌾Boring Farm Pools; 🚇Tunnels; 🔐Insurance; 💰Treasury.
Q5: Could you explain a little about BoringDAO and what Is make it different From another project?
we don’t want to be a “DeFi” project only, and we are not only a governance token, $BOR token provides the capacity for BTC minters, so actually when BoringDAO growing the TVL soon, the $BOR requirement is growing fast soon, we design a lot farming reasonable mechanism for users!!!
stay tuned for more announcements from our official channels.
Q6: Can you name some of BoringDAO ‘s key achievements and what milestones are you currently working on?
Hi! Nice to answer your question again😀! Good question! 1)The investment lineup was announced on 08/10/2020, including Defiance capital, HASHKEY, SNZ Holding, Youbi Capital, Snapfingers, Altonomy, puzzle ventures, Bilian Technology, some $BTC miners, etc.
2 )Code Audit by Packshield will finish soon.
3) BoringDAO APP has been deployed on the Kovan Testnet.
4) Our $BTC tunnel is urgently under construction; maybe you guys can see it next week.
Q7: Staking is currently a Popular topic in Crypto Industry & its helpful to Many projects to encourage investors to hold tokens and make it healthful for the project ecosystem.
Does,
The Great projects Also Support Staking? If yes, then what are the Requirements for a Node and Validator Node be? Also, How rewards based on running a Node?
most of the project providing stake for “nothing”, but in BoringDAO, every staking is made sense for the system, every $BOR you stake is providing more security for the system, every $bBTC, $BOR you provide to DEX providing more use case, all the farming design makes the system better!
Q8: Please tell me about the Boring Tunnel mechanism?
Hi, My Boring fan! The tunnel is where users can pledge their $BOR to get yield at the early stage. As the project moves forward, community proposals will be used to whether or not to accept other types of assets, such as supporting USDT/DAI/SNX/COMP to pledge. Pledge participants can share 70% of the minting fee and 50% of the redeem fee and participate in the pledging to obtain pledge provider tokens, which can be used for future liquidity mining Events. Taking $BSV as a typical example, Alice has pledged 1,000 BOR to participate in the operation of the bBSV tunnel. At present, the total pledge amount of the bBTC tunnel is 3,000 BOR, so Alice takes up 33% of all operators’ operation and will obtain 33% of the income when the operating income is distributed. Hopefully, this answers your question!
Q9: Could you please elaborate more on your tokenomics? What’s the total supply and what kind of plans do you have regarding the token unlocks in the future?
200,000 $BOR is the hard cap
34%+34% for MINT and Farming reward, 11% on infrastructure, you can check this picture.
Q10: Can we earn BOR tokens as a reward by converting Bitcoin to bBTC? How is the rate of distribution of BOR determined through Mint Mining?
0.2% Mint fee from BTC → bBTC, and you will get 0.4% $BOR reward from Ming Mining, and you can farm with bBTC and BOR very soon, what I can only tell you is “happy mint+farm”~~~~
Q11: Security is really important and valued by users. Would you mention Boring Dao security measures? What is special for your security? Are you audited
Hi! Thanks for asking this! The secret behind our security system is the Double-Pledge Mechanism. Each bToken is backed by 200%+(in average) assets value =(100% equivalent native crypto-assets + 100%+(in average) equivalent $BOR/other Tunnel pledge). Even if there is a Black Swan event (the native assets are stolen; Although the probability is super low, we have to take it into consideration), the pledged assets can still provide protection against it. A fully open and transparent multi-signature mechanism will also ensure the security of assets. The initial multi-signature custodians will start with three custodians and expand to Zero-Knowledge proof. (For more asset custodian details, please refer to section 5.2 of the White Paper at www.boringdao.com)
Q12: Could you tell us some details about your Name BoringDAO? I mean what’s the main motive & Logic behind BoringDAO Name?
Hi, Kaushal! Good question! As you may have known, DeFi on Ethereum has become more popular than ever. However, the Ethereum-led DeFi ecosystem is not welcoming to all token holders, especially when it comes to those who hold dominant crypto assets such as BTC/LTC/DASH/ZEC. With only 0.6% of all bitcoin on Ethereum and DeFi booming, the potential for decentralized bridges between chains is hard to ignore. Holders of these non-ERC20 assets are desperate to transfer their assets to the Ethereum DeFi network. Upon that, BoringDAO is launched. Believe me, we will take you to a different DeFi world, come join us at TG group: https://t.me/joinchat/NkA4p1E2PyS2GclCxdGX4g and Twitter: https://twitter.com/BoringDAO_Defi
Q13: Can you give me 1–3 killer features about your project to convince me and other big investors to invest in $your project for the Long-term?
thanks for the question,
1. the $BOR token has almost no liquidity if the requirement for bBTC is keep growing.
2. no project is helping BCH/BSV/LTC move to erc20, but we do, and we make the assets more security (almost 2x)
3. the double pledge design makes every participant get benefit from the ecosystem, everybody will be happy to help this system growing.
Q14: Tell us about your plans for 2021, what are you currently working on, and are you going to expand the list of big exchanges?
We are gonna wrap 1 million BTC and allow them to enter DeFi world in a decentralized and safe way! Also, with our incentive mechanisms’ Mint Mining’ and ‘Boring Farm’, we plan to overtake WBTC and renBTC by the end of the year! Come to Mint and Farm with us!
Q15: what is the function of #BoringDAO in your project for a decentralized cross-chain DeFi project?
Hi! Thank you! We are an Infrastructure Connecting Blockchain Assets and the DeFi World! Major blockchains such as BTC/BCH/BSV/EOS/LTC/XRP etc. are all absent from this DEX+DeFi carnival. We aim to wrap bridge assets safely and quickly to the Ethereum Network through DAO governance and the Double-Pledge mechanism to maximize asset utilization. BoringDAO will be a joint victory for all cryptocurrency holders. Everyone will be rewarded for participating in pledging or minting, and no longer limited to the ETH ecosystem. This will boost the existing DeFi ecosystem. Also, We have a good article; you can check this out→ https://medium.com/@BoringDAO_Defi/boringdao-overview-7ef483582e67
Q16: What kind of unique features does BoringDAO have over its competitors on the market? How do you plan to increase the demand of $ bBTC tokens in the future?
we have work with some DEX already, and will announcement soon, we will provide some trading pair for bBTC and other bToken, so when you turn your BTC/BCH/BSV/LTC to bToken, you won't need to redeem your asset, you also can use it to farm or exchange for USDC…
so basically the design for this design will help DeFi stronger again, I think it will be more important in the DeFi world, there’s still 70% of crypto assets can’t participate in DeFi, and we will going to release all the potential of these assets. The Real GameFi is here, every role in this ecosystem can get the reward because they just participate in our Game(Mint+Farm)
Q17: Do you have a plan to BURN or Buyback Token $BOR to increase its value?
and What is the $BOR Token Utility in the ecosystem?
Hi! Of course! We introduced ‘BURN’ mechanism in our project! The redemption commission is paid in the form of $BOR, 25% of the BOR paid will be burned directly. The other 25% will enter a DAO insurance pool, which will be used as insurance for the BoringDAO system in extreme cases. In terms of $BOR utility, 68% of $BOR can be mined or farmed. Simultaneously, because bBTC includes the contract’s underlying pledge, a large amount of $BOR will be locked in a smart contract, just like SNX. Therefore, when TVL rises (the amount of $bBTC increases), the value of collateralized BOR will also rise.
Q18: how do you build liquidity for your dex ( Trade assets. resources. … ). Do I need to do KYC on your protocol?
no KYC, such a good question!!
and we will work with some famous DEX, we will give LP reward, so when you provide Liquidity, you can get a DEX LP reward and $BOR reward, it will be pretty interesting!!!
Q19: Why did you propose a double pledge mechanism? In the event of a black swan attack, how does BoringDao provide additional protection to help mitigate it?
thanks for the perfect question, you can see renBTC and WBTC, if they met black swan, the BTC just lost, but in BoringDAO, if we met that, we will settlement from the pledge layer and our insurance system, it’s the best design in wrapped platform!!! btw, the audit report made by peckshield will release soon!!
Q20: The community can have an interesting role called “Tunnel operator” so can you describe the role and benefits of this actor?
Good question! Many people asked this! In the BoringDAO’s ecosystem, the minters and the tunnel operators have two different roles; the operators can pledge $BOR in the tunnel to get a fee. so even if you do not have $BOR, you can mint it when there is enough tunnel capacity. You can deposit your 1 BTC to mint 1 bBTC. However, there will be a 0.2% minting fee (but you will receive a 0.4% BOR incentive at the beginning), and 70% of the minting fee is handed over to the tunnel operators. Pledgers(Tunnel operators) can share 70% of the minting fee and 50% of the redeem fee and participate in the pledging to obtain pledge provider tokens, which can be used for future liquidity mining Event.
Q21: Hello sir
✅ Increasing Token price
✅ make Token Valuable
✅ Building Community Trust
From 3 aspects above, I want to ask, Which one the most important for you??
If all above are important for you, Which one that Will you do first??
Hi! Community is always the first and foremost concern for us! Because we are a DAO governed project. The community can decide many things through referendum and proposals. Thank you for raising this question!
Q22: Where I can buy bToken?
Do you have plans for listing on more exchanges in this quarter??
first, the ecosystem token is $BOR, and the IDO is coming soon, and when you Mint a bBTC from BTC, you can trade in some DEX soon in Q4, we are working on more use case for the better DeFi world!!!
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