BOSAGORA, an open decentralized blockchain protocol that ensures transparency of the consensus algorithm, is integrating Chainlink oracle services for reliable BOA/fiat exchange rates in its new staking platform.
BOSAGORA announced the news in a blog post on Tuesday, February 16. According to the announcement, the Chainlink Oracle solution will be used to ensure secure and reliable prices for calculating returns in its innovative staking pool investment model.
BOSAGORA blockchain platform offers an innovative staking pool investment model where staked BOA tokens, the native cryptocurrency of BOSAGORA, can be used as collateral for fiat loans that are algorithmically invested into stocks through its partner FMway, an equity-based investment algorithm. Profits from these stock investments are converted back to BOA tokens and distributed as yield.
Chainlink Oracle services will be used to “calculate the profits made from FMway investments, as well as convert the profits back into BOA tokens to distribute to investors as staking yield.” BOA/Fiat oracle will ensure reliable exchange rates on the platform.
BOSAGORA features a unique governance model in which the platform is guided by the decisions of a decentralized autonomous organization (DAO) referred to as the Congress Network. The blockchain uses Proof of Stake (PoS) and Federated Byzantine Agreement consensus algorithm. It allows developers to build DApps through trusted contracts, a form of smart contract in BPSAGORA, in an easy-to-develop language.
BOSAGORA’s partner FMway is a “big data-based stock investment algorithm that uses a quantitative strategy to invest in top 50 equities with high growth potential by analyzing the latest quarterly financial data.” According to BOSAGORA, the FMway algorithm can be applied to any securities market in the world and promised a 39.7% average annual earnings rate.
After reviewing various oracle solutions, the team found Chainlink as the most secure, reliable, and time-tested oracle network on the market.
Inhwan Kim, the president of BOSAGORA, commented:
“The BOA staking pool is an opportunity to expand the scope of DeFi staking and yield aggregators by using on-chain tokens in off-chain yield opportunities that focus on investing in traditional equities. By using Chainlink, we will ensure that users have highly secure and reliable exchange rates during all junctions of the automated yield-bearing strategy, making it a more trusted and transparent option for users wanting a more traditional way of putting their cryptocurrency to work.”
Furthermore, DeFi gaming platform AnRKey X has also integrated Chainlink Verifiable Random Function (VRF) to guarantee provably fair and tamperproof distribution of valuable NFTs to its weekly prize winners.