BoringDAO (BOR)

BoringDAO (BOR)

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BoringDAO - BOR Profiles

What is BoringDao?

BoringDao is a decentralized asset bridge that allows any Blockchain with a smart contract to become a layer 2 solution for Bitcoin, Litecoin or other assets to program. BoringDao's tunneling mechanism allows the connection of the above assets to seamlessly interact with blockchains with smart contracts to use for private purposes, especially applied to DeFi.

Mechanism of action

The conversion of Blockchain assets into ERC-20 tokens is carried out in 2 steps:

-Mark the addresses of BTC (or addresses of other coins) and ETH into smart contracts and then transfer coins to BoringDAO's channel.
-Receive the respective oToken assets, for example, if you transfer BTC, you will receive BoringBTC as an ERC-20 token (abbreviated as bBTC)

Your assets will then be managed by a multi-signature wallet managed by 3 organizations, according to the expansion of BoringDAO, the number of signatures will be increased to increase security. The interesting thing here is that your assets through the process of converting into ERC-20 tokens will be guaranteed with 200% of assets (guaranteed by 100% additional value by BOR tokens or other assets in the channel)

BoringDAO project features

Mint Mining

Mint Mining is a mechanism that rewards BOR tokens for users who wrap their non-ERC20 assets into oToken (introduced in the working mechanism section above), for example transfer Bitcoin to oBTC and receive BOR as part. reward.

Boring Farm

Boring Farm is a mechanism where users can use oToken, BOR LP Token, oToken LP Token and Tunnel Pledge Token to farm BOR. 30% of BOR will be distributed through Boring Farm.

DAO (Decentralized Autonomous Organization)

The DAO is the usual governing organization of Blockchain projects. Each BOR token holder will have a dedicated management suite to manage BoringDAO.

Advantages of BoringDAO

Projects that wrap Blockchain assets into ERC-20 tokens currently only support BTC but do not support other assets such as LTC, DASH, XRP… moreover, BoringDao's conversion capacity is much larger than many other projects due to the mechanism. creating blockchain inter-tunnels that make it possible for anyone to freely convert Blockchain assets leading to a larger supply.

What is Blockchain Interconnected Tunnel?

Each type of Blockchain asset can create a unique Blockchain tunnel in BoringDAO to turn them into ERC-20 tokens. Anyone can request a tunnel to convert Blockchain assets, but only one tunnel can exist per asset class. The activation requirement for each tunnel is 3000 BOR.

Read full Article: CLICK HERE 

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