2.2 Consensus Algorithm and Closed-Off Structure
After the change to Klaytn, BORA Team then judged that the next important issue was to overcome the closed-off nature of the existing BORA 1.0 for various interactions with the public blockchain, as explained in Section 2.1.
BORA 1.0 was formed based on the POA: the Proof of Authority Algorithm. The PoA relies on delegated block validator, which is good for system expansion and faster work processing, and therefore has the benefit of great efficiency. As the BORA team has first set the focus of the blockchain to be optimised for games with relation to BORA 1.0, they have decided on the PoA (Proof of Authority) Algorithm in order to obtain the most effective working processing. Further, the BORA Network is formed through the Private Chain, where it exercises 100% Governance, with emphasis on “Network Security”.
However, this closed-off structure has become an impediment to the strengthening of the connection with the public chain in order for BORA 1.0 to cover the current key blockchain services such as DeFi, NFT, GameFi and provide a greater variety of services.
There should be new and continuous innovation that forms through the participation in the public blockchain-based ecosystem by not only the BORA Holder but also users with various needs for the DeFi, NFT and GameFi.
In addition, DeFi, NFT and GameFi are all services that are based on assets, so transparency is important for a platform that holds these. However, if BORA Network is a Private Chain that exercises 100% Governance, then it would be difficult to gain the trust of the participants in relation to transparency.
As such, the BORA Team endeavoured to make the fundamental but necessary change of the consensus algorithm and subsequently overcome the closed-off nature of the node operation.