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WAY2BIT (CEO: Song Gyehan) joined hands with BORA Network (BORA Network PTE. LTD, CEO: Lee Cindy) to establish the BORA Ecosystem, a blockchain-based digital content platform. The BORA Ecosystem public beta will be released by the end of this year, and the BORA web portal 1.0 will follow in Q2 2019.
WAY2BIT was founded in December 2017. CEO Song Gye-Han graduated from Sogang University where he obtained his bachelor’s and master’s degrees in Computer Science. He previously worked for Samsung Electronics as a lead in server and embedded systems development. Mr. Gye-Han also worked for NHN, Smilegate, and 4:33, and was responsible for the development of several game platform services. The WAY2BIT executive team includes several top IT talents who specialize in platform development, infrastructure design and operation, service development, and game production.
Internet content businesses in areas such as gaming, entertainment, and social networks have grown rapidly over the past several years. However, due to issues with information security, privacy, and control, user participation and devotion has begun to decrease. As a result, contents providers are having to take action at their own expense to maintain user loyalty.
The BORA Ecosystem is a digital content platform based on blockchain technology. It provides an ecosystem for various content businesses to distribute their services and incentivize user participation. It also solves existing issues of reliability and data security by using the blockchain to provide platform stability.
In order to overcome limitations of the Ethereum network, the BORA Ecosystem uses a dual network design that provides a self-developed “BORA Chain” to each service provider. A dual token system uses both a BORA Token and BORA Point (tentative name) to provide a flexible and expandable structure which can handle a variety of service environments. For example, BORA tokens can be exchanged for gold and points obtained in-game or used for event prizes and ranking systems.
Through the use of BORA development tools (the BORA Toolkit), information such as item issuance, transactions, and attributes can be stored on the BORA Chain. This guarantees the ownership and value of rare in-game items. Using the BORA Chain and smart contracts, users are provided with transaction convenience and safety which can reduce service fees. In addition, properties of the BORA Chain will be interchangeable using the BORA Service Portal in the future.