Boba Network (BOBA) – A Next-Gen, Layer-2 Scaling Solution for Ethereum

Boba Network (BOBA) – A Next-Gen, Layer-2 Scaling Solution for Ethereum

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Boba Network Review

 

The OMG Network, previously known as OmiseGo, no longer exists because the OMG Foundation partnered with Enya to rebrand the project to Boba Network to preserve and revive the OMG Network community and to rebuild its core framework.

 

Boba Network (BOBA) 8 key point overview:

  1. ✔️Rebranding to Boba Network
  2. ✔️What is the Boba Network
  3. ✔️How it works
  4. Features of the Boba Network
  5. BOBA Tokenomics
  6. How to buy
  7. Top 3 wallets
  8. What we like about the Boba Network

 

Rebranding to Boba Network

boba overview

 

👉 The Boba Network has established itself as an effective layer-2 scaling solution for Ethereum’s smart contracts and dApps and makes Ethereum-based games and applications more affordable, accessible and efficient for retail users.

 

👉 Alan Chiu, founder and CEO of Enya, founded the Boba Network in 2018 and he has over 20 years of experience in building enterprise startups and investing.

 

👉 He created the Boba Network to deliver a faster, cheaper and more user-friendly experience to the next billion users of Ethereum and he believes that this can be done by lowering the barriers of entry to the Ethereum ecosystem for users and developers.

 

What is the Boba Network

about boba

 

👉 Boba was created by Enya as a layer-2 Optimistic rollup that is compatible with the Ethereum Virtual Machine (EVM).

 

👉 It focuses on improving scalability, reducing gas fees, increasing transaction throughput and enhancing the capabilities of smart contracts and dApps built using the Boba network.

 

👉 Some of Ethereum’s dApps and DeFi platforms may be too expensive for some users and developers, which is why Boba aims to make such applications more affordable and accessible.

 

👉 In essence, Boba is a value-transfer layer that runs on top of Ethereum and bundles transactions together so that they can be validated and optimized for speed before being sent back to the Ethereum blockchain.

 

👉 By doing this, thousands of transactions can be processed per second (in comparison to Ethereum’s 30 TPS), and transaction costs are significantly reduced.

How it works

boba how it works

 

👉 The Boba network is useful because of its cross-chain bridging functionality and it allows users to bridge their favourite applications or add new projects to the Boba platform.

 

👉 In other words, assets and applications can be transferred from Ethereum to Boba, or from other layer-2 blockchains to Boba, and you can benefit from increased transaction speeds and reduced gas fees.

 

👉 Some of the projects that have already been added to Boba include Zencha, Unidex, OolongSwap, LayerSwap, ApeBoard and more.

 

Features of the Boba Network

boba features

 

👉 The Boba Bridge is its most prominent feature and it can be used to bridge NFTs, assets and applications from Ethereum to Boba.

 

👉 By doing this, users benefit from the secure, decentralized ecosystem offered by Ethereum, along with the low fees and high transaction speeds offered by Boba.

 

👉 Boba also offers fast exits that are backed by community-driven liquidity pools and funds can be withdrawn much sooner than the 7 day waiting period on Optimism, which is the foundational scaling solution used by Boba.

 

👉 A unique feature of Boba is its Bounty Program, which offers payouts of up to 100,000 USD for discovering severe bugs on the platform.

 

👉 Boba is especially useful for microtransactions on Ethereum-based games, which may be very expensive in large quantities.

 

BOBA Tokenomics

boba tokenomics

 

👉 The BOBA token was created to support the Boba network.

 

👉 It is an ERC20 governance token that can also be staked to earn rewards on Boba. There is a max supply of 500 million tokens.

 

👉 By staking BOBA tokens, users will be rewarded with xBOBA, which will give them voting rights and make them eligible to receive a portion of network transaction fees.

 

How to buy

how to buy boba

 

👉 The easiest way to obtain BOBA is by purchasing it from an online exchange, such as OolongSwap, BitFinex or Gate.io.

 

👉 Once you have created an account with your preferred exchange, your account needs to be funded, which will allow you to purchase digital assets and transfer them to your crypto wallet for storage.

 

Top 3 wallets

boba wallets

 

👉 Based on research, the top 3 third-party wallets for storing BOBA are Mathwallet, Trustwallet and Metamask.

 

👉 Mathwallet is a multi-chain, cross-platform software wallet that can be used to store most major cryptocurrencies, including Bitcoin, Ethereum and ERC20 tokens, and it has a built-in dApp browser.

 

👉 Trust Wallet is free to download and use, and supports a total of more than 160,000 coins and digital assets, which can easily be traded and managed directly from the wallet.

 

👉 The MetaMask software wallet can be used to conveniently buy, sell and trade cryptocurrencies using the built-in exchange and it allows you to connect directly to a variety of blockchain apps.

 

What we like about the Boba Network

👉 Ethereum offers thousands of amazing dApps, games and DeFi platforms and for most developers, it is a playground with infinite possibilities.

 

👉 However, Ethereum still suffers from scalability issues and gas fees remain high, which is why layer-2 scaling solutions like Boba are needed to make it more accessible.

 

👉 Boba’s name was inspired by Taiwanese bubble tea, which is very popular and very delicious.

 

👉 Alan Chiu chose this name because Boba puts a smile on people’s faces when they drink it, and that’s what he hopes the Boba network will do for the next billion Ethereum users!