Nikolas Sargeant
The Boba Network (BOBA) functions as a Layer-2 scaling solution. This network is unique as it’s a multichain hybrid computing platform, making it perfect for multiple use cases. The network boosts scalability while also significantly improving smart contract functionalities. This is why the Boba Network has become so popular with developers and DeFi users.
Where To Buy BOBA?
Those of our readers interested in purchasing BOBA can find it at a range of exchanges. We have highlighted three of the best exchanges offering the token today.
- Uphold - Uphold Exchange is a crypto exchange from America, also with branches in London. It has been around crypto since 2013, offering over 150 cryptocurrencies.
- Kraken - Kraken is a reliable exchange, offering a broad range of cryptocurrencies and tokens and access to FX markets. Enjoy crypto trading with an intuition trading platform, available via a mobile app for iOS and Android users.
- KuCoin - Established in September 2017, KuCoin claims to have over 8 million users from over 190 countries worldwide. Often referred to as the People's Exchange, KuCoin now provides crypto-linked services like crypto-to-crypto, fiat-to-crypto, futures trading, staking, lending, and much more
What Is The Boba Network?
The Boba Network, created by Alan Chiu and Jan Liphardt, made its debut in the market in May 2021 with its native token – OMGX. Initially, the protocol was designed to facilitate Ethereum's scaling but has since expanded its services. The mainnet beta of Boba surfaced in August 2021, with Enya and the OMG foundation supporting the launch.
How Does Boba Network Work?
The Boba Network works as a mixed decentralized L2 solution. To enhance functionality, the network uses Optimistic Rollup innovation. Because of its inexpensive price tag and proficient results, verifying a blockchain through this methodology is becoming increasingly popular.
Optimistic Rollup networks function differently from Proof-of-Work (PoW) or Proof-of-Stake (PoS) systems. Optimistic Rollup allows all transactions to be viewed as genuine unless disputed. Upon a transaction being requested, calculations are employed to check its legitimacy. This method works because nodes only need to confirm that the last transaction corresponds with their requests instead of every single transaction.
What Does The Boba Network Offer?
The overall aim is to reduce transaction and computation fees for users while expanding on the use cases for smart contracts on Ethereum. But what else does the Boba Network offer?
Staking
BOBA is the primary functional and regulatory token for the system. Those who hold Boba can either stake it or employ it to send value across the network rapidly. The token also occupies a major part in executing smart contracts and accessing features from network-supported DeFi processes and Dapps.
This platform enables users to gain passive income by staking their BOBA tokens. The profits are harvested from a percentage of network transactions and stored in the Boba Treasury.
Low Fees On Ethereum
People experienced with DeFi procedures such as Ethereum before the 2.0 update understand that they can be costly. PoW networks require added computational effort and have been designed to increase fees when the network is busy.
Today’s networks must find ways to cut down transaction and computation fees across the board—the Boba Network fulfills this requirement by using off-chain technologies. The protocol has tariffs up to 100x less than Layer-1 solutions, making it optimal for users and developers seeking respite from skyrocketing fees.
Security
The Boba platform is as secure as its underlying infrastructure, being an L2 network in which the parent blockchain completes transactions. This implies that if settlements occur on the Ethereum blockchain, Boba receives the same protection. The same degree of security applies to the additional base layers supported, like BNB Smart Chain and Avalanche.
NFT Services
The Boba Network offers NFT (Non-Fungible Tokens) customers many interesting options. NFTs have grown in popularity in recent years, and Boba recognizes this by offering them as a single, collection, or custom-made token. The Boba Network aids developers and designers in the NFT creation process. Clients can safely create, exchange, transfer, and sell NFTs in the market.
NFT Bridging
Boba heightens interoperability with its NFT bridge. This setup gives people the capability to transport their NFTs onto other blockchains. There are numerous reasons why someone would want to do this. Crucially, it assists in increasing the liquidity of the NFT market.
Closing Thoughts
In crypto, finding a way to concurrently keep safety, scalability, and decentralization in a blockchain protocol is no easy feat. One can normally only get two of these features at most.
Boba decided to analyze scalability and put energy into developing fundamental protocols that were already secure enough and fairly decentralized. By setting up a secondary platform based on Ether, Boba has boosted it while taking advantage of Ethereum's security. Its development has been fruitful, and its extension to other L1 protocols attempts to expand this success to a broader audience.
