Boring 2021

Before starting a new “boring year”, let’s think about one question: What kind of application can be called “infrastructure”?

Please take at least 30 seconds on it.

Different people may have different answers, but our answer may be:

Even if there is no “human” maintenance, it can last forever.

For example, the thousand-year-old castles in Europe, the Great Wall in China, the pyramids where the ancient Egyptian elders lived… Blockchain is also such a thing, as Vitalik said, there may be no Killer APP, only Killer Network.

There is no doubt that Bitcoin and Ethereum networks have become such things since the Genesis Block was mined. They can exist forever and can never be shut down (for at least 100 years).

The bridge from Ethereum to Bitcoin, then, must also meet this requirement: it must stay smooth and solid, at least in the 100-year range.

Ask yourself, any asset bridge satisfies this characteristic now? — — No.

And BoringDAO hopes to become such a bridge (actually, it’s a Tunnel), the real infrastructure, which lives for 100 years or even longer without any “human” maintenance.

Of course, human maintenance is still very important. We need things like a more beautiful UI, more asset classes, etc.

To achieve this, BoringDAO has set its 2021 goal! It’s all about making BoringDAO the highest degree of decentralization and automatic governance.

Here are the Future Plans for BoringDAO:

Part1 There are still some tasks that need “human” to complete

* Important ecological expansion

Convert other Wrapped BTC to oBTC

Already Finished! √ (Come and try “Barter”, one click to convert)

oBTC connects to other blockchains and allows “Cross-Chain Shuttle”

oBTC will be connected to other blockchains, such as Polkadot (Moonbeam)

oBTC (ERC-20) will be exchangeable freely with BTC (Bitcoin Network), oBTC (Polkadot)

oBTC will be running on Layer 2 (Both ZK-Rollup, OP-Rollup and Plasma)

Yes, please imagine a BTC transfer that arrives in 1 second and costs 1 cents gas!

Support more asset tunnels

For example, Litecoin→oLTC, and other desirable assets of Boring community. There is only one condition for judgment, that is, the Boring community wants it.

Part2: Let BoringDAO become fully decentralized, a real and permanent infrastructure!

As we all know that, BoringDAO uses a three-layer pledge model to protect underlying assets, so let’s talk about this in layers:

*Asset layer

-More multi-signature holders — — Currently 3/7

There is no doubt that we will accept more professional organizations and community members to become BoringDAO’s multi-sign nodes, making the multi-sign more unbreakable. The goal of 2021 is to have 7 multi-sign seats.

-Mature multi-sign node replacement specifications and election system — — Currently 0/1

It will be determined in the form of BIP and will be fully streamlined.

Bind the address in OP_Return without using any centralized server — — Currently 1/1

Done√

*Contract layer

Using on-chain contracts and fully open source — — Currently 1/1

Done√

Use a safe and stable price-feed scheme

Seek support from Chainlink and other oracles.

Clear incentive plan — — Currently 1/2

Token distribution has been completed (30% for mining, 30% for Boring Farm) √

The current PP Token, oBTC and Satellite City Token emission will be clarified in the form of BIP

Code audit — — Currently 1/2

So far, the smart contract and the APP have been audited by Peckshield √

We will seek another code audit from another agency.

*Application layer

Apply 3 decentralized insurance solutions — — Currently 2/3

Currently, BoringDAO is covered with Cover and NSURE, and more insurance solutions will be added this year.

Front-end deployed in IPFS — — Currently 0/1

Yes, we need a more secure, and decentralized front end.

Treasury mechanism (bonus allocation, oracle payment, insurance fees) — — Currently 0/1

(Incase someone miss this: 3% of the BOR initial supply will be put into the oBTC Tunnel as initial pledge, and the income from these 6000 PP tokens will go to the Treasury; 50% of the total burning fee will also go into the insurance pool to pay the insurance cost.)

An autonomous process will be set up on how Treasury funds will be used to help BoringDAO pay for the oracle and insurance costs, and extra part will be given to BOR and/or PP Token Holders.

And there will be more : )

Based on these improvements, BoringDAO will become a real infrastructure that lasts over 100 years.

Today, 18,600,000 BTC have been mined, but less than 160,000 BTC have tasted the charm of Ethereum and DeFi, and even less than 1,000 BTC have explored the form of fully decentralization and secured oBTC. It’s a huge market, and there’s so much we can do.

In fact, we are confident that BoringDAO will enable 1,000,000 BTC to travel freely between Ethereum and Bitcoin, allowing the world to witness a completely decentralized, secure, and programmable Bitcoin! BoringDAO Tunnel will always stay solid and stable.

Fasten your seatbelts. See you in 2121!