The Team from Boso Tokyo & Solana vs Elrond
In This Issue
- The team from Boso Tokyo discusses their Generative NFT collection.
- David has a report for you on Elrond (eGLD) vs. Solana.
Premium members also get the following:
- My latest portfolio updates
- Rekt Capital has the latest technical analysis for you on the market.
- Rebecca has all of the latest news for you.
- Upcoming NFT drops
- Defi Dad has a tutorial for you on how to earn ETH in a stETH options vault without risking your deposit.
- Jesse has a ton of hot new airdrops for you.
- Hot new token sales.
- Rebecca breaks down this week’s trending coins.
- Jesse has a deep dive for you on Lido DAO.
And much more!
Boso Tokyo Inverview
For anyone not familiar what is Boso Tokyo?
BOSO TOKYO is an NFT brand that is building avatars that can be used as a common identity in the metaverse. As a generative NFT, BOSO TOKYO uses algorithms to create random combinations for each avatar’s body, face, clothing, accessories, and other parts.
Hidetaka Tenjin, the illustrator of Gundam, Star Wars mecha illustrations, and Macross, has joined BOSO TOKYO as the main designer and is working on creating the avatars.
Afromance, Co-Founder of Burning Japan and foam Bubble Party Tokyo, is acting as creative director .
On top of that, an all-star team of crypto and NFT specialists along with top Japanese creators have gathered together to deliver a true and authentic NFT collection from the heart of Tokyo.
What is the vision behind Boso Tokyo?
BOSO TOKYO is an original brand of avatars from Tokyo. Unlike the many Japan inspired anime and video game inspired NFTs on OpenSea, BŌSŌ is bringing forth a completely original collection. Simply, we wanted to send out to the world quality NFTs from Japan.
“It is clear that the Japanese are very good at making unique and original content and culture, but it is evident that Japan’s economic competitiveness is going down the drain. This is a fact. There is no way to deny it”, Tenjin mentioned the other day: “We need to start sending Japanese content out to the world now. It’s now or never.” This is the time for Japan to use the power of its contents and IPs to go out into the world to gain global recognition.
The word “BOSO” comes from “Bosozoku”, Japanese motorbike gangs. These gangs would cruise together in the hundreds, riding customized motorbikes designed to make loud noises. In Japanese, “BOSO” means to “not give a damn” and that is their motto while riding their bikes. Bosozoku was in a way a “symbol of freedom”.
Inspired by the budding independence of these gangs and their search for freedom, BOSO TOKYO, has adopted their way of culture into the NFTs.
Can you tell us a bit about the artist behind Boso Tokyo?
Tenjin is a legendary creator and artist from Japan, a master of robot mecha productions and acts as mecha designer, illustrator, and art director in countless projects. He is a seasoned professional in the field of plastic models, box art, and game animation production. Even in CG expression, Tenjin is known for drawing a narrative on screen, by consciously expressing the brush feeling and touch.
Tenjin – “I am taking on this new challenge with very high expectations. BOSO TOKYO will be, I hope, a massive opportunity for people from around the world to once again recognize the uniqueness of Japanese culture. We hope that this project will be the catalyst for a new movement. A new movement that sweeps the world and proves that the culture we possess will have a great impact on the generation to come.”
Tenjin said of the 10,000 pieces, “They are all truly unique and I honestly love each and every one of them. It’s like we’ve generated 10,000 children. It’s like we’re looking for parents who will take care of them. I hope that we can become a big family together and walk together, all of us, with the same vision.”
Can you tell us what revving is?
BŌSŌ TOKYO wants buyers to keep their NFTs for a long time. For this reason, we offer a NFT staking (revving) function.
When NFTs are staked, the RPM (revolutions per minute) increases according to the holding period, and a reward is given when a certain RPM is reached. When an NFT is sold, the RPM will be transferred to the next buyer.
In addition, a 3D model is currently being created as a reward for staking NFTs. Some of the rewards we have already announced include NFTs of the 3D avatars we are currently creating, NFTs of Tenjin’s new artwork, and 3D avatars that can be transported into the Metaverse.
Once the staking is launched, BŌSŌ believes that the percentage of long-term holders will increase, and also that it will help decrease the selling pressure of the BŌSŌ NFTs.
It is simply the relationship between supply and demand. Increased demand for a smaller supply, will keep NFT floor prices high.
Beyond just cool art, what is the reason to hold a Boso Tokyo NFT?
BŌSŌ TOKYO wants to provide solid value to its holders.
1. Limitless rights to our IPs
You own the NFT, you own the IP rights. Simple as that. You can use the NFTs for any commercial use, advertisements, or even rent it out without restrictions.
2. Exclusive Community Access
Holding an NFT grants the holder exclusive access to the community and events. NFT holders will also be able to vote in BOSO TOKYO DAO and receive a variety of other benefits.
3. Metaverse Avatar
The BOSO vision is to provide holders with an identity defining avatar in the digital ecosystem. To realize this, BOSO will distribute 3D avatars of their NFTs. Are you Metaverse ready?
BOSO will hold large-scale events to promote the BOSO culture to the world.
Some of the Key figures in the Web3 and Crypto industry have already sympathized with the BOSO TOKYO concept and joined as partners in this project. We will make announcements as we go down the road. Stay tuned.
Who are your biggest partners and how are they helping you?
BŌSŌ TOKYO believes that Web3 is all about inclusivity.
BŌSŌ have announced partnerships with global crypto currency exchanges Bybit, MEXC, GATE and NFT marketplace OVO to gain recognition from around the world.
These collaborations are important in the sense that they help us expand the reach of our NFTs beyond industry boundaries.
Please look forward to announcements of new collaborations in the near future.
What is the long term vision for Boso Tokyo?
The word “Metaverse” is said to be a term first used in the 1982 science fiction novel Snow Crash, and has existed long before the birth of Bitcoin.
However, without blockchain technology, “unique identities” in the digital world would not have worked. People could just simply copy-and-paste. NFTs and blockchain technology solves this problem. In a digital world, or metaverse, the establishment of the self is made possible only with NFTs.
BOSO believes that when the era of parallel metaverses become the norm, it will be important for individuals to be able to build identities or avatars that can be recognized across all digital worlds.
That is why we are taking extreme measures to refine the avatars. The team is inspecting each and every one of them to ensure quality, as they will become the soul of our users in the metaverse.
Elrond (eGLD) vs. Solana (SOL) by David
Elrond and Solana are two popular cryptocurrency blockchains competing to become the primary Web3 blockchain commerce ecosystem of the future. This article will give a comparison overview of each, offer helpful data for potential investors, stakers, and validators, and propose high-level positives and criticisms of each project. Let’s go!
What are Elrond and Solana
Elrond and Solana are both decentralized, proof of stake (POS), layer one blockchain protocols. Both support DeFi, NFT marketplaces, decentralized exchanges (DEXs), gaming, metaverse and payment dApps. Both are competing to become the primary Web3 blockchain commerce ecosystem of the future with high scaling, fast transactions, and low fees.
- Elrond hopes to be “the Internet Scale Blockchain”. The technological centerpieces are a “secure proof of stake” consensus mechanism (SPOS) and scaling via adaptive state sharding. Elrond’s native token is EGLD. Elrond was created in 2017 by Beniamin and Lucian Mincu. The protocol was publicly launched in 2019. The Elrond Network is a private company that supports the network’s development and is staffed by the founders along with another 23 technology and business professionals.
- The Solana protocol is considered one of the most technically advanced in the industry due to its hybrid POS and proof of history (POH) consensus mechanism. Solana was created in 2017 by Anatoly Yakavenko. Its official Mainnet launch occurred in early 2020. Currently, the Solana Foundation supports the protocol’s open-sourced infrastructure and development. This foundation is composed of multiple Silicon Valley technology leaders and experts.
How do Elrond and Solana Work
Both Elrond and Solana utilize a mix of technologies to achieve relatively high scaling, fast transactions, and low fees. However, they each deploy different types of technologies to achieve their intended effects. Let’s look at the details.
- Elrond utilizes adaptive state sharding for increased scaling and a SPOS consensus for speed and security. These two technologies work in tandem and have resulted in Elrond currently achieving a 15,000 transactions per second (TPS) capacity with an average cost of $.001 per transaction.
- Adaptive State Sharding: Allows Elrond to scale because the blockchain silos key processes (accounts, smart contracts, etc.) into separate “shards”. Separating the workload reduces latency, which allows the blockchain to take on more work.
- The SPOS consensus mechanism works like a traditional POS mechanism (e.g. they both select staked validators to propose new blocks to the blockchain), but with a few differences. First, the SPOS system assigns validators to work specific shards. Second, the system uses a special algorithm that randomly selects validators in each shard to propose that shard’s block. And third, SPOS then securely merges these separate shard blocks back together into one common blockchain ledger. Elrond currently hosts 3200 active validators.
- Solana utilizes a hybrid POS and POH consensus mechanism. Please see here for an in-depth analysis concerning consensus mechanisms, POS, and POH. This hybrid system seems to be producing its intended effect because Solana currently has a 50,000 TPS capacity with an average $.00025 transaction cost.
- Proof of Stake: Solana implements a fairly standard POS. Solana’s 1,895 validators are randomly selected to propose the next block. A validator’s chances of being selected are proportional to the amount of SOL staked. The other validators either accept or reject the proposed block; and if verified, the chosen validator receives a reward. Delegators (anyone who holds SOL) are free to stake with any validator they like.
- Proof of History: Solana produces fast transactions because POH allows validators to efficiently and quickly verify the proper ordering of transactions with each other. Every validator runs a “cryptographic clock” that runs in unison with every other cryptographic clock on the network. These clocks are synchronized because every validator must commit only one CPU to run the SHA-256 algorithm continually to keep time.
- Single Global State: Solana’s hybrid approach creates a blockchain with no need for additional layer two or sharding solutions. Solana states that this single global state creates efficient and seamless communication across the blockchain with no fragmentation.
Elrond vs Solana – Products
Both Elrond and Solana support NFT and DeFi marketplaces, decentralized exchanges, gaming, metaverse, and payment dApps. However, the development rates between the two are drastically different.
- NFT Marketplaces: Total of 223K NFTs minted and available for trading across 7 marketplaces.
- DeFi and Lending: Market cap of $163M locked on 1 DeFi project, the Maiar Exchange.
- Decentralized Exchanges: Maiar Exchange is the major DEX in the ecosystem. Although there may be more.
- Metaverse dApps: Collaboration with Netvrk to develop Elrond’s metaverse ecosystem. High anticipation for release of Metaverse game Cantina Royal.
- NFT Marketplaces: Market cap of $970M, 5.7M NFTs, with a $1.5 average mint cost.
- DeFi and Lending: Market cap of $2.1B locked across 73 DeFi projects, with an $.18 average transaction fee.
- Decentralized Exchanges: Solana currently hosts multiple decentralized exchanges including Solanium, ALF Protocol, and Enrex.
- Web3 Gaming: Solana has a growing Web3 gaming portfolio that currently includes Star Atlas, Aurory, and Panzerdogs.
eGLD and SOL Tokens and Tokenomics
eGLD and SOL are the native tokens for Elrond and Solana, respectively. Both are used for transactions, paying for network fees, staking, validator and staking rewards, and governance. However, there are some differences with concerns to adoption and tokenomics.
- Ranked #44 in market cap at $1.3B.
- Intended as more of an electronic store of value. Hence the name. So, the token is designed to have a relatively tight max supply with a current circulating supply of 22.9M eGLD, and a total max supply capped at 31.4M. That max supply will be reached in 2031. The newly minted coins are released into the ecosystem via validator and staker rewards.
- Ranked #9 in market cap at $15B.
- Inflationary token with no fixed max supply. Current circulating supply of 345M. Although no max supply, SOL’s inflation rate operates on a fixed schedule. As of late 2020, SOL’s inflation rate is 8% annually, decreasing by 15% every year, until SOL hits a 1.5% inflation per year, which it will maintain for the long term. The newly minted SOL are dispersed into the ecosystem via staking rewards to validators, delegators, and general stakers.
Both Elrond and Solana are vying to become the premier blockchain commerce ecosystem of the internet. Both prioritize scaling, fast transactions, and low fees. However, each utilizes different technologies, has relatively different performance statistics, and has different positives and criticisms.
Elrond has an excellent development team and great tokenomics. But so far, its ecosystem seems to be underdeveloped. Solana’s performance statistics are through the roof, and it boasts a very rich metaverse ecosystem. However, system-wide outages over the past two years have cast genuine doubt over the soundness of its technology and ability to scale.
Solana is currently in the lead, but only time will tell which one might achieve global dominance.
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Lark and the Wealth Mastery Team
TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.