Community Empowered Education.
Communities use Bora DAO to fund the education of future leaders. Transparent and community operated, Bora DAO is the future for funding education for those that need it most.
How It Works
A student requiring a loan will be onboarded to the Cardano blockchain by creating a DID (Decentralised Identifier) as part of KYC (Know Your Customer). After passing the KYC process, the student will be issued sBORA and welcomed to the BORA DAO community.
To qualify for a loan, a student must create and submit a proposal to the BORA DAO for the community to evaluate. Proposals submitted will be reviewed and presented to the community to vote for funding approval.
Bora Community Advisors review the proposals submitted. Bora Community Advisors will consist primarily from students with existing loans obtained from BORA DAO in previous rounds. Further, a community advisors is anyone who participates in the community to develop, assist, advise, or improve the project. Bora Community Advisors are incentivised to present high quality proposals for voting because the loan default rate affects the whole community – a high default rate will raise the interest rates on all loans that have to be repaid.
The BORA DAO treasury is funded via stablecoins deposited to BORA DAO loan vaults. Providers of stablecoins will be issued vBORA and will receive the bulk of the revenue obtained from the interest on loans issued. vBORA holders will vote and will approve funding for the proposals presented by students. vBORA gives the providers of liquidity (users that deposit stablecoins in to BORA loan vaults) the ability to decide where their provided capital will be deployed. Proposals approved will be funded from the BORA DAO treasury, students receiving funding will become Bora Community Advisors and will participate in the community.
BORA DAO will be open source so any community anywhere can create a sub-DAO and have the tools to operate and manage funds for students requiring loans. Communities use Bora DAO to fund the education of future leaders. Transparent and Community operated, Bora DAO is the future for funding education for those that need it most.
The Bora protocol will have 3 tokens in our ecosystem:
$BORA will be the main native token of the BORA protocol. $BORA will be used to reward users for performing different activities (review proposal, vote on proposals, stake stablecoins, etc) on the BORA DAO network. $BORA holders can stake their $BORA to receive vBORA and share in the revenue from transaction fees and interest on loans issued.
vBORA will be used for governance of BORA DAO. vBORA can be obtained by staking $BORA and/or providing stablecoins (liquidity) to the BORA protocol. vBORA holders will have the power to vote and approve funding for the proposals presented by students. vBORA gives the providers of liquidity (users that deposit stablecoins in BORA Vaults) the ability to decide where their provided capital will be deployed. Providers of liquidity will receive the bulk of the revenue obtained from interest on loans issued
sBORA will be used to incentivise community participation and to bring transparency and quality assurance to the protocol. Community advisors and students that complete KYC will receive sBORA. Any student that submits a loan proposal request through the protocol will be required to hold a proportional amount of sBORA to the value of the loan requested. To receive additional sBORA and thus increase the size of the loan available to the student, the student will have to be active in the DAO community. Members of the community can also “delegate” their sBORA to a student proposal to increase the loan size and to ‘vouch’ for another student on the protocol. The more actively involved with the protocol a student is, the greater the loan amount they can take out.
Bora protocol takes inspiration from Cardano’s Project Catalyst program. Similar to Project Catalyst, the Bora protocol will have Proposers, Voters and Community Advisors to manage the distribution of funds to students around the world. Furthermore, the Bora protocol will operate as a DOA. The Bora community will govern and operate the Bora protocol thru voting with vBORA.
Bora’s vision is to fund the education of future leaders through community driven DAOs (Decentralized Autonomous Organization) funded by the value on the blockchain in cyberspace.
Bora will bring financial inclusion, accessibility, and sustainability to students all over the world.