What is Bogged Finance (BOG) | What is Bogged Finance token | What is BOG token
What Is Bogged Finance (BOG)?
Bogged Finance is a token which runs code each time it is executed for various use-cases, including real-time and historical decentralised oracles on Binance Smart Chain.
BOG is the utility token that is used for:
- Processing the Bogdabots that are deployed to the network.
- Buying and Deploying Bogdabots to the network.
- Used for governance votes to the constitution of the network.
An introduction to $BOG, BogTools and the Bogged Ecosystem.
The weak should fear the strong. (Part of our Bogged ARG)
The Bogged Token
The Bogged Token, $BOG, and associated contract are the key to the Bogged Ecosystem. All components of the Bogged ecosystem are unlocked through use of the $BOG Token.
Tokenomics:
Initial Supply of 2,500,000 BOG.
0.1% of all transactions are burnt, decreasing total supply.
4.4% is redistributed to LP Stakers, increasing TVL.
Initial liquidity has been locked for 6 Months minimum.
Once the BogTools begin shipping and the ecosystem is growing organically based on use of BogTools, the transaction fees mentioned above will be removed, and the staker rewards will be replaced with fees from the usage and deployment of BogTools.
Tokenomics
Fixed total supply of 2,500,000 BOG
There currently is a 4.5% fee on every transaction, this is split as follows:
- 0.1% is burnt (decreasing total supply)
- 4.4% is redistributed to LP Stakers
Initial Distribution
There was no presale, and no tokens were reserved for the dev team.
- 100% of tokens will be used as liquidity.
The Initial Liquidity has been locked in a contract for a period of 6 months. View Contract.
Staking
Providing BOG-BNB liquidity on Pancakeswap will give you BOG-BNB Cake-LP tokens which you can stake to earn a share of the 4.4% transaction fee distributed to stakers. In the future it will also entitle you to a portion of Bogdabot Deployment and Maintenance fees. See the Staking section for more info.
Governance
While many tokens claim to be community run, Bogged has the rails built in to enable community governance. The BogTools Fees are modifiable and once enough holders are reached we will move to using a Governance Contract that will allow the token holders to vote on any changes.
BogTools (formerly referred to as Bogdabots)
BogTools are deployable individual contracts on BSC that connect to hooks built into the Bogged Transaction System, allowing for code to be executed as transactions are made with $BOG.
As $BOG transaction volume increases the BogTools contracts will get closer and closer to running on the blockchain 24/7 - BOG is unique in that it is the first ever implementation of such a system.
BogTools can currently only be created by the team. However, there will be interfaces built to the BogTools Standard that allow deploying BogTools to perform tasks on the blockchain, similar to Uniswap/Pancakeswap pair factories.
The first such publicly deployable BogTool is On-Chain Historical Price Oracles.
How Many BOG Coins Are There in Circulation?
BOG launched with 2,500,000 coins with a deflationary model to begin with, to discourage swing trading. The launch was a fair IDO with 50 BNB and all 2,500,000 BOG locked in Pancakeswap for 6 months.
What are bodgabots?
Bogdabots are individual contracts deployed on BSC that connect to hooks built into the Bogged Transaction System, allowing code to be executed as transactions are made with $BOG.
As $BOG transaction volume increases the Bogdabot contracts will get closer and closer to running on the blockchain 24/7 - BOG is unique in that it is the first seen implementation of this, partially due to the low gas fees allowed by BSC.
What are the bogdabots that are deploying?
The first product is BogCharts which will be targeted towards developers of brand new coins who are not able to use any centralised services for price charting.
This will take the form of a deployable On-Chain Bogdabot Oracle to monitor the price of their token, paired with a UI package for charting the oracle data that they are able to self-host on their token website.
These deployable oracles will cost an ongoing $BOG fee to use, depending on price accumulation period and other factors. This fee will be fed back into the BOG ecosystem as rewards for holders/stakers.
On-Chain Historical Price Oracles
Oracles on Bogged allow you to get any information on the Binance Smart Chain, in an on-chain, decentralised and frequently updated manner.
This is achieved by deploying a BogTool contract which is able to record and store the price of any asset-pair whenever a $BOG transaction occurs.
They can then be used to access reliable current & historical data.
We have a simple implementation of this on our website in the form of a price tracker. This also leads us into our next formal product announcement, BogCharts.
Announcing BogCharts
As all our early adopters know, it is very hard to get a price chart early on in a tokens lifetime, despite it being potentially crucial for the confidence of the early investors. The main BSC charting websites are centralized, not always up to date, and very often require you to hold a substantial balance of their tokens to view the charts.
The first BogTool product we are announcing to make use of our On-Chain price oracles is BogCharts which will be targeted towards developers of brand new coins who are not able to use any centralised services for price charting.
This will take the form of a deployable On-Chain BogTool Oracle to monitor the price of their token, paired with a UI package for charting the oracle data that they are able to self-host on their token website.
These deployable oracles will cost an ongoing $BOG fee to use, depending on price accumulation period and other factors. This fee will be fed back into the BOG ecosystem.
Whats next?
Allowing contracts to effectively run constantly on the blockchain without any off-chain input allows for some interesting fully-decentralised possibilities.
One example of this would be limit orders and stop losses for Pancakeswap.
Another would be automatically tethering up when whales move large amounts into exchanges.
Our current focus will be expanding on the Oracles and allowing people to deploy their own, and we can’t wait to see what people will build upon these. After this we will visit some of the other possibilities.
In addition to the BogTools Ecosystem, we continue to build out the Entertainment portion of the Bogged ARG. With new upgrades, gamification, and more to keep users and holders engaged with the protocol.
Bogged Alternate Reality Game
Stage 2 for the Bogged ARG involves the release of the Sminem Token. Users will be able to claim Sminem by staking their Bogged LP for 24 hours, from the Sminem Pool.
The Sminem Release will take advantage of BogTools by removing the existing $NGMI BogTools contract to replace it with a new $NGMI contract which fits into the new rules of the Bogged ARG.
Sminem allows users to avoid receiving $NGMI when selling $BOG on pancakeswap, a useless curse-token that is untransferable. This is done at risk of losing the Sminem to death (burnt) or the pool, where he will be claimed by another user.
We feel the ARG is an exciting and innovative way of maintaining our userbase as we deploy our technology to the Binance Smart Chain. The Bogged ARG is an optional part of the Bogged ecosystem, that we are still very much committed to. The ARG incentivises users to make transactions in $BOG which is beneficial to the ecosystem as more transactions provide more computing power to the BogTools contracts.
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How and Where to Buy Bogged Finance (BOG)?
BOG has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy BOG
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since BOG is an altcoin we need to transfer our coins to an exchange that BOG can be traded. Below is a list of exchanges that offers to trade BOG in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase BOG from the exchange.
Exchange: Pancakeswap
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once BOG gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ https://www.binance.com
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Find more information BOG
☞ Website ☞ Explorer ☞ Social Channel ☞ Social Channel 2 ☞ Coinmarketcap
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