BogTools: Deployable Smart Contracting Oracles with Contract Execution Functionality

BogTools is a BEP-20 smart contract that provides decentralized on-chain oracles and code execution on the BSC blockchain. In the coming days, the team will begin deploying several different BogTools.

By
BSCNews
on
March 21, 2021
Category:
Project Insight

What is BogTools

BogTools is a BEP-20 smart contract which provides decentralized on-chain oracles and code execution on the BSC blockchain. Every BOG token transaction allows the oracles to observe events on the blockchain and execute code accordingly.

bogtools.io  |  github.com/bogtools  |  twitter.com/bogtools  |  reddit.com/r/bogtools

BogTools examples

In the coming days, the team will begin deploying several different BogTools as a proof-of-concept. Some of the tools that are planned for the upcoming release include:

BogCharts: BogTools oracles provide live price updates for any BEP-20 token to produce feeds and charts which can be presented on any website. Current charting solutions on BSC lag behind the true price and may require the purchase of tokens to access. With BogCharts, chart deployers will pay a fee in order to establish the Bogtool for their coin. This shifts the price off of retail investors and allowing quicker and more widespread access to price updates.

BogLimit: The on-chain oracles will, for a small fee, allow users to place limit orders on Pancakeswap and other BEP20 DEXes. These orders execute in the same transaction as the oracle price updates. Meaning limit orders can be fulfilled as soon as the token price reaches the designated amount, unlike other solutions, which may miss out on orders if the transaction cannot be submitted and mined in time. Daily trading volume on Pancakeswap recently surpassed $1.29 Billion USD, thus overtaking the most popular DEX on the Ethereum mainnet, Uniswap.

ARG: BogTools allows gamification of any token by executing code on the blockchain. BEP-20 token creators will be able to add interesting and exciting game elements to their transactions. Bogged, a proof-of-concept ARG, has already had its first and second phases deployed. It involves an ancillary token (NGMI) sent to BOG sellers and Sminem a tradeable, customizable NFT that prevents the accumulation of NGMI tokens. Further phases of the ARG will involve both of these tokens and more game elements.

NFT Marketplace: A space for NFTs to be minted and traded. NFTs may not only have speculative value, but can use BogTools to interact with other tokens and NFTs. The first NFT set, Sminem, has already been distributed, and further sets are in the works. BogTools NFTs use BogTools to execute contracts for potential gamification and other features which produce value. For example, certain NFTs could give discounts on a product, give access to exclusive areas of a website, or allow owners to purchase other, rarer NFTs or tokens.

BogRNG: A verifiable random number generation using a cryptographically secure off-chain function will be sent to the oracle when a user requests randomness. The off-chain oracle will callback the requester with the random number. It can be hashed and compared with the number already stored on-chain to ensure the random number has not been manipulated in response to the user request. This can be used for many scenarios: ARGs, casino games, lotteries, and more.

Tokenomics

Initial supply 2,500,000 BOG. Current supply is about 2,400,000 BOG, with 2,000 current holders. Current market cap $3,400,000 USD.

Currently, the tokenomic model includes a 4.5% fee on all transactions: 4.4% is distributed proportionally to liquidity providers, and 0.1% is burned. As BogTools are deployed, transaction fees will be reduced, and the liquidity staking rewards will instead come from fees to BogTools deployers. Ensuring the token's long-term survival, the 0.1% burnrate will be reduced to zero.

The team will be deploying a load balancer to ensure that BogTools executions are spread across transactions, and the gas prices do not rise to untenable amounts. This helps prevent blockchain lag and hefty transaction fees.

Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.

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