BogTools aims to provide users with decentralized code execution and on-chain oracles. On the Binance Smart blockchain.
Introduction
BogTools.io is a unique platform that offers BSC (Binance Smart Chain) smart contracts with sound tokenomics. It comes with a revolutionary mechanism that will completely transform the way people interact with decentralized exchanges and BSC tokens. Each transaction that takes place with the native token of the project “$BOG” executes commands on the Binance smart chain network by prompting the smart contract. The process is carried out on the basis of the information obtained from the BOG transactions connected with the load-balancer which calls different BogTools when required.
Key Features of BogTools.io
Verifiable On-Chain Randomness: BogTools.io offers a verifiable and simple to use real randomness on-chain on which the next-generation DApps can rely.
Low Fees Powered by BSC: Users only need to pay for the gas they actually use to maintain their BogTool deployment. Moreover, a very little percentage on top in order to support and compensate the BogTools developers and ecosystem.
Easy and seamless integration of BogTools suite of oracles: Simple and easy-to-understand documentation and clean code that allows the users to easily and quickly integrate the BogTools suite of oracles.
Project roadmap
The aim of BogTools.io is to provide developers and users with a flexible environment. The roadmap of the platform evolves depending upon the needs of BSC developers. BogTools.io is a relatively new company that is developing and bringing new tools and features that the developers and users need. In fact, anyone can suggest or request new tools via email at [email protected].
Currently, the roadmap of BogTools.io is a work in progress that shows the vision of the company for 2021 and beyond. Moreover, the tools and features that the company aims to build on this technology are neither developed nor even thought of. Here’s a little breakdown of the roadmap of BogTools.io.
March 2021
Fair initial DEX offering token launch with 6 months liquidity lock
Price oracles for key pairs on BSC
Randomness oracles launch
Deployable price oracles for desired Pancakeswap pair
Free BogCharts package for each deployed price oracle
BogTools.io: A Detailed Look
In simple words, anyone including developers and retail investors can use BogTools to achieve different functionalities. Some of the BogTools that you can use currently are as followed:
BogRNG
BogTools.io has launched its verifiable randomness function on Binance Smart Chain. It’ll allow DApps on BSC to securely receive verifiably random numbers on-chain. Developers can use this tool to apply on lotteries, casino games, and ARGs. It uses an off-chain function that hashes and compares the request that a user generates along with the number already sorted on-chain. It ensures that the whole RNG process remains fair and truly random.
It’s a simple yet secure method to provide users with a random number when required on-chain. There’s no need to develop your own solution to get random numbers.
Fees
The users will need to pay a flat fee of 0.25 BOG a request currently. However, it’s expected that the fee will be pegged to a constant amount in the future when the BOG price will increase. The company also offers free credit to the people who adopt the Oracle early.
RNG Functionality
Source: BogTools.io Official
You’ll need to call the “requestRandomness” function in order to get the random number on the Oracle. Moreover, you’ll need to implement the “IReceivesBogRand” interface and once you make a request the “receiveRandomness” will be called by the system at the backend in a separate transaction.
Security Considerations
After requesting the random number, any other interaction with the system must not be allowed (until the random number is generated) in order to get the desired results.
The random number must only be provided by the Oracle contact.
If your contract requests multiple random numbers you’ll need to make sure that miners don’t exploit the contract as they alter the random number order for callback transactions.
Upcoming Feature – Bogtools’s Limit Orders
BogTools.io plans to launch its Limit Order platform on 2nd April 2021. All the users will need to hold a balance as the Limit Orders will charge a small fee in BOG. The major part of that fee will be consumed to cover the platform’s gas cost.
BogTools.io plans to add some exciting features such as Charts, Market Depth, Order Book, and some other UI elements. It will make BogTools.io your preferred and single-stop platform for all Binance Smart Chain Pancakeswap trading.
Conclusion
BogTools is one of the best smart contract platforms out there which is still emerging. The functionality that it already offers and the tools that it aims to bring will revolutionize how you interact with decentralized exchanges and BSC tokens. It truly has the potential to become the mainstream on BSC and attracts the attention of big players in the realm of crypto. Developers who are looking forward to developing new DApps using BogTools.io oracle can join the official Discord and Telegram groups to learn more and earn free randomness credit as well.
Source : cryptodaily.io
