BOBA NETWORK EDUCATION
Welcome to Boba Network education. A place where Boba is going to help you start your blockchain journey in a secure, confident and educated way. New to crypto? Not for long! Boba has created a series of articles that will cover all the major themes and topics related to this new and exciting world.
INTRODUCTION TO WEB3
Introduction to web3
Wallet Part I – Introduction
Wallet Part II – Types
Wallet Part III – Security
Investing & trading
INTRODUCTION TO BOBA
Introduction to Boba
Bridge part I – Introduction
Bridge part II – Walkthrough
GET STARTED WITH BOBA
Discover the basics of Boba Network
Set up a wallet
1. Download Metamask
To connect with Boba, you’ll need to set up a cryptocurrency wallet. A cryptocurrency wallet is an application that functions as an ‘interface’ for interacting with decentralized applications, cryptocurrencies and other digital assets on the blockchain. Metamask is currently the main wallet extension to interact with Boba.
Adding assets to Boba Network
1. Select a cryptocurrency exchange
For using decentralized applications, transferring assets or interacting with Web3 in general, you have to cover a small network fee. Depending on your preferred Boba deployment, you have to fund your wallet with crypto: ETH, AVAX, BNB, GLMR, FTM or BOBA. The first step is to purchase crypto from a centralized exchange or a fiat on-ramp.
2. Transfer assets to your wallet
Once you’ve selected and bought the preferred cryptocurrency, you can either withdraw it to your cryptocurrency wallet located on the main blockchain (L1) or withdraw it directly to a scaling solution (L2), such as Boba. So we are going to take the intermediate route. First transferring our assets out of the exchange, to our own wallet on the main blockchain (L1). In the next step we are going to bridge our assets from L1 to Boba.
3. Bridge assets to Boba Network
The final and most important step is to add assets to your wallet on Boba. If you want to move assets from one blockchain network to another, you’ll need a blockchain bridge to allow those assets to travel. In our case, we’ll have to use a special bridge to transfer our assets from our crypto wallet (on the main blockchain) to our Boba (L2) wallet.
Explore Boba Network
1. Start your journey
Congratulations! Please connect your cryptocurrency wallet with the Boba Network gateway and start exploring Web3’s most user-friendly scaling platform out there.
How to bridge to Alt L1s
How to add networks to Metamask
How to get started with Metamask
How to buy cryptocurrencies
How to get started with Boba-BNB
How to transfer cryptocurrencies
How to bridge between networks
How to do an emergency swap
How to set the transaction fee
How to Transfer to another Boba wallet
How to use an ecosystem dApp
FREQUENTLY ASKED QUESTIONS
Using Web3 can be quite intimidating from time to time. Boba is here to help with answering communities’ most frequently asked questions.
What is Boba Network?
Boba is an advanced layer 2 scaling solution that uses the Optimistic Rollup framework, to reduce transaction fees, increase throughput, and expand the capabilities of smart contracts on multiple (EVM) based blockchains. While maintaining the same level of security of the underlying blockchain, known as the base layer. Boba aims to become the universal scaling platform for all blockchains. Learn more about Boba’s vision.
What is an Optimistic Rollup?
An Optimistic Rollup is a layer 2 scaling solution that takes the transaction computation “off the main blockchain”. It enables digital assets and transactions to be passed on from blockchain’s mainnet to a separate smart contract, where data can be processed more efficiently, increasing the overall transaction throughput and preventing network congestion.
Who is building Boba Network?
Enya Labs (formerly known as Enya.ai) are the core contributors to the Boba ecosystem.
What projects are built on Boba Network?
Boba is a platform that can execute fully autonomous smart contracts based on Ethereum’s virtual machine (EVM). Meaning, developers on Boba can create decentralized applications the same way they would on EVM-based blockchain protocols. Boba is home to dozens of applications such as decentralized finance, gaming, trading, NFTs and many other services. Discover all the projects that are currently on the Boba ecosystem.
Can Boba run without its base layer?
No. Boba is a layer 2 scaling solution that relies on the security of the consensus mechanism of the underlying base layer. Boba can also be referred to as a child chain. If the underlying blockchain stops producing blocks, then Boba won’t be able to post its transaction data back to L1.
Is Boba Network safe?
Each Boba deployment is as safe as the underlying blockchain. Meaning the Optimistic Rollup framework is safe as long as the underlying blockchain itself is “live” (not actively censoring transactions). This security model is backed by a system of “fraud proofs,” whereby users are paid to reveal bad transaction results published to the Boba Optimistic based chain.
Is Boba Network a competitor to Ethereum based blockchains?
No. Boba is mostly identical to any other EVM-based blockchain. You can use the same wallet software you’re already familiar with. You can create and interact with dApps and Solidity smart contracts, just like you would on Ethereum-based blockchains. But in a cheaper, faster and smarter way. Enhanced with Hybrid Compute Boba enables a more dynamic real-time experience. The only difference is that Boba depends on the security of the underlying blockchain.
What is HybridCompute™?
Hybrid Compute is a system for interacting with the outside world from within Boba L2. Hybrid Compute makes it easy for dApp developers to incorporate the power and depth of Web2 computation and data sources into their projects, accessing real-world data, in real-time and bringing the result back atomically on-chain in a secured and immutable way. Hybrid examples: Machine learning, artificial intelligence systems, state-of-the-art gaming engines, advanced financial modeling tools, social media integrations, random number generators and more. Learn more about Hybrid Compute in the developer docs.
On which blockchain is Boba Network located?
Boba is deployed on multiple blockchains. Unlike other prominent layer 2 scaling solutions, Boba is establishing itself as the first cross-chain platform. A multichain infrastructure means that a project is deployed across multiple networks and is able to communicate with one another through cross-chain technology. Boba is currently deployed on Ethereum, Avalanche, Binance chain, Moonbeam and Fantom. Learn more about each Boba deployment.
How do I interact with Boba Network?
In order to interact with our Boba deployments you’ll have to create, fund and connect your cryptocurrency wallet to our Boba gateway. We recommend you to follow our complete step-by-step getting started guide on how to onboard onto the Boba platform.
Do I need a crypto wallet to use Boba Network?
Yes. If you want to use Boba and connect with dozens of projects, the first step is to create a Web3 wallet. This will allow you to interact with the Boba platform. One of the most popular wallets is MetaMask, which can be used as a browser extension or mobile app. Learn more about a cryptocurrency wallet and follow our step-by step tutorial on setting up a Web3 wallet.
How do I move assets into or out of Boba Network?
Boba lives inside of the underlying blockchain protocol as a series of smart contracts, known as a layer 2 scaling solution. In order to move assets into or out of Boba you have to use a blockchain bridge. You can either use the Boba bridge or a third party bridge. Discover all of our available bridges. Learn more about blockchain bridges or follow our bridge video.
Can I bridge between two Boba deployments with the gateway?
No. At the moment you can’t transfer BOBA between our live deployments using the official bridge. You can however use Symbiosis to directly swap Boba tokens between chains.
What tokens can I bridge into Boba Network?
The Boba bridge supports the following tokens: BOBA, ETH, WBTC, USDC, USDT, BUSD, DAI, BNB, SUSHI, UNI, LINK, MATIC, BAT, FRAX, FTM, AVAX, GLM, REP, ZRX, DODO, OMG, UMA. See the full list.
Is there a delay moving assets into or out of Boba Network?
It depends on which bridge you use. If you decide to move assets into Boba using the Boba bridge, your assets will arrive in less than 15 minutes. However, when you decide to bridge your assets back to the underlying blockchain, there’ll be a 7-day challenge period. Meaning your funds will arrive into your L1 wallet 7 days after you submitted the withdrawal. For moving assets out of Boba we recommend a third party bridge partner such as the popular across bridge. Your assets will usually be bridged back to L1 in less than 15 minutes, instead of 7 days. As long as there’s enough liquidity in the across liquidity pools. Discover all third party bridges deployed on Boba. Learn more about blockchain bridges or follow our bridge tutorial.
How much does a bridge transaction cost?
It depends on which bridge service you use. If you decide to use the Boba bridge you have to pay the transaction cost of the underlying blockchain. If you decide to use a third party bridge, you should expect additional costs on top of that. This is for the service liquidity pools provide.
Can I transfer my asset directly from Boba to a CEX?
Only if the centralized exchange supports Boba. Otherwise, you’ll have to bridge your assets back to the underlying L1 network, for example Ethereum. And from there you are able to transfer your assets into a centralized exchange. Never transfer assets directly from Boba (L2) to another blockchain, without the use of a bridge interaction (transaction). If you do so, your assets will probably get stuck or become permanently lost.
Can I check my transaction history on Boba Network?
Yes. All Boba deployments have their own block explorer. It allows users to find specific information about the state of Boba’s public ledger. Learn more about block explorers at our Web3 series. Boba Eth explorer, Boba Avax explorer, Boba BNB explorer, Boba Beam explorer, Boba Opera explorer.
Does Boba Network have a native token?
Yes. The Boba foundation launched its native network token called BOBA. It’s an Ethereum based token, also known as an ERC20 token. Meaning that it’s compatible with all the EVM-Blockchain protocols such as Ethereum, Avalanche, Binance, Moonbeam and Fantom. You can find the official token contact here.
What is the purpose of the BOBA token?
BOBA is designed for serving specific use cases in the Boba ecosystem. We at Boba, are always striving to add more utility and expand the token capabilities to its full potential. BOBA can be used for governance, pay network fees, ecosystem growth and much more. Learn everything about BOBA’s use cases.
Where can I buy the BOBA token?
BOBA is available on most of the major markets, both centralized and decentralized. BOBA can be bought directly with fiat or swapped for digital assets. Learn more about cryptocurrencies or follow our step-by-step tutorial on buying crypto.
How many BOBA tokens are there?
It depends on which Boba deployment you are using. Each underlying settlement layer has its own transaction costs, which means that each Boba deployment has a different security cost to successfully run the network. In general a Boba deployment is 10x to 60x cheaper than its underlying settlement layer. You can check the amount of gas you’re saving on Boba using L2 fees or the Boba gateway.
Do I need to pay for gas on Boba Network?
Yes. To transact on the Boba platform, you are charged a fee. Network fees on all Boba deployments can be paid in BOBA or protocol’s native token such as ETH. We implemented a “dual fee system” where the user has the freedom to choose their preferred payment.
How much does it cost to transact on Boba Network?
It depends on which Boba deployment you are using. Each underlying settlement layer has its own transaction costs, which means that each Boba deployment has a different security cost to successfully run the network. In general a Boba deployment is 10x to 60x cheaper than its underlying settlement layer. You can check the amount of gas you’re saving on Boba using L2 fees or the Boba gateway
Can I cancel transactions on Boba Network?
No. A transaction cannot be canceled once it successfully has been submitted.
Is it possible to swap tokens on Boba Network?
Yes. Depending on which Boba deployment, we offer a variety of popular and native swapping options. Such as sushi, firefly, unidex, oolongswap and much more. Discover all the trading services at the Boba dApps page.
Can I create my own ERC20 token on Boba Network?
Yes. If you have the knowledge of deploying a token contract, you are good to go!
Does Boba Network support NFTs?
Yes. Boba is completely NFT compatible. Meaning it supports the ERC721 token standard. Which is the standard for representing ownership of non-fungible tokens. You can discover all the available NFT marketplaces on our dApp page and buy or sell NFTs.
Can I mint my own NFT on Boba Network?
Yes. You can write and deploy a Non Fungible Token (ERC721) contract on Boba. Learn more on deploying your own NFT minting contract.
Can I bridge my NFTs into and out of Boba Network?
Yes. But not all NFTs are bridgeable. Developers must use a specialized NFT contract to enable this functionality. Next to that, the NFT must consist of two bridge contracts, deployed on both L1 and L2. Bridging an NFT to Boba takes several minutes, and bridging an NFT from Boba back to L1 takes 7 days. Learn more on how to bridge NFTs.
Can I play games on Boba Network?
Yes. Boba created a Web3 gaming section where players can play web based games, have full control over their in-game items, collectibles and NFTs. Check out our games.
A blockchain is a digital ledger of transactions that is duplicated and distributed across a network of computer systems.
It’s a record of ownership of a digital asset.
A blockchain technology driven internet where the underlying infrastructure is based on trust and ownership of your own digital identity.
Constructing a secure communication technique that prevents third parties from reading private messages.
Decentralization (peer to peer)
Transferring control and decision-making from a central point to a distributed network.
Proof of work
Securing a blockchain network with a huge amount of processing power to be the first to solve a math puzzle.
Proof of stake
A cryptocurrency consensus mechanism for processing transactions and creating new blocks in a blockchain based on the number of coins a validator stakes.
Computers solving complex cryptographic hash puzzles to verify blocks of transactions on a blockchain protocol.
A block is a location on a blockchain where the transaction information is stored and encrypted.
A computer linked to the blockchain network, that is authorized to keep track, accept or reject transactions to a new blockchain block.
A radical change to the software of a blockchain network that will result in two branches of the network that will exist side by side.
An update to the software protocol where rules are added that do not clash with the existing rules and will not result in a chain split.
Spending a digital asset token more than once resulting in a devaluation of the asset.
A tool that you can use to interact with a blockchain network.
A program that you can install on your device and will enable crypto users to securely store their private keys. Also referred to as a hot wallet.
A physical device that will enable crypto users to securely store their private keys. Hardware wallets tend to be more secured, because your private keys never leave your device.
A piece of paper with your private keys printed out on it. Their use is not recommended and deemed obsolete because of the insecurity of method.
A string of letters and numbers that allows you to access and manage your crypto. It’s like your password. You should never share your private key with anyone.
A string of letters and numbers that allows you to receive crypto into your digital wallet. You can share your public address with anyone, it’s like your personal email address.
It’s a human-readable form of your wallet’s private key. Instead of a string of numbers and letters, it will generally contain a list of 12 to 24 words that are randomly generated by your crypto wallet.
Transfer of digital value on the blockchain. Sending it from point A to point B that only exists in an online database.
A small amount of digital value is needed to pay the miners to validate the transaction and to prevent spamming attacks.
An online tool that enables you to search for real-time and historical information about a blockchain network. This includes your digital transactions and wallet information.
Bitcoin is the first decentralized currency designed to act as money or payment outside the control of any one person.
A peer-to-peer payment network that operates on a cryptographic protocol, also known as blockchain technology.
When the rewards for Bitcoin mining are cut in half. This takes place every four years.
A secondary layer on the Bitcoin network which allows users to transact off-chain in a faster and cheaper way, but with the same security.
An attack on a cryptocurrency blockchain by a group of miners who control more than 50% of the network’s mining hash rate. It will enable them to change the ledger.
Ethereum is a decentralized blockchain platform that establishes a peer-to-peer network that securely executes and verifies application code, called smart contracts.
Ether is the native gas token for the Ethereum blockchain. It is used to pay transaction fees and to distribute mining rewards.
It is an upgraded version of the Ethereum blockchain, switching consensus mechanism from a Proof of Work to a Proof of Stake model.
Ethereum 2.0 will use a new method for distributing data across multiple places (shards). Every shard has its own data.
A computer program that runs on blockchain technology that is intended to automatically execute when a user submits a transaction to trigger its executive function.
A second layer that runs on top of a blockchain protocol that improves the speed and efficiency of the underlying blockchain.
A cross-chain bridge connects two blockchain protocols and allows users to send cryptocurrency from one chain to the other.
Boba is a multichain scaling solution that delivers a faster, cheaper and smarter experience for interacting with Web3.
Executing Boba’s scaling infrastructure on multiple blockchain deployments.
Accessing real-world data, in real-time and bringing the result back atomically on-chain in a secured and immutable way.
The process of decentralized gaming where the ownership of gaming assets is not controlled by a central authority.
The metaverse is a hypothetical iteration of the Internet as a single, universal and virtual world.
A non-fungible token (NFT) is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded on the blockchain ledger.
A place where a user can purchase digital assets in a centralized way, meaning the exchange is controlled by one entity that sets up the rules.
Decentralized exchange (DEX)
A peer-to-peer (P2P) marketplace that connects cryptocurrency buyers and sellers in a non-custodial way, meaning a user remains in control of their assets.
A liquidity pool is a collection of digital assets accumulated to enable trading on a decentralized exchange (DEX).
A decentralized autonomous organization constructed by transparent rules, controlled by members that has no central government power.
A digital token that is being pegged to a commodity that has a relatively stable price.
An altcoin is an alternative digital currency to Bitcoin. In other words, it refers to a group of all the cryptocurrencies other than Bitcoin.
A cryptocurrency that is created by memes and internet jokes.
The token economics, that is based on the use, value, distribution, supply and demand.
A roadmap is a visual representation of the strategic plans to accomplish a vision.
The total value of all coins in circulation. To calculate the market cap, you have to multiply the circulation supply with the current price of a single coin.
The number of coins or tokens of a specific cryptocurrency that are publicly available to buy or sell.
The maximum amount of coins that will ever exist in the lifetime of the cryptocurrency.
A market that is defined by a prolonged rise in investment prices.
A market that is defined by a prolonged drop in investment prices.
Technical analysis (TA)
The process of examining current and historical price trends to predict future price movements of assets.
Use lended money to trade with more capital than what you currently own.
Selling a cryptocurrency, and expect to buy it back later for less money.
Buying a cryptocurrency, and expect to sell it later for more money.
Yield is the income returned on an investment, such as the interest received from staking a crypto currency. Sometimes referred to as APY %.
Decentralized Finance, a way of using a new financial system where the current banking system is challenged.
Centralized Finance, a way where banks and other financial institutions control the money movement between parties.
KYC means Know Your Customer and sometimes Know Your Client. KYC is the mandatory process of identifying and verifying the client’s identity when opening an account.
A term also used in traditional markets meaning some information that is not common knowledge that could give an edge to a trader or investor.
An Ape is someone who buys a token or NFT soon after launch without doing any research in the project.
All Time High – The highest price a cryptocurrency has previously reached.
Bag / Bagholder
When someone buys an amount of tokens they own a “bag” of the crypto. If the price drops and the person continues to hold throughput a bear market they are known as a bagholder.
Buy the fricking Dip! – is often used to encourage people to buy a token or asset when the price drops, hoping to take advantage when it rebounds.
Diamond Hands / Paper Hands
Diamond hands is where someone has absolute faith in the future of an asset and will not sell, despite whatever the market is doing. Paper hands is the opposite, where someone panic sells their asset at the first sign of a market downturn.
A degenerate. Similar to an Ape, someone who apes into projects with little research repeatedly and / or doesn’t care about the merits or risks of a project, hoping to make a quick speculative profit.
A very small amount of a crypto currency held by a user, often from after making a transaction that doesn’t quite use up the whole amount a user owns.
Do Your Own Research. – Advice given to investors to do their own research rather than just following someone else.
The term used for the possibility of Ethereum overtaking Bitcoin in market capitaliZation.
Fear Of Missing Out – Refers to a traders fear they may be missing out on an opportunity to buy an asset before the price rises. To FOMO into a trade is usually based on emotion rather than research or reason.
This stands for Fear, Uncertainty and Doubt. The term is usually used when negative news about a crypto circulates, often as a deliberate attempt to drive the price of an asset down. Especially used when the negative news is fake news.
GM / GN
GM stands for “Good Morning” and it’s the way the crypto community starts their day on social platforms. GN for goodnight for signing off at the end of the day.
This term originated as a typo on a post on the Bitcointalk forum in 2013 with the subject “I AM HODLING”. It is used now to indicate someone is “hodling” a crypto, despite any market downturns, similar to Diamond Hands.
An abbreviation for Lamborghini. Often used ironically by investors asking when their investment will be worth enough to buy a new Lambo, e.g. “When Lambo?”
Short for “Let’s Fricking Go”. Used when someone is excited about a project or market conditions.
Someone who believes that their single cryptocurrency is the only one of any value and all others have none or are scams.
When a cryptocurrency is rising in price with a strong upward market trend, the moon is given as the target for the price. If a crypto is skyrocketing in price it an be said to be “mooning”.
Not Gonna Make It – used as a derogatory term for someone that makes what is seen as a bad decision, e.g. someone who is against crypto or someone that makes bad trading decisions such as selling at the bottom of a market.
Someone that promotes a cryptocurrency while having a vested interest in it, often to try to create excitement or hype with the hopes of driving the price up of their own investment.
This stands for “We’re All Gonna Make It”. The opposite of NGMI, WAGMI is used when someone is excited about the future prospects for a cryptocurrency and believes that all holders will “make it” when it rises in price in the future.
Someone with a large amount of a specific cryptocurrency. The amount held is large enough to have a significant impact on the market if they were to sell their coins.