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Bacoor: Digital Asset Management through Smart Contracts
The story of Yuma Okuda’s company, Bacoor, has a sense of nostalgia, dating back to his student days. Like every kid, Okuda also was fascinated by online video games, one particular MMO game that had in-game currencies for users to trade. He frequently helped his friend with homework to earn in-game currencies; that was his level of allurement for the game. But soon, the gaming company ended its services, and Okuda’s fascination was redirected towards ‘Bitcoin,’ a cryptocurrency that was growing in ranks. Because he thought that no company can terminate Bitcoin. Okuda was amazed by the blockchain technology that governs Bitcoin. After years of research on blockchain technology and Ethereum, an open source computing platform, Okuda employed his knowledge to establish Bacoor, in order to develop blockchain-based applications.
Bacoor—a Japanese blockchain connoisseur—has primarily been a part of the cryptocurrency disruption, with its HB Wallet and REAL BOOST services. While the former is a cryptocurrency wallet, the latter is a crowd-funding service, where Ethereum (ETH) is the primary currency of exchange. What makes both of these modules unique is the ability to exchange ERC20 tokens. ERC20 is a smart contract for issuing indigenous currencies prescribed by the Ethereum community. “Any user of Ethereum can issue ERC20 tokens for various finance and monetary settlements using REAL BOOST. Similarly, people raising funds can leverage the REAL BOOST service for the exchange of their own ERC20 tokens,” explains Yuma Okuda, COO and CTO at Bacoor.
Bacoor maximizes the diversity and flexibility of the Ethereum ecosystem and Smart Contract technology to implement various functionalities such as transaction detections of ETH
Additionally, users can create their own cryptocurrencies and utilize HB Wallet to manage them. Supporters and beneficiaries can provide ETH to the cryptocurrency creator, and depending on the amount of ETH received, equivalent currencies are sanctioned. For example, a musician named Alice can create a currency called Alice Coin using ERC20 tokens to allow fans to purchase her songs. Along the same lines, tokens on the Ethereum platform can represent various commodities and exchangeable resources.
Bacoor maximizes the diversity and flexibility of the Ethereum ecosystem and smart contract technology to implement various functionalities such as transaction detections of ETH and ERC20 tokens, asset management, and distribution of ETH to different addresses at fixed rates. Smart contracts also mandate the exchange rates for issued tokens by currency exchanges and govern the distribution of ETH according to the number of tokens possessed by an individual or an organization. The company employs QR codes to aid the exchange of tokens and ETH with smart phones, serving the utility of instant QR generation and scanning for efficient transactions. Owing to the decentralized model of blockchain technology, smart contracts secure all communications through encrypted data types within peer-to-peer network through HB Wallet.
An overhaul of HB Wallet and REAL BOOST is already in the works, parallel to the company’s efforts of training engineers in blockchain technology for various applications. “We plan to establish a blockchain research institution with municipality in Kurate-cho, Fukuoka prefecture in Japan,” emphasizes Okuda and further adds that Bacoor aims to replace paper contracts with smart contracts. The company extends this ideology towards potential blockchain applications and has taken up an initiative to resolve the resale of box office tickets using blockchain and smart contracts. Bacoor promotes the development of a cashless and paperless transaction ecosystem fueled by the blockchain technology, all the while offering a secure and convenient channel for monetary transactions.