In line with the vision of creating a decentralized on-chain economy for international migrants, expats, and diaspora communities, dua.com announces a strategic partnership with BOBA Network – an L2 Optimistic Rollup to use its Layer 2 capabilities for DeFi and its unique Turing Hybrid Compute for a token reward system based on off-chain user reputation.
dua’s Pivot to Web3
dua.com is a Web2 Swiss-based startup building an ecosystem. Here, globally fragmented communities can reconnect and transact with their families and friends. That all happens based on their cultural, social and financial needs.
While still in Stealth Mode, dua raised USD 4M in a Series A round. Dua also announced plans to tokenize our 5M+ users through cryptocurrencies and decentralized technologies.
The dua ecosystem comprises two matchmaking apps: dua.com and spotted.de, currently serving over 5M users worldwide.
In today’s state of technology, instant and global access to financial tools shouldn’t be a topic. Given the current limitations of traditional and centralized financial services, real change and impact can only be achieved through dApps. These allow global and instant transfer of value securely thanks to a set of smart contracts. By pivoting to a more decentralized economy, we bring our community’s experience to the next level.
Through DUA, we aim to bring our communities into Web3 and DeFi. This way, enabling them to interact effectively as part of a global virtual economy.
What is BOBA and how will it benefit dua.com?
With Boba Network, you can experience blockchain transactions and fees at light speed.
Starting as an Ethereum Layer 2 Optimistic Rollup solution, Boba Network saw the endless possibilities in improving other blockchains and their ecosystems.
Today, Boba Network is the first Layer 2 solution to extend its technology to other EVM-compatible Layer 1 chains, such as Moonbeam, Fantom, Avalanche, and BNB Chain.
Boba will enable dua, as a Web2 platform pivoting to Web3, to deploy in-app solutions on-chain with low fees and fast transactions and take advantage of Hybrid Compute, which allows developers to create advanced algorithms that are typically too expensive to run on-chain, enabling full integration with technologies such as AI and machine learning to trigger more complex algorithms off-chain.
In conclusion, Boba Network is a decentralized blockchain platform built on the Ethereum network. It utilizes the boba token as its native currency.
Boba network key features include its high transaction throughput, low fees, and ability to handle real-world data.
Boba network fees are much lower than those of the Ethereum network, up to 60x less, making it an attractive alternative for those looking to save on gas fees. Users can buy boba network tokens on various cryptocurrency exchanges and use boba tokens to interact with the platform.
Boba Network utilizes decentralized autonomous organizations (DAOs) such as the Boba DAO to govern its ecosystem and ensure community involvement in the platform’s development. By utilizing the Boba Network DAO, this nework improves its transaction throughput. Besides that, to also maintain scalability while ensuring community participation in the network’s governance.
Turing Hybrid Compute & dua’s Reward System
Developed by Enya Labs, contributors to the Boba Network, Hybrid Compute unlocks new opportunities by enabling developers to access remote Web2 APIs and complete intensive processing in one easy step. By combining these two resources, they can create innovative projects quicker than ever before. Turing can be integrated with mainstream computing stacks, greatly expanding the capabilities of dApps, GameFi, and SocialFi.
The end result is eliminating wait times for end users and a streamlined developer experience for smart contract application integration.
Technical Details of Turing Hybrid Compute
As a Web2 company transitioning to Web3, dua wishes to take advantage of the different existing web2 data sources. Such example is Social Media APIs, to track certain off-chain activities of users. By engaging with in-app activities, users gain a reputation which is necessary to earn on-chain rewards.
DUA Reputation-based Reward System
To bring collaboration to a competitive matchmaking environment, we plan to design a reputation system. This system will identify the most active and engaged users based on their actions.
Actions leading to the formation of reputation can be inside the app (match, verify the profile, report fake profiles, invite users) and outside the app in the form of engagement (Twitter, Linkedin, etc…).
This reputation setup will initially work off-chain using an object-oriented database (non-relational) so that the read/write operations can be scalable and relatively instantaneous since user reputations will be updated in a micro-transactional fashion.
Users will be rewarded for their reputation level, rather than how active they are. Next year, users can look forward to claiming rewards according to an internal system and a rate that will be precisely determined.
Turing Hybrid Compute will enable us to build the first reputation-reward system.
BOBA AVAX L2 makes it easier for dua’s dApp
The L2 scaling solution of Boba Network has been officially launched on Avalanche, therefore offering even faster and lower fees. This is a significant opportunity for dua’s upcoming web3 tech stack that will be deployed on Avalanche.
Our apps have been immensely popular, with 9 million downloads and 5 million users across the globe. As we progress, these figures keep growing exponentially.
Onboarding such a large user base into Web3 and scaling it to hundreds of millions of users is an operational challenge. This requires not only a high network performance with the potential to finalize transactions in thousands of seconds, as low cost as possible, but also a secure and decentralized setting.
DUA Private Sale is ongoing
The dua Foundation is a Dutch-based non-profit organization. The dua Foundation is taking ground-breaking steps to bring global communities together. By launching a private sale on Fundrs, Dua is creating endless possibilities for growth around the world through its DUA cryptocurrency. The private sale is currently ongoing on Fundrs.app – a decentralized community launchpad.
At the core of the dua Foundation is AllianceBlock’s Co-Founders Rachid Ajaja (CEO) & Matthijs De Vries (CTO). Followed by SEBA Crypto AG and IBM Former Executive Christen Oesterbye, dua AG Founder Valon Asani as well as Entrepreneur, and DeFo expert Dite Gashi.