SEOUL, South Korea--(BUSINESS WIRE)--BOScoin, a blockchain based platform, aims to solve multiple problems the decentralized blockchain industry has suffered from, and will implement innovative new technologies. During the pre-ICO period from November 2016 to January 2017, in total 2,815.425BTC has been raised. It has been carried out officially through the BOScoin website and announced through Bitcointalk page and Reddit page.
As the first public blockchain project in Korea, BOScoin has been receiving a lot of support from serious players and related communities. BOScoin aims to design a blockchain platform that will revolutionize the existing blockchain industry with their new approach to smart contracts - Trust Contracts based on an ontology language (OWL) and timed automata language (TAL).
|Proof of Work||Current: Proof of Work||
|Transaction Speed||7tx/sec||25tx/sec||1,000tx/sec (target)|
|Block Interval||10 minutes||15 seconds||5 seconds (target)|
Trust Contracts are ontology-based smart contracts designed through the integration of the semantic language OWL (Web Ontology Language) and TAL (Timed Automata Language) for programming the contracts. BOScoin additionally has an inference engine to pre-audit these contracts to make sure they are air-tight and do not have any security holes. Anyone can participate and develop applications running safely on the BOScoin platform.
OWL, an ontology language that has been developed for over ten years, offers an endless number of vocabularies and grammar (codes for smart contract). It has a high level of applicability for any business running on the BOScoin blockchain. BOScoin aims to write a smart contract in a human readable language so that anyone can easily verify what the contract does before the code is run. This is unlike Ethereum’s smart contracts where it can become difficult to know how the contract will operate until it is actually run. Trust Contract can be used as a legal document on the blockchain through notarization and apostilles, a concept of the Ricardian contract.
BOScoin also has a Congressional system for blockchain governance. This will deal with two domains, consensus for software upgrades and project proposals.
All software requires changes or updates and blockchains are not an exception. Consensus usually refers to the consensus of data. However BOScoin team believes that there is another layer of consensus that needs to be achieved the consensus in the software code. In public blockchains, participants need to make a consensus to agree on changes to their publicly shared system. Traditionally, it was complicated to determine who should be the ones in the decision-making process as there are many conflicting parties involved. The Bitcoin community has also been unable to implement an improvement partially for that reason and the Ethereum network has been divided into Ethereum and Ethereum Classic resulting in a weakened level of security and network effect. However, by having a governance tool embedded in the system, participants can have a systematic tool for making consensus, thus, no network division will be caused.
Another case for the Congress Network is to boot the ecosystem of the BOScoin platform which will increase the value of tokens by letting any user to submit a proposal in the governance system. After the poll is closed, if the majority of Congress votes support the proposal, that proposal will receive the funding for execution.
Unlike most of other blockchain projects that are not launched with additional applications, BOScoin will be launched in conjunction with two applications in the early stage, enhancing its features.
‘Stardaq’ is an international prediction market on public figures. A celebrity’s popularity is represented as an index and users can place bets on whether the popularity of the celebrity will rise or fall. The bets can only be placed with BOScoins. An alpha version of the mobile application has been developed.
‘Delicracy’ is a collective decision making tool that can be implemented in any organization. All users can participate in the decision-making process by placing bets on a set of proposals, similar to the Augur prediction market. This system can help promote transparency and participation for decision-making processes in organizations large and small.
The Owlchain protocol is also a unique feature that the other cryptocurrencies or cryptocurrency platforms do not offer. It empowers participants to reach even to a protocol level. Until now, participants have been able to utilize only an application layer, the cryptocurrencies, and a platform layer most represented by an example of Ethereum. With a protocol level open, participants now have more choices.
“BOScoin is expected to be a platform that carries real world businesses that actually run on the platform instead of just being ideal for only living on speculative values and perish over time.” said Changki Park, CEO of BlockchainOS.
The upcoming ICO date is on April 17th, 2017 and it is open to anyone who wishes to join the BOScoin ecosystem.
Learn more about the BOScoin ICO at https://boscoin.io.