TOKYO--(BUSINESS WIRE)--BOScoin Platform is a self-evolving cryptocurrency platform built on Trust Contracts. Trust Contracts, similarly to smart contracts, are immutable programs that can be run and shared on the blockchain. However, Trust Contracts’ key difference is their safety and readability. BOScoin’s also incorporated a self-evolving blockchain concept into the software. Many cryptocurrencies suffer from decision-making issues due to a lack of structure and transparency. In order to solve this issue, BOScoin integrated a decision-making system into the blockchain. Users can debate, vote, and implement changes to the software from within the platform. This self-governing process is aimed to promote the evolution and sustainability of the network.
BlockchainOS’ CTO Yezune Choi outlines the current state of blockchain, "The two primary issues that need to be solved in the blockchain field is the decidability of programs on the blockchain and the process of making decisions in decentralized networks. We have been working on these core problems for over 2 years and are now opening our research to the public."
The BOScoin Platform consists of multiple moving parts and can be quite complex in some areas because we adopt newly designed technologies to solve the issues. Put broadly there are the currency, the contracts and the decision making system. BOScoin’s currency, as you may have expected is called BOScoin. The contracts on the BOScoin blockchain are called Trust Contracts and the decision making system is called the Congress Network.
The Currency — BOScoin
BOScoin is a fixed supply cryptocurrency that will be issued over the next 128 years. Unlike Bitcoin or Ethereum, BOScoin sends a portion of the coins issued to a public account called the Commons Budget. Coins held in the Commons Budget can be used through the voting system to decide on future BOScoin policies. And since voting right is given to only the node operators who invested in the coin, the funds from the Commons Budget are likely to be used for the betterment of the coin.
The Currency’s Programming Framework — Trust Contracts
Trust Contracts are pre-defined programs or rules that users can create. Similar to Ethereum, the BOScoin team is also aiming to create a general purpose language on top of the blockchain so anyone can write, upload, and execute contracts. However, BOScoin’s approach is technically different from Ethereum. The BOScoin team believes security is the most important principle for smart contracts on the blockchain. As decentralized systems become more complex, these systems are bound to make mistakes and break. The failure of DAO project from Ethereum is the exact case of it.
BOScoin Team believes in importance of being cautious when dealing with digital assets. This is the reason they carefully selected the Web Ontology Language (OWL) and TAL-the timed automata language for the development of Trust Contracts. By using OWL and TAL for building contracts, due to the nature of the languages, the Trust Contracts can be mathematically proven to be trustworthy and operate without any unintended consequences.
Decision Making System — Congress Network
The Congress is the governance system inside the BOScoin platform. Many decentralized organizations suffer from a poor decision making process. This is why in BOScoin, all node operators are given a vote to decide on how to distribute the Commons Budget. With this vote, node operators can accept or deny proposals brought up from within the community. And anyone can make proposals for using BOScoin. BOScoin team believes this kind of democratic system is key to sustaining and growing BOScoin.
BlockchainOS, ‘a blockchain tech company in Korea’, announced the ICO (Initial Coin Offering) of BOScoin from May 10th, 2017 to June 20th, 2017. BOScoin, the first global cryptocurrency issued in Korea, is a cryptocurrency that utilizes the blockchain, ontology language, and timed automation technologies to solve persistent issues in decentralized systems. BOScoin’s presale in the domestic market already gathered over 2,000BTC (approximately 3 million USD) during a two month period. Learn more at: https://boscoin.io