BOScoin — A Soft Introduction
BOScoin: Cryptocurrency Platform for Trust Contracts
Hi, I’m Han from BOScoin. At the moment I kind of have my hands in everything. One of my roles is to share some of the things going on in the project. I feel like a brief overview of how BOScoin is structured would be a good place to start.
The BOScoin Platform consists of a lot of moving parts and can be quite complex in some areas. Put broadly there is 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.
BOScoins, Trust Contracts and the Congress Network operates on top of the BOScoin blockchain. Although for Bitcoin, the blockchain’s most important feature was to support a decentralized digital currency system, the underlying technology has many other applications as well. We believe blockchain technologies and more broadly speaking, distributed ledger technologies, will not only bring about disruptive changes to the business environment, but also believe in their potential to fundamentally change how we think about organizations and transparency.
The Currency — BOScoin
BOScoins are the digital assets which are being stored or transferred on the blockchain. BOScoin is a fixed supply cryptocurrency that will be issued over the next 141 years. Unlike Bitcoin or Ethereum, BOScoin also sends a portion of the coins issued to a public account called the Commons Budget. These coins are held in the account and can be used through the voting system. As only node operators who are invested in the coin are given a vote, the funds from the Commons Budget are likely to be used for the betterment of the coin.
In a decentralized currency system, distributing the currency fairly and effectively is a difficult task. Hopefully through the Congress Network system, a large portion of the coins will also reach non-technical users to help speed up the adoption and participation of the platform.
The Currency ‘s Programming Framework — Trust Contracts
Trust Contracts are pre-defined programs or rules that users can create to handle BOScoins. How are they different to Ethereum’s smart contract you ask? Well, the goal is similar! The BOScoin team is also aiming to create a general purpose language on top of the blockchain so that anyone can write, upload, and execute contracts.
However, technically our approach is different. The BOScoin team believes the most important principle for contracts on the blockchain is security. As decentralized systems become more complex, these networks are bound to make mistakes and break. That’s how progress is made! However BOScoin believes in being cautious when dealing with digital assets. This is the reason we carefully selected the Web Ontology Language(OWL) and TAL, the timed-automa 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 decision making issues. We believe that decision making should be fair and efficient. This is why in BOScoin, all node operators are given a vote to decide on how to distribute the Commons Budget. With this vote, they can accept or deny proposals that are brought up from within the community. Anyone can make proposals for using BOScoin. We believe this kind of democratic system is key to sustaining and growing BOScoin.
Over the next few weeks I will be writing more in depth articles about each of the topics. Stay tuned! http://boscoin.io
