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Boson x Satoshi Club AMA Recap from 10th of March

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Boson and our guest was Justin Banon — Co-founder of Boson Protocol. The AMA took place on 10 March.

The total reward pool was 500$ and has been split into 3 parts.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Website

Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Boson! Welcome to Satoshi Club

D. | Satoshi Club:
Hello Satoshi Club! we are welcoming our today’s guest @JustinBanon! Welcome to Satoshi Club, good to have you here!

Mary | Satoshi Club:
@JustinBanon we are happy to see you here

Justin Banon:
Hi everyone, Justin from Boson Protocol here.

Justin Banon:
Thanks @madamlobster

Mary | Satoshi Club:
How are you today, Justin?

Justin Banon:
Pretty good thanks. How are you?

D. | Satoshi Club:
Great!

Mary | Satoshi Club:
I am fantastic and very excited

we want to know about Boson as much as possible

So, let’s start

?

Justin Banon:
Let’s do it!

D. | Satoshi Club:
@JustinBanon please introduce yourself and Boson Protocol

Justin Banon:
Sure.
My name is Justin Banon. I am one of the Co-founders of Boson Protocol.

As MD, I previously built a $1Bn pa revenue platform (Priority Pass Group, grown from $50m), which represented physical products and services as digital vouchers and sold them to consumers and businesses globally.

This included global deals with CeFi giants such as Amex, Mastercard, Visa and over 1000+ banks worldwide. I am now bringing this experience to crypto with Boson Protocol.

D. | Satoshi Club:
Fantastic experience

Mary | Satoshi Club:
Nice giants list

do you plan to continue to work with them as Boson?

Justin Banon:
One of the verticals we are developing is a crypto native rewards program- so yes.

In Blockchain, I had the privilege of working as a strategy consultant on great projects such as DexFreight, Centrifuge, MakerDAO, and Ocean Protocol.

Mary | Satoshi Club:

Justin, you always choose the best

Justin Banon:
Hahaha, I try!

D. | Satoshi Club:
And what is Boson Protocol? what are you building?

Justin Banon:
Boson Protocol itself is a foundational primitive for connecting smart contracts to real-world commerce.

By representing future commitments to trade as stateful NFT vouchers governed by a dynamic game mechanism, Boson eliminates intermediaries and minimizes arbitration cost and friction. We call this decentralized autonomous commerce.

Mary | Satoshi Club:
Sounds very interesting

D. | Satoshi Club:
Yes, and a bit complicated

Justin Banon:
Well, there is complexity under the hood, but for the users, our job is to make it easy…

Mary | Satoshi Club:
Sure! We will definitely understand how everything works after you answer all questions from our community. But

Before we are really interested in your upcoming events

As i know Sale is soon?

D. | Satoshi Club:
Token sale?

Justin Banon:
Yes, we have a token sale quite soon. We are about to release the date and more details…

Be sure to join our Telegram group t.me/bosonprotocol and follow us on Twitter for the latest
twitter.com/bosonprotocol

Mary | Satoshi Club:
Could you please give us a hint — this week, this month or this quarter?

D. | Satoshi Club:

done!

Justin Banon:
Well, more than a week and less than a quarter.

D. | Satoshi Club:
Sounds like you want to participate

Mary | Satoshi Club:
I am shopogolic, you know

D. | Satoshi Club:
Thank you for the intro @JustinBanon! so I think it’s a good point to start the first part of AMA and find out more about Boson Protocol

Justin Banon:

D. | Satoshi Club:
Let’s go!

Q1 from Telegram user @JesusFre1tes
Boson promises an Exchange of digital value for real-world products, services, or things. But, initially, what are the real-world assets that can be exchanged within your platform? Just as there are pairs of exchanges between tokens, will there be pairs of exchanges between real-world assets and digital assets? Will the ratio be 1:1? How will this process work?

Justin Banon:
The first thing that is important to address is that we’re not a platform — rather, we’re a protocol providing builders with the foundational pieces for the development of a multitude of decentralized commerce applications. So it’s unlikely that you will come into the “Boson Marketplace” to shop — rather, you will use marketplaces created by developers that join our ecosystem — or use the redemption of digital to physical functionality within some of our partner’s applications.

In our roadmap, we provide a glimpse into the future and the versions that we intend to ship — they progressively provide more functionality for certain use cases. Here’s the roadmap

https://esatoshi.club/wp-content/uploads/photo_2021-03-11_13-27-02-1-1024x496.jpg

With our first launch (v0.1) we will have a whitelist of accepted currencies for payments and deposits, but over time we will open this up to accept more tokens.
We have a world-class algorithmic game theorist Dr. Akaki Mamageishvili further designing the core exchange mechanism to make the exchange of any type of good or service practical.

Mary | Satoshi Club:
So, Mary wants to use your marketplace. Can you give me a simple example of its usage?

Justin Banon:
Well, the happy path for our exchange process is shown here.

https://esatoshi.club/wp-content/uploads/photo_2021-03-11_13-28-03.jpg

Mary | Satoshi Club:
Very nice visualization

Thank you for your answers, Justin!

Ready to proceed or you want to add something?

Justin Banon:

  1. Seller Offers an item at a price P, with a deposit Ds as a commitment to delivering the item to agreed quality
  2. Buyer sees Offer, likes it and so deposits payment P and a deposit Db as a commitment to go through with the transaction.
  3. At the point of exchange Buyer signs a redemption trxn
  4. Asset is transferred
  5. Seller gets paid and deposits are returned — if both parties behave honestly.
    Any deviation from this happy path results in deposit slashing.

More formally, we say that: “subgame perfect equilibrium implementation corresponds to the honest behavior of both players.”

Here is the full game tree.

https://esatoshi.club/wp-content/uploads/photo_2021-03-11_13-30-04-1024x963.jpg

Mary | Satoshi Club:
Perfect system

Justin Banon:
Not quite. It’s is an “evolving complex system with guardrails” according to our advisor Dr. Michael Zargham/ The system has escalated arbitration as well. All this is being designed by one of the world’s top algorithmic game theorists Dr. Akaki mamageishvili http://mamageishvili.info/

http://mamageishvili.info/

Mary | Satoshi Club:
Really cool!

I think we all need to check this site

even if someone isn’t so good in math

D. | Satoshi Club:
Thank you for the great answer @JustinBanon ! ready for the next question?

Justin Banon:
Yes!

Q2 from Telegram user @NSZR1
Currently, online shopping is one of the most popular ways to acquire certain goods, however, most people use credit cards linked to bank accounts or digital money such as PayPal, my question is, In what way is the service offered by Boson Protocol to make these online payments different and better for the buyer than traditional centralized methods, and how do you plan to convince users accustomed to using conventional methods that Boson protocol is a better option? is your goal to replace those methods, or coexist with them?

Justin Banon:
Well, I think payment methods are different from Boson.
If you think of an online commerce transaction, there are typically two intermediaries:

  • a financial intermediary like PayPal or a credit card. Cryptocurrencies provide an alternative to them.
  • a market intermediary like amazon or PayPal, Boson provides the infrastructure to build alternatives to them.

So we displace eCommerce intermediaries rather than payment methods. We will support bridges that will enable users to buy Boson NFT vouchers with credit cards if they want to…

D. | Satoshi Club:
With a credit card, it would be more convenient for most people

at least now

Mary | Satoshi Club:
And of course, $BOSON will be accepted as payment, right?

Justin Banon:
Well, the vast majority of people either don’t use crypto or use crypto but don’t manage keys. Of course, we will be supporting full Web3 and in fact, will launch into Web3 with NFT Art and gaming SDKs, but we will be building bridges for the masses to cross into de commerce.

Yes, of course, @BOSON will be accepted as payment, and if used for payment/ deposits then fees will be reduced. This encourages staking of $BOSON. In fact at full-scale Boson will be one of the largest pools of capital in DeFi. That’s why you can think of Boson as a DeFI protocol that farms liquidity via dcommerce services….

Mary | Satoshi Club:
Oh, that’s attractive

D. | Satoshi Club:
Are there will be many opportunities to earn ‘passive income’ from just holding $BOSON?

Justin Banon:
We are due to reveal staking mechsnism soon. We have ne of the strngest token engineering teams, who have developed a range of mechansims from passive staking to earning rewards from onboarding supply and curating high quality supply. Wtach-out for an article about to drop,…

Mary | Satoshi Club:
We are waiting

for it! Thank you!

D. | Satoshi Club:
Great

Mary | Satoshi Club:
Ready for the next question?

Justin Banon:
Yup

Q3 from Telegram user @KeymerS
You say that it is preferable to tokenize future transaction commitments, using stateful NFT vouchers, but how can you really tokenize “future commitments”, could you explain in more detail? And how would this take trading to another level?

Justin Banon:
We like to explain Commitment NFT’s as future contracts for any thing. Similar to how you make a commitment to buy or sell a standardized commodity with a futures contract a Commitment NFT represents the commitment to buy or sell a certain good at a future date, essentially tokenizing a future exchange.

The real big idea here is that by tokenizing these commitments to transact within a stateful commitment NFT embedded with game theory, we allow for minimized arbitration, which dramatically reduces cost and friction. That reduction of cost and friction allows for a step-change in the number of transactions, in the same way, that moving from letters to emails has created a step change in the amount of exchanged messages between parties. We believe that by decentralizing, minimizing arbitration, and freeing commerce from excess value extraction, commerce will be unleashed and new applications, use cases, and business models will emerge. Exciting times.

Mary | Satoshi Club:
Which fees will you have?

Justin Banon:
There will be minimally extractive fees for coordinating transactions. These fees feedback into the token model.

D. | Satoshi Club:
Very cool idea btw

Mary | Satoshi Club:
Thanks, Justin!

Ready to proceed or you want to add something?

Justin Banon:
Ready to proceed!

Q4 from Telegram user @lzamg
It is known that the user’s information is not safe on the Internet. We’ve heard about big companies like Google or Facebook using our data without our knowledge for their own benefit. So how do you guarantee the users of Boson that their data is always safe and not being used for malicious purposes? Are users informed about what is their data used for?

Justin Banon:
We will be implementing decentralized identity systems that will provide cryptographically secure data protection.

Mary | Satoshi Club:
So, users will need to pass KYC?

Justin Banon:
KYC would be applied at the application level…

D. | Satoshi Club:
Got it

by the way, I have a little question which related to previous, so many people in crypto used to see NFTs in form of beautiful pictures or gif, your NFTs will look similar or there will have some different form?

Mary | Satoshi Club:
Will you develop your own decentralized identity system or you will use third party services?

Justin Banon:
NFTs are these unique digital objects. most currently are static. Our NFTs are stateful, so they change state depending on the moves of Buyers and Sellers. I think of them like little labyrinth maze games…

D. | Satoshi Club:
Wow, cool, awesome concept.

Mary | Satoshi Club:

Justin Banon:
Ah. We have a lightweight ID system we are planning plus integration with others. Our overall philosophy is to foster a composable stack of interoperable protocols, rather than build a monolith ourselves…

Mary | Satoshi Club:
Gotcha! Thanks!

Ready to jump to the next question?

Justin Banon:
You bet!

D. | Satoshi Club:
Let’s go!

Q5 from Telegram user @sirdefi
I’m curious, how complicated would it be to migrate an online store offering digital products to Boson Protocol technology? Is the framework easy to implement for any business? Would it be very expensive?

Justin Banon:
We are building a full set of SDKs and APIs, as well as releasing (soon) our documentation and opening up the github repositories to the developer community to educate them and make the process of building on top of Boson Protocol as intuitive as possible.

Mary | Satoshi Club:
Did you already get some offers from online stores which want to migrate to Boson Protocol?

D. | Satoshi Club:
So your project will be open source?

Justin Banon:
The Boson Protocol itself will eventually become a DAO that is managed and governed by the community, in a completely open-source way so there aren’t licensing or “rent” fees to pay like you would to build a store on Shopify.

D. | Satoshi Club:

Mary | Satoshi Club:

Justin Banon:
Well, online stores are further down our roadmap. Our primary focus is creating crypto native rewards programs for crypto exchanges and crypto credit cards and we have lots of partners signed and coming through for these. We will be targeting dcommerce stores later…

Mary | Satoshi Club:
Gotcha!

A lot of events ahead

Ready for the 6th and last question from this part?

Justin Banon:
Yes. Lots of traction and partnerships

Q6 from Telegram user @Wormz28
Just recently, Boson Protocol Joins Blockchain Game Alliance, an organization committed to promoting blockchain within the games industry. So what will BGA provides for individuals and companies and what opportunities it will give to accelerate the fulfillment of your vision? Also are there more other reasons why you become part of BGA?

Justin Banon:
We have identified gaming as an important vertical for us to explore, particularly around the digital to physical redemption feature that we are implementing.
We’ve partnered with a number of projects that will power the metaverse such as Crucible, Royale Finance, and more to come
Imagine finding a rare rune or in-game item and being able to receive a real-life version of that,
There is a large market demand for this and our presence within the BGA will help us plug directly into this space and accelerate our growth and partnerships. We have some big announcements coming out very soon

Mary | Satoshi Club:
Yes, real items attract!

Satoshiclubbers, follow Bison’s news! Sure we will get more very soon!

Part 2 — live questions from the Telegram community

Q1 from Telegram user @jirencrypto
Is Boston protocol intended only for digital value exchange, and is there no possibility of scaling up to physical product exchange?

Justin Banon:
I think you are mistaken. Boson exchanges digital value for physical things…

Q2 from Telegram user @tuvalunia
What kind of apps can be built on Boson?

Justin Banon:

https://esatoshi.club/wp-content/uploads/photo_2021-03-11_13-40-41-1024x221.jpg

Q3 from Telegram user @KhaleesiTheCryptoLady
What are crypto native rewards programs you are planning to develop? Is this exclusively for Boson NFT holders or for any type of NFTs?

Justin Banon:
https://www.niftykey.com/

Q4 from Telegram user @warny
Can you tell us about the BOSON Protocol Governance Design Principles and how it operates?

Justin Banon:
https://medium.com/bosonprotocol/governance-design-principles-c7565492512

Q5 from Telegram user @highpee
I have read your explanation on how the idea of the commitment NFT will be implemented and I think it’s a great introduction. I just want to ask this: Are the COMMITMENT NFTs different from STATEFUL NFT vouchers or these are just referring to the same thing?

Justin Banon:
They are the same.

Q6 from Telegram user @AugusS7
Do you mention that Boson allows smart contracts to exchange digital value for physical products and services with “minimal arbitrage”, but is arbitrage really necessary in these trades? If necessary, then why do I reduce it so much?

Justin Banon:
Our game-theoretic mechanism minimizes the need for human arbitration, but for some cases, this may be needed. Then we will enable escalation to a human arbitrator. See the article here by Dr. Akkai our game theorist https://scholar.google.com/citations?user=gJzpDuAAAAAJ&hl=en

Q7 from Telegram user @Indomiekuy
I see that Boson Protocol is a solid and good project, you also already have main product commerce. May I know what must I do if I want to do an investment with Boson Protocol? Did you have a Public Sale for Boson Token?

Justin Banon:
We have just announced our pubic sale, details on our website www.bosonprotocol.io

Q8 from Telegram user @Astonroe
Recently many projects got hacked and users lost their funds. Can you tell us about your platform security? Have you done any audit via any third party?

Justin Banon:
Yes, we are having our smart contracts externally audited and have just passed these audits- post to follow this week. We have a very strong protocol design team with a background / PhD in security — Dr. Anish Mohammed https://www.youtube.com/watch?v=cs9O_aPMeGg

Q9 from Telegram user @Antoni_azx
Boson functions can be extrapolated to many fields including machine-to-machine commerce, is it possible to get a bigger scope like government functions or just for the daily life of physical world finances?

Justin Banon:
Well, actually Boson is a highly generic means of committing anonymous parties to a promise. So commerce is just a very useful subset of the use cases…

Q10 from Telegram user @Emmie971
Is it possible for Community members to contribute to the Boson Protocol Project actively? How?

Justin Banon:
Yes. Please join our telegram here: https://t.me/bosonprotocol
We are also about to launch a dcommerce stack development community so watch out for that…

Part 3 — Quiz Results

In the final part, we tested your knowledge in terms of Boson. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:
Boson Telegram community: https://t.me/bosonprotocol
Twitter: https://twitter.com/BosonProtocol

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Join https://t.me/Satoshi_club for daily AMA’s with 500USD giveaway each. An educational community about crypto.

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