BOScoin, a New Cryptocurrency, Introduces “Trust Contracts” to Overcome the Shortcomings of Ethereum Smart Contracts

1637
ADVERTISEMENTSBlockchain Expo
Sportsfix ICO

Share with:


BlockchainOS, a Blockchain technology company in Korea has announced it’s doing an Initial Coin Offering (ICO) of BOScoin from April 17th, 2017 to May 31st, 2017.

BOScoin, is the first global cryptocurrency issued in Korea, utilises 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 2 million USD) during a two month period.

BOScoin – A congressional decentralized cryptocurrency platform for Trust Contracts based on ontology language and timed automation.

Yezune Choi, the BlockchainOS CTO and General Executive Director, outlines the current state of Blockchain:

“There are two primary issues that need to be solved in the cryptocurrency and Blockchain fields. The first issue is the integrity of the Dapps (Decentralized Applications) on the Blockchain. The second issue is the consensus mechanism needed for confirming data on the Blockchain and the decision making process for revising policies implemented in the core Blockchain algorithm. We have been working on these core problems for over 2 years and are now opening our research to the public.”

BOScoin, Trust Contracts and the Congress Network operate on top of the alternative Blockchain called OWLchain. By the OWLchain’s integration of ontology language and timed automata into Blockchain, the BOScoin and Trust Contracts will serve as digital currency and smart contract with inherent security assurance. And governance through the Congress Network ensures that adequate proposals on Blockchain will be discussed and applied within desired time.

The Currency — BOScoin

BOScoin is a fixed supply cryptocurrency that will be issued over the next 141 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. Anyone can make proposals for using BOScoin. BOScoin believes this kind of democratic system is key to sustaining and growing BOScoin.

Learn more about the BOScoin ICO at https://boscoin.io .

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), partner at ICO services collective CryptoAsset Design Group ($500m+ and 50+ ICOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur.

He sits on the advisory boards of some two dozen Blockchain startups
and has written over 1500 articles on Blockchain technology and
startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat

Ad honorem - Honorary Ph.d - Chair Professor of Blockchain at
China's first Blockchain University in Nanchang at the Jiangxi Ahead
Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business
Automation 4.0 programme. Chevalier (Knight) - Ordre des Arts et des
Technologies at Crypto Chain University and on advisory board of Advisory Board Member of International Decentralized Association Of Cryptocurrency And Blockchain (IDABC) as well as Advisory Board Member at U.S. Blockchain Association.

Over a half a decade experience judging and rewarding some 1000+
innovation projects as an EU expert for the European Commission's SME
Instrument programme as a startup assessor and as a startup judge for
the UK government's Innovate UK division. Kastelein has spoken
(keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, San Mateo, San Francisco, Santa Clara, Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich

His network is global and extensive. He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe

He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.

A journalist by trade, an entrepreneur and adventurer at heart,
Kastelein's professional career has ranged from political publishing to
TV technology, boatbuilding to judging startups, skippering yachts to
marketing and more as he's travelled for nearly 30 years as a Canadian
expatriate living around the world

In his 20s, he sailed around the world on small yachts and wrote a
series of travel articles called, 'The Hitchhiker's Guide to the Seas'
travelling by hitching rides on yachts (1989) in major travel and
yachting publications. 

He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

Visit Website
View All Articles

More News

Facebook Comments

advertisementBlockchain Expo Sportsfix ICO Skyminer Tymlez Evident Proof Femergy Evident Proof Kinesis

7 COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.