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 .
- Token Taxonomy Workshop – - January 24, 2020
- Deloitte Bullish on Libra Project in New Report - January 22, 2020
- Busted: SEC Charges Blockchain Marketplace Founder Sergii “Sergey” Grybniak for Fraudulent ICO 2017 - January 22, 2020
- DC Blockchain Advocacy Group US Chamber of Digital Commerce Supports Telegram Vs. SEC Case - January 22, 2020
- BIS Forms New Central Bank Think Tank to Assess National Cryptocurrencies - January 22, 2020
- Bank of England Pondering National Cryptocurrency - January 22, 2020
- Infamous Online Gaming Community Clanbase to Relaunch With Blockchain Technology in 2021 - January 21, 2020
- Chainalysis: 2019 Saw More Cryptocurrency Hacks – Total Amount Stolen From Exchanges Dropped To $283 Million - January 21, 2020
- J. Christopher Giancarlo, former Chairman of the US Commodity Futures Trading Commission - January 21, 2020
- Ethereum Classic Labs Donates $1 Million to UNICEF Innovation Ventures - January 20, 2020
- Busted: SEC and U.S. Attorney’s Office for the District of New Jersey Files Lawsuits Against Fraudulent ICO that raised $30 million - January 17, 2020
- Kenya Issues Second ICO Warning After Investors Lose €24+ Million Euro - January 17, 2020
- Neufund Wraps Tokenised Equity Crowdfunding Series B with Greyp Bikes raising €1.4m EUR - January 17, 2020
- U.S. Lawmakers Pondering “Crypto-Currency Act of 2020” - January 17, 2020
- New Blockchain-based Visa Token Service Set To Launch in 2020 – Set to Reach $1 Trillion - January 17, 2020
- Germany’s New Shore Invest Launches STO Ship Financing Platform – Tokenised Fractional Ownership - January 16, 2020
- Open Source Luminary Marc Fleury Enters Crypto Arena with Announcement of New Crypto Asset Class and Continuous Token Offering Sale - January 16, 2020
- UN Warns Public Not To Attend North Korea Blockchain and Cryptocurrency Conference 2020 - January 16, 2020
- Fiat-to-Crypto Gateway Solution, Banxa, Raises $2 Million USD Series A Round Led By NGC Ventures - January 15, 2020
- United Africa Blockchain Association Plans to Fire Up Blockchain Adoption - January 14, 2020