BOScoin is a South Korean project from the BlockChain OS startup. The developers call it a “self-evolving” cryptocurrency. They claim BOSCoin has a better capability to adapt to the environment (thus – self-evolving) and seek fast adoption under the premise that it will solve issues more established cryptocurrencies have today, like scalability and transaction speeds.
Their idea is that cryptocurrencies so far have only tested the blockchain’s capabilities. They want to offer a cryptocurrency that is more adapted to the market’s needs, can scale and has real-life use cases for businesses.
In order to encourage adoption for their currency, they are launching two applications that target two very different types of clients.
One is Stardaq, an international celebrity prediction market, where people can bet on whether the popularity of a celebrity will rise or fall.
The second application is called Delicracy and is a collective decision making tool that targets large organizations. The users of this app (usually a chairperson, a stakeholder or an employee who has been granted power of decision inside a company) can place bets on a set of proposals (similar to Augur or Oracle). The proposal that collects the most tokens passes. This is part of an application of the decision-making body in the network, called Congress Network, and it claims to improve on governance issues arising in decentralized organizations.
Another concept they introduce is the Common Budget, which represents about 36% of the total issuance share. The Commons Budget is a crowd funding tool for new ideas (similar to what The DAO had back in 2016).
The BOScoin project aims to solve a slate of issues like creating easy to understand smart contracts, governance for decentralized systems, built-in scalability and an anti-centralizing consensus algorithm. They intend to create securely executable contracts based on Owlchain technology (basically a form of smart contract that will be closer to natural language, thus easier to read by users).
One of their selling point is their anti-centralizing consensus algorithm, which “separates economic incentives from political ones“ using what they call Federated Byzantine Agreement. Explained loosely, FBA is a way in which nodes do not have to agree unanimously on the state of a transaction. “Each individual node decides for itself which nodes to trust. If it hears the same information from a sufficient number of nodes, it will assume the information is correct. This way, the nodes will not wait for the whole network to agree.” To learn more, refer to BOScoin’s white paper.
Another concept they introduce is Coin Freezing and freezing rewards. Freezing rewards are meant to create a different type of engagement. “Coin Freezing is a Proof of Stake concept where if a user locks-in their coins and in return they will receive interest based on the number of coins frozen and the length of time the coins are stored. This interest is called the Freezing Reward. Users can freeze coins in units, which are sets of 10,000 BOS. …The system requires two weeks prior notice to unfreeze coins, as a mechanism to promote price stability.”
BOScoin - The Currency
According to cryptocoinsnews, BOScoin will be issued in a centralized manner, from a location in Switzerland, managed by the BlockchainOS Foundation (although the rest of the team is located in South Korea).
Blocks are set to be generated every 5 seconds. Block size will be dynamic, like we see with ether. They target a network capable of processing 1000 transactions per second. The plan is to issue 5 billion coins over the next 100 years.
In total 500 0000 000 coins will be distributed during the ICO stage, which represent 10% of the entire BOScoin market. About 22% of the coin will be premined (either in the ICO stage, presale, bounty campaign or for the foundation/members).
Another 1 800 000 coins will be issued as a reward to nodes for every confirmed block, randomly. The issuance of confirmation rewards should end in 2145.
The developers plan to release the alpha version on 30th of April. They have four milestones, but only released a timeline for the first release. You can see what their goals are below.