BOScoin is a blockchain technology based and as a self-evolving cryptocurrency platform which specializes in trust contracts. Unlike other coin platforms, the BOScoin does not possess a mining mechanism. BOScoin operates by rewards, for operating nodes. The users can get rewarded by either running a valid node or becoming a congress member. The smart contracts will be performed on the BOScoin’s BOSchain blockchain. BOScoin being a blockchain based platform, ensure that the contracts are reliable and safely executable. BOScoin aims to revolutionize blockchain technology and smart contracts.
Trust contacts have that name because the outcome can be known before executing them. It is a huge plus point for BOScoin when compared to other cryptocurrencies and blockchain platform available now. Another advantage of having BOScoin is that it is easily programmable. Many people struggle to create smart contracts in the platform nowadays. The word ‘Self-evolving’ has caught many eyes and also is appealing as the digital age is coming to its full swing in the coming decades.
The BOScoin team is lead by Yezune Choi decorating the post of CEO. He is an expert in engineering solutions and has twenty plus years experience in software development field. Minhyo Bae is the CTO of BOScoin who is currently working on the tokenNet deployment. Myungsan Jun is the CSO of BOScoin. Eunseong Kang is the CISO, who started as a software developer and later became the director of the largest securities company in Seoul. Jonghyun Kim is the COO of the company. Aston S Nam and Changyong Kim is the Blockchain developer and Android developer of BOScoin respectively.
HOW DOES IT WORK?
In this complex ecosystem, there are trust contracts. Trust contracts only make up a part of the system. Then there is a typical budget which is a public budget for the revival and growth of the network itself.
And lastly, there is a congress present in the network which helps in taking democratic decisions in the network. All this will be supported by various distributed applications including many contract based services. These services which they provide are exciting. It will either work flawlessly creating a near perfection or could easily backfire, and it will all go south.
This currency has some interesting aspect to it. There is coin freezing in BOScoin. The frozen coin can be used as collateral when and if forgery or fraud is attempted in the blockchain ecosystem. Ten percent of the total coins were used to raise the initial budget, that is five hundred million. Thirty-six percentages are used as confirmation rewards. That is roughly 1.8 billion. Eighteen percentages are listed as freezing rewards, which is nearly nine hundred million. Another thirty-six percentage is for common budget. That is another 1.8 billion. BOScoin aims at issuing about five billion coins the next one hundred years.
The first stage of BOScoin is called the M1 alpha. M1 alpha deals with the consensus, building of the trust contracts and also the formation of the wallet. The second stage is the M2 alpha where significant improvements are done to the M1 alpha products. It is later followed up by M3 genesis, M4 Nebula, and M5 Sirius. Also, Byzantine agreement algorithm is used in building the BOScoin platform.
The ‘proof of stake’ system will be used for maintaining the platform. For ongoing liquidity, users of BOScoin can freeze up to ten thousand coins with a node in return. Based on the number of coins they froze, users will be rewarded new BOScoin. The frozen coins will act as collateral for the security of information. This system has the potential to earn the trust of those who like to invest in this system. BOScoin has a good future ahead if things go as planned on their roadmap.