Korea-Based Blockchain Project ‘BOScoin’ Raises 3 Million Dollars During the Pre-ICO

08-Mar-2017 Intellasia | BusinessWire | 8:00 PM Print This Post

SEOUL, South Korea–(BUSINESS WIRE)–#BitcointalkBOScoin,
a blockchain based platform, aims to solve multiple problems the
decentralized blockchain industry has suffered from, and will implement
innovative new technologies. During the pre-ICO period from November
2016 to January 2017, in total 2,815.425BTC has been raised. It has been
carried out officially through the BOScoin website and announced through Bitcointalk
page
and Reddit
page
.

As the first public blockchain project in Korea, BOScoin has been
receiving a lot of support from serious players and related communities.
BOScoin aims to design a blockchain platform that will revolutionize the
existing blockchain industry with their new approach to smart contracts
– Trust Contracts based on an ontology language (OWL) and timed automata
language (TAL).

 
Features   Bitcoin   Ethereum   BOScoin
Coins Bitcoin Ether BOScoin
Core Features

Financial Transactions
(Bitcoin script)

Smart Contracts
(Solidity,Serpent,etc.)

Trust Contracts
(OWL 2 profile,TAL,SDLang)

Decision Making
Process

Non-systematic Non-systematic

Democratic Congress
(One node=One vote)

Consensus
Algorithm

Proof of Work Current: Proof of Work

modified FBA
(Federated Byzantine Agreement)

Transaction Speed 7tx/sec 25tx/sec 1,000tx/sec (target)
Block Interval 10 minutes 15 seconds 5 seconds (target)
Block Size   1MB   Dynamic   Dynamic
 

Trust Contracts are ontology-based smart contracts designed through the
integration of the semantic language OWL (Web Ontology Language) and TAL
(Timed Automata Language) for programming the contracts. BOScoin
additionally has an inference engine to pre-audit these contracts to
make sure they are air-tight and do not have any security holes. Anyone
can participate and develop applications running safely on the BOScoin
platform.

OWL, an ontology language that has been developed for over ten years,
offers an endless number of vocabularies and grammar (codes for smart
contract). It has a high level of applicability for any business running
on the BOScoin blockchain. BOScoin aims to write a smart contract in a
human readable language so that anyone can easily verify what the
contract does before the code is run. This is unlike Ethereum’s smart
contracts where it can become difficult to know how the contract will
operate until it is actually run. Trust Contract can be used as a legal
document on the blockchain through notarization and apostilles, a
concept of the Ricardian contract.

BOScoin also has a Congressional system for blockchain governance. This
will deal with two domains, consensus for software upgrades and project
proposals.

All software requires changes or updates and blockchains are not an
exception. Consensus usually refers to the consensus of data. However BOScoin
team
believes that there is another layer of consensus that needs to
be achieved the consensus in the software code. In public blockchains,
participants need to make a consensus to agree on changes to their
publicly shared system. Traditionally, it was complicated to determine
who should be the ones in the decision-making process as there are many
conflicting parties involved. The Bitcoin community has also been unable
to implement an improvement partially for that reason and the Ethereum
network has been divided into Ethereum and Ethereum Classic resulting in
a weakened level of security and network effect. However, by having a
governance tool embedded in the system, participants can have a
systematic tool for making consensus, thus, no network division will be
caused.

Another case for the Congress Network is to boot the ecosystem of the
BOScoin platform which will increase the value of tokens by letting any
user to submit a proposal in the governance system. After the poll is
closed, if the majority of Congress votes support the proposal, that
proposal will receive the funding for execution.

Unlike most of other blockchain projects that are not launched with
additional applications, BOScoin
will be launched in conjunction with two applications in the early
stage, enhancing its features.

Stardaq
is an international prediction market on public figures. A celebrity’s
popularity is represented as an index and users can place bets on
whether the popularity of the celebrity will rise or fall. The bets can
only be placed with BOScoins. An alpha version of the mobile application
has been developed.

Delicracy
is a collective decision making tool that can be implemented in any
organization. All users can participate in the decision-making process
by placing bets on a set of proposals, similar to the Augur prediction
market. This system can help promote transparency and participation for
decision-making processes in organizations large and small.

The Owlchain protocol is also a unique feature that the other
cryptocurrencies or cryptocurrency platforms do not offer. It empowers
participants to reach even to a protocol level. Until now, participants
have been able to utilize only an application layer, the
cryptocurrencies, and a platform layer most represented by an example of
Ethereum. With a protocol level open, participants now have more choices.

“BOScoin is expected to be a platform that carries real world businesses
that actually run on the platform instead of just being ideal for only
living on speculative values and perish over time.” said Changki Park,
CEO of BlockchainOS.

The upcoming ICO date is on April 17th, 2017 and it is open to anyone
who wishes to join the BOScoin ecosystem.

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

Related Links

Bitcointalk: https://bitcointalk.org/index.php?topic=1759662

Slack: https://boscoin.slack.com

Facebook: https://facebook.com/boscoinio

Twitter: https://twitter.com/boscoin_ico

Reddit: https://www.reddit.com/r/boscoin

Medium: https://medium.com/boscoin

Contacts

BlockchainOS
Douglas Kim, +82-10-5819-1039
contact@boscoin.io

 


Category: BusinessWire, PRAsia

Print This Post