In today’s digital world, it has been observed most of the financial trades frequently face frauds and scams while carrying a trade. The evolution of Blockchain Technology is setting up a benchmark in the finance sector by offering transparency, innovation and a complete disruption in carrying financial trades. Many cryptocurrency platforms are leveraging their contribution in securing financial transactions. One of them is BOScoin, a unique platform aiming to overcome the technical and operational issues inherent in many cryptocurrencies.
BOScoin is a self-evolving cryptocurrency platform for Public Financing. It combines Project Financing, the most libertarian concept, with three alternative solutions that includes credit creation through participation, democratic impact investments, and commonization of certain assets, to form a new Public Financing concept to power a better capitalism. The company offers incentive scheme and issuance plans which aim towards creating value for the coin, while deterring the centralization of power. Additionally, its Modified Federated Byzantine Agreement algorithm is an innovative solution that allows for low latency transactions while being more energy efficient.
A Sovereign Ecosystem
In order to solve the problem of fragmented credit creation systems, BOScoin propose public financing, a way for individuals who use and trade real credit to make collective decisions through its DApp-ICO strategy.
Rather than being dictated by a central bank or government, the BOScoin community creates its own credit system. Unlike other cryptocurrency platforms, BOScoin offer PF, and tends to introduce a sovereignty governance system called the Congress Network.
In capitalism, the institutionalized financial system holds most capital and a supreme decision-making power. Most members of the system compliantly follow the decisions made by the system leaders. Through Congress Network, the company can bestow decision-making powers to its participants. This BOScoin community can propose, review, and vote on new token issuance through the Congress Network. Instead of concentrating on an elite groups and giving most of the power to them, the network strives to create financial sovereignty for the overall commune. The community members can regulate the size, volume, and base price of issuance, as well as the terms of its allocation and distribution through a Trust Contract. Real economic assets acquired through the issuance of BOScoins will be returned to the community as commons, and thus PF remains “public”.
An Ardent Blockchain Technologist
BOScoin is headed by Yezune Choi, Founder. Yezune is a top expert in blockchain technology. He has resourceful experience over 20 years in software engineering. Yezune has developed and operated a local cryptocurrency based on Litecoin before joining BlockchainOS.
His goal is to complement and improve the current Smart Contracts in blockchain to provide what it calls Trust Contracts that can be used in real-world business applications, and he has devoted to himself for the complete development of blockchain technology for last five years.
Propounding Disruptive Solutions
BOScoin has proposed a new solution to solve the high financial commission problem of Project Financing with the three alternatives including, credit creation through participation, global finance utilizing collective intelligence and the commonization of assets. This specific implementation of ‘Public Financing’ is known as Reverse ICO Partner Program (RIPP).
RIPP is financed by BOSNet, the mainnet for public financing based on blockchain. It is targeting reverse-ICO firms that are already operational with their own business models, and looking for additional financing through blockchain based ICOs or Public Financing. The partners of BOScoin can conduct business quickly, without the need for extensive technological investments into the blockchain. Furthermore, raising post-ICO capital on BOSNet through Public Financing is drastically cheaper than using the traditional financial system with its high fees which makes it more reliable than traditional providers.
In addition, BOScoin launched the ARIST (Advanced Research Institute for Social Trust), a research institute that will engineer and verify platform reliability, scalability, and privacy on the BOScoin mainnet. BOScoin has set out a clear vision for its future, namely an evolution of Project Financing into Public Financing for a better capitalism, using credit creation through participation, impact investment based on voting, and commonization of certain real world assets. It takes on the role of engineering, and verifying platform reliability, scalability, and privacy in order to accelerate adoption and commercialization.
Striving to Bring One Person, One Vote Principle
A cryptocurrency can grow into community money, if justified by community consensus.
Thus, a cryptocurrency must ensure a structure that can be reflected by a majority of the community. However, the voting methods, BOScoin Congress Network proposed in its White Paper 1.0, allowed those who hold many nodes and more wealth to have a bigger influence on community decision-making. To solve this problem, BOSCoin is implementing a system of one person, one vote. It is, however, impossible to introduce the one person, one vote principle without requiring identification which in turn jeopardizes privacy and freedom of expression. This goes against the general ethos of the blockchain.
During the creation of White Paper 1.0, the company was unable to find a solution to this challenge, and the Congress Network’s decision-making process remained unanswered. However, BOScoin reviewed this problem with KoSAC (Korean Sentiment Analysis Corpus) and looked at the possibility of creating a form of Congress Voting using homomorphic encryption. The company then announced a development of a fully homomorphic encryption solution for electronic voting, which guarantees both, anonymity (secret ballot) and equality. It also announced strategic agreement to launch the first public financing project in November with “Energy7”, an online-to-offline platform that is an innovator in the petroleum distribution industry. BOSCoin has marked its excellence by creating such unique platform. In addition to these developments, BOScoin is focused on technological developments and business partnerships in order to meet its goals of publicly launching the mainnet.
Addressing Current Capitalist System
The current capitalist system fails at distributing wealth. This indicates that the capitalist system’s existence is endangered, because it continues to break down its own consumption based ecosystem. While skewed distribution causes several market failures, technological developments, particularly in information technology, reduce the need for labor. This, in turn lowers the labor earnings and quality of labor.
This arise questions like, how can the capitalist system be maintained if workers cannot consume due to consequent technological developments? If it cannot be maintained, what are the alternatives? BOS team is addressing these questions through BOScoin. However, the DApp-ICO strategy of the current crypto economy is likely to produce large and fragmented credit generation systems that do not solve the capitalist problem that the BOS team intends to solve.
The limitations of the current crypto economy can be clearly observed which includes slow processing speed, an unsafe smart contract development environment that leads to frequent hacking accidents, software code that holds contracts illegible to the public, etc. However, the technical problems of cryptocurrencies such as price volatility due to lack from predefined limitations on volume, fragmentation of the monetary space by ICOs, a fragmented credit creation system, and centralization problem, etc. are expected to be solved in the foreseeable future.
If a crypto platform could have a credit-generating mechanism that is superior to the current financial capitalist system, if it makes impact investments to commonize assets, and if the value created from these assets were distributed to the community, what would that look like? This is the vision that energized BOScoin. Its proposal is structured around converting this vision into reality.
Walking towards the Vision
BOScoin intends to be a global community cryptocurrency and circulated as real money. The existing cryptocurrencies are not as good at generating credit as fiat currencies. To overcome this, BOScoin intends to introduce a credit generation system called the Public Financing (PF) system, armed with a governance structure called the Congress Network, a departure from current ICO models.
In addition, the real economic assets (wealth) secured by the credit created through the PF will be regarded as commons and distributed according to consensus. BOScoin believes that PF can solve the fundamental problem of the end of labor income caused by capital and technology.