BOScoin, a New Cryptocurrency, Introduces "Trust Contracts" to Overcome the Shortcomings of Ethereum Smart Contracts – Blockchain News
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 .
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