BOSCoin is a self evolving decentralized cryptocurrency that is centered upon a special form of smart contracts, referred to as trust contracts, along with a system for decision making known as the “Congress Network”. Trust contracts represent forms of secure smart contracts that are based on a protocol layer known as “Owlchain”, which is comprised of Web Ontology Language and Time Automate Language. Trust contracts aims at addressing the issues of non-decidable smart contracts via means of a more comprehensible programming approach which promotes decidable and secure contracts’ transactions. The “Congress Network” represents the decision making system which mitigates issues of governance that usually arise in decentralized organizations. Via an automated and clearly defined governance framework, the creators of BOScoin aim to continuously develop the protocol and the community into a more anti-fragile platform.
Yesterday, the creators of BOScoin announced that the ICO will start on May 10, 2017. The ICO is expected to last for 41 days; throughout which, 276,093,688.786 coins are to be sold.
When the ICO starts, participants will be able to buy 40,000 BOScoins for 1 bitcoin. The BOS platform aims at raising at least $10 million via this ICO. In November, 2016, the creators of the coin managed to raise $3 million USD via their Pre-ICO.
BOScoin – Why?
BOScoin is formulated to build a self evolving cryptocurrency network. Considering the recent technological advancements in various arenas including quantum computing, artificial intelligence and genetic engineering, it is almost impossible to predict how cryptocurrencies will end up to be in 5 years time. BOScoin is designed to build a cryptocurrency that can be adaptable within every environment.
In most cases, cryptocurrencies turn into speculative tools with rather limited actual applications. However, this won’t be the case of BOScoin, as the BOS platform will launch two apps; Stardaq and Delicracy, which will use BOScoin as their main currency, serve as routes for distributing free BOScoins, help grow the BOS platform via attracting new users and offer developers a new platform for creating apps.
Stardaq is expected to be a prediction market for the popularity of international celebrities. An index is used to represent a celebrity’s popularity and participants can bet on whether or not a celebrity’s popularity will rise. Users can only place bets via BOScoins.
Delicracy represents a collective tool for decision making that can be utilized by any organization. All participants can get involved in the process of decision making via betting on a group of proposals, similarly to Augur’s prediction market. The proposal that receives the highest bets will be passed.
BOScoin is based on the proof-of-stake (PoS) algorithm, so no mining takes place. So, if you run a node, you will receive incentives in the form of freezing and confirmation rewards. Also, the coin’s board are giving away free coins to participants. Visit BOScoin’s Bitcointalk.org thread for more details.
In my opinion, BOScoins is a very promising coin, so if you have a PC lying around, use it to set up a node to earn some BOScoins, whose price will mostly rise within the next 1-2 years.
For more details about BOScoin, you can read the white paper via visiting this link. .
Image from BOScoin’s official website