Overview of White Paper 2.0 Part 1
Written by BlockchainOS DEV Team
May 10 2018
Why we are publishing White Paper 2.0
We have decided to publish our ‘BOScoin White Paper 2.0′ to include the vision of the BOS team and that
had previously not been included in the first white paper.
In preparing the White Paper 2.0, we studied the fundamental problems of the capitalist system and various alternative propositions to combat those issues. In the end, we decided that a new strategy was needed to overcome the limitations of the cryptographic economy.
We have revised the strategy based on a new concept called ‘Public Financing’, which contrasts the existing ICO model. Through this, we hope to mitigate the problems which the first white paper lacked in addressing.
Plans for publishing White Paper 2.0
The BOScoin White Paper 2.0 will be published in two parts.
In Part 1, the BOS team plans to introduce the concept of “Public Financing” as a solution to the
current problems facing the cryptographic economy.
In implementing the PF concept, the Congress Network voting mechanism will be used in conjunction with a homomorphic encrypted password to provide anonymity of the vote and preventing Sybil attacks.
In Part 2, we will propose the ‘Generic Trust Third Party (GTTP)’ concept as a means to link the
offline world with online.
In addition, we will propose a BOScoin economic model that includes Public Financing, Commons Budgets, GTTP model, Economic Participant Compensation System and the modified token issuance plan.
We have assessed that the cryptographic economy is the most effective way to tackle the issues facing
our current economic system. The cryptographic economy utilizes capitalistic credit creation whilst
solving the problem of wealth distribution.
However, price volatility caused by fixed issuance of cryptographic currency remains a key problem. Public Financing is our new strategy to resolve this issue and a means to effectively distribute the generated credit back to the community.
Public Financing (hereinafter PF) is the issuance of BOScoin as a credit-generating means to acquire
various assets of the real economy from the community.
The community itself suggests, reviews and votes on additional issuance through the Congress Network and this decision is processed through the Trust Contract.
We define this process as Public Financing, which we deem to be ‘public’ in two respects.
Securing financial sovereignty
As opposed to the conventional project financing model that is decided by a very small number of
people at the top of existing financial institutions, any finance related decision-making on BOScoin
is determined by the consensus of its community members.
PF can solve the problem of financial sovereignty, a key flaw of the capitalist system, by a credit creation system driven by a community-based decision making process.
Solving the Wealth Distribution Problem
Real economic asset secured by the credit generated through public financing is seen as the Common
Wealth. The wealth generated by the BOScoin community will be seen as such and will be distributed
We believe that PF can solve the issues surrounding the reduction of human labour caused by technological development and capital injection; a fundamental problem with the capitalist system.
The PF will propose, review and vote on additional BOScoin issuance via the Congress Network and the
decisions made by the community itself will be made through the Trust Contract.
We would like to establish a specific and detailed PF policy by conducting a pilot project of a certain size.
Through this pilot project, we plan to provide the community with a detailed process and additional issuance data in order to raise the quality of decision making. We will then proceed to implement the full Congress Network voting process.
When we wrote the first white paper, we recognized that there was a problem with the Congress
Network’s decision making process and wanted to address it.
We recognised that the current Congress Network’s voting mechanism allowed a large number of BOScoin owners to create a number of nodes that may significantly impact the community’s decision-making process.
In order to provide equal rights and opportunities to participate whilst increasing the benefits to all members of the community, equal representation on the network must be given. We have concluded that to enable such representation, each participant should be given one single vote.
However, we also realised that the network needed to collect identification information on each member which puts privacy and freedom of expression rights at risk.
We sought a way to create a solution that could accommodate real existence on the blockchain while ensuring both privacy and accessibility
BOScoin needed a voting system on the Congress Network to ensure anonymity and demarcation, while at
the same time allowing individual identification and granting one vote per person.
At the end of the research, we decided that the ideal design of the Congress Voting System is to base it on the use of a private key which directly interacts with encrypted data without requiring access to the private key itself.
Acquisition of membership to Congress
Community members must first obtain a membership in the Congress (IDA) before they can join the
Congress Network. Any member of the BOScoin community can acquire membership in Congress.
However, in order to prevent a Sybil Attack, personal authentication process must be performed with minimal personal information and be issued a token called Congress Membership (IDA).
IDA (IDentity Account)
Identity Account (IDA) is created on the blockchain and issues tokens to prove uniqueness of the
member who is joining the Congress Network.
As personal information is not kept on the blockchain, there is no risk of a security breach nor a possibility of a leak as it is a mere token (IDA) that proves that the personal information has been verified.
IDV (IDentity Voting)
Identity Voting (IDV) is a unique token that refers to a voting program for a specific topic and a
voting program (IDV public address) is created in order to run the vote for that topic.
Community members who gain Congress membership can only receive one vote through the Ballot Stamp of the IDV.
- Start a voting program related to a specific topic.
- The voting members will use IDA to confirm their eligibility and request a seed. Requests are passed with the same key as the member’s private key.
- IDA issues a uniformly encrypted seed to voters after verifying their eligibility.
- The voter requests the IDV to issue a Ballot Stamp and delivers the same encrypted seed.
- IDV generates and sends the same encrypted Ballot Stamp to voters (each IDV creates only one Ballot Stamp for each voter; even if the voter submits multiple Ballot Stamps, the system is given the same Ballot Stamp each time).
- Voters use the private key to decrypt the Ballot Stamp and send it to IDV along with the voting results (voters can vote multiple times during the voting period, but only the last vote counts as the final result).
- IDV verifies Ballot Stamp and saves it with the voting results.
- When voting is complete, an aggregation will take place and all votes and results will be stored
on the blockchain.
(Partial aggregations that may affect voting are not disclosed)
BOScoin started the project as a global community currency with the aim of distributing it with real
By publishing White Paper 2.0, we are introducing a credit-generating system called ‘Public Financing’, which aims to compensate the shortfall of credit generating capabilities of existing cryptographic currencies compared to sovereign currencies.
When a community wants to acquire new assets, we want to eliminate the fundamental problems of the existing capitalist system by creating credit through PF and distributing the generated wealth back to the community.
In addition, Congress will introduce Congress Voting with the same private key to eliminate the concentration of credit creation, give equal voting rights to all members and allow them to participate with ease.
We consider Public Financing to be one of the key features to give BOScoin the recognition as the universal money for the unbanked and as a global community currency. A more detailed report of our research will be disclosed on our White Paper 2.0.
We will be sequentially releasing the contents of our White Paper 2.0 to the community in the near future.