Ask Me Anything – PF & Congress Voting – November

Written by Yezune Choi & PF Team of BOScoin
November 23 2018

Answer questions about PF & Congress Voting

We tried to provide and cover all questions you’ve submitted. Thank you.

Q1. I see CEO, CTO, CSO are board of directors for Payexpress. We would like to onboard them with BOScoin but how can you ensure we are not over paying them? Is it not a conflict of interest? Would have been nice if you folks join after fair congress process.

  • BOS team is advising Payexpress in terms of guiding their ICO and making an agreement on PF conditions which benefit not only both companies but also the community. The PF approval will be determined by the community so there can’t be any conflict of interest.


Q2
. Does Payexpress have a credit/debt-card and can we purchase things with BOScoin and will this card work for purchases outside South Korea? Thanks. 😀

  • Yes, Payexpress will offer credit/debit card services according to its business plan. If global companies and stores accept Payexpress’ credit/debit card, then you’ll be able to use it outside South Korea. I believe that’s what Payexpress is planning to achieve in the future.

 

Q3. A province of South Korea Gyeongsangbuk-do is issuing their own digital currency in the first half of 2019, I think this would be a great way of promoting how your partners can all collaborate together, it would be a great way to demo BOSolar and Energy7 too, Jegu Island sounds perfect in this. Is this something you have considered? Thanks, Chef Bedo. 😀 https://news.joins.com/article/22916990

  • Yes, we are looking for an opportunity where all partners can create synergy together. At BOSCON, you will be able to look into what we’re trying to build.

 

Q4. For Reverse ICO’s Both the Established Company and BOScoin Raise 500 Million KRW, is there any other financial agreements that are made i.e. do they give a percentage of their profits or is each reverse ICO made on a case-by-case basis? Any details you can share would be appreciated. Thanks, Chef Bedo. 😀

  • The basic principle is BOScoin will finance a partner company on the condition it offers the BOScoin community a certain benefit. The benefit varies for each company and will likely be in the form of membership-only discounts on its products. The details, such as, how much funds will be given to the company, what kinds of benefits, and how much in benefits will be offered to BOScoin members, will be described in each PF proposal.


Q5
. I saw on your website where companies apply for Reverse ICO, what do you look for in a company to qualify for this and can you tell us how many companies have applied so far? Thanks. 😀

  • The company should currently be running an established business, and its business model should be able to create synergy with blockchain technology. More than ten companies have applied so far.

 

Q6. I didn’t think reverse ICO’s were able to create their own tokens but Payexpress seems to be doing this with their token sale, what makes this different to what Ethereum does and how will this benefit BOScoin? Thanks. 😀

  • What makes this different from other ERC20 tokens is that the Partner company’s token will be exchanged for BOScoins after approval by the community. The Partner company’s token is swapped for BOScoin at some rate of exchange to be explained in the PF proposal.

 

Q7. I hope Reverse ICO will be done when nodes run by congress members. So we can ensure fair voting and counting can be done. Can you please confirm that Reverse ICO will be done after Public nodes are released?

  • The first Reverse ICO partnership proposal will occur before public nodes are released. However, voting results will be presented to all members.

 

Q8. Are any other partners of BOScoin offering a token launch or is it just Payexpress? Thanks, George.

  • The other partner companies are planning to offer a token launch, too.


Q9
. BOScoin Successfully Debuts Four Reverse ICO Partners at Recent Community Meetup: Payexpress, Korea Cashback, FORBIZ KOREA and Nature Mobility “Public Financing” which is executed on BOScoin’s MainNet is a new way of financing in the blockchain with 3 alternatives – credit creation through participation, global financing through collective intelligence and democratization of assets. Now I would like to understand some points:

1) After success voting by our community approving the Project Finance how will be process to credit creation of BOScoin that will used in it? The BOScoin disposal to financing the project will be pay immediately or it will be pay in parts depend of the steps of project? Will it work as escrow account, blocking the coins for some period or the owner of the project will have the possibility to sell the tokens immediately?

2) After the Project Finance receives the BOScoin coins will the community receive periodic feedback about the project?

3) Will the community receive tokens or coins from the company oner of the project that was approved in the voting? What the community will earn approving the project, since it will create BOScoin coins to pay the project that brings inflation. I would like to understand what happen after some project is approved. Thanks, PRINCE.

  • 1) & 2) All the details of each PF may depend on how the partner company proposes to receive the funds and how the community would react to the proposal. The company would want to receive funds at once or by installment depending on the progress of its project. In the latter case, an escrow account would be necessary.

    3) The basic principle is BOScoin will finance a partner company on the condition it offers the BOScoin community a certain benefit. The benefit varies for each company and will likely be in the form of membership-only discounts on its products. The details, such as, how much funds will be given to the company, what kinds of benefits, and how much in benefits will be offered to BOScoin members, will be described in each PF proposal.

 

Q10. If PF00 passes and we delegate running nodes to BlockchainOS does that mean proposals will be put in by BlockchainOS? Or will all wallet holders be able to lodge a proposal like it said in White Paper 1.0? Thanks, Chef Bedo. 😀

  • Node delegation and proposal submission is completely irrelevant. By agreeing to delegate node operation, BOS team can certify stability of Mainnet. In addition, BOS team is building the process of submitting proposals so that anyone can submit proposals. Before the process is set, BOS team will be in charge of submitting proposals.

 

Q11. How long will it take until we start receiving ‘Membership Rewards’ if PF00 is successfully voted in? Thanks, Elfanth. 🙂

  • Immediately after PF00 is approved the amount of your frozen BOS will be counted and your rewards will be calculated every 17,280 blocks (approximately daily basis). The first distribution of the reward will include 172,800 blocks of rewards (approximately ten days of rewards). I believe it will be delivered before Christmas.


Q12
. If PF00 is voted in when will Congress members start receiving Membership Rewards? Thanks 😀
With monthly distribution of membership rewards is that paid individually based from the time when each individual wallet was frozen or is it all paid on a specific day of the month each month to everybody? Thanks, Mike. 😀

  • Starting on 12/7, your frozen BOS will be counted every 17,280 blocks (approximately daily) and your rewards will be calculated accordingly. The first distribution of rewards will include 172,800 blocks of rewards (approximately 10 days of rewards). Thus, you may be able to receive your first rewards before Christmas!

 

Q13. Scott said 32.47%pa is not a fixed amount and is determined on how many people sign up for ‘Membership Rewards’, do you have a calculation for a minimum amount of people that would need to sign up for awards to remain at 32.7% and if there are less by how much would then need to be for that rate to increase? Thanks, Chef Bedo. 😀

  • Here is the function of calculating Membership rewards announced via homepage: The amount of Membership Rewards per member every 17,280 blocks is: 440,640 BOS X (The number of frozen BOS in Frozen accounts linked in a Membership account) / (The total number of frozen BOS in the Mainnet). Your rewards are proportional to the ratio of the amount of your frozen BOS to that of all members. Increase and/or decrease of the number of BOScoin members does not influence your rate of return. Hence, there is no such think like the minimum number of members to maintain the rate of return.
  • * If members freeze MORE or LESS coins then this does have an effect on the rewards, as does, if more people sign up for membership and freeze THEIR coins. This is what was meant by Scott, in reference to Memberships. 32.47% is not a fixed rate because the number is given based on the assumption that all holders will freeze their BOScoins. In reality, this may not be the case. Thus, your rate of return would be higher than the presented one.

 

Q14. If PF00 fails what will happen with MainNet as private nodes cannot be run until 2019. Thanks, Victorioso. 😀

  • If it fails, then a revised proposal will be proposed and proceed through the same process. There are no rewards for members until a Reward Proposal is successfully passed.

 

Q15. Will there be any limits on who can become members, geographic or otherwise? Thanks, Jeremy

  • No limits except that you must be older than 18 to comply with the KYC procedure.

 

Q16. I’m a big follower of the American politics, a key feature of Congress are amendments, when a proposal is put in if it can’t get sufficient votes to pass they get members of Congress whose vote they need to add amendments until they get sufficient numbers to pass the bill. Is this an idea that could work with BOScoin or do proposals that fail just need to be resubmitted and voted on again? Thanks, Chef Bedo. 😀

  • Proposals not passed can be amended or discarded. The decision will be made by the proposer.

 

Q17. When I am freezing my coins either in my android wallet or my desktop wallet when are the rewards paid, is it weekly, monthly or yearly? Thanks, Chef Bedo. 😀

  • At first, you will only be able to freeze your coins using the desktop wallet. BOS team will implement the freezing function into the mobile wallet at a later time. As explained via the homepage, except for the first distribution, the second through the last distribution will occur about every four weeks.


Q18
. In question 10 in October’s AMA I asked about transaction fees being distributed to the community and you mistook my question thinking I was talking about the small amount that are distributed to the community during TokenNet. I was actually talking about once MainNet begins as ‘Membership Rewards’ will be freezing and confirmation rewards combined but I noticed that transaction fees where 70% would be distributed between node operators as per White Paper 1.0 were not part of this ‘Membership Rewards’. I hope this has become clearer? Thanks, Chef Bedo. 😀

  • Yes, the transaction fees are not part of the Membership Reward and will be distributed the same during the Mainnet as has been done during Tokennet. The Top 3000 Wallets which hold at least 10,000 BOS will receive their portion of the transaction fees monthly.

 

Q19. To receive Membership Rewards how often does one need to vote and what is the punishment for missing either a systemic proposal or a funding proposal and what does it take to be considered a ‘bad actor’? Thanks. 😀

  • For the time being, there is no punishment for missing any vote except that all members need to accept all voting results.

 

 

Notice

AMA responses will be posted on the homepage between the 21st and the end of the month. There is no exact date they will be posted.

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