What is BOScoin?
BOScoin is a finance blockchain project to beyond capitalism in the most capitalist way. BOScoin offers threes alternatives - credit creation through participation, democratic impact investments and communization of certain assets to form a new ‘Public Financing (PF)’ concept to power better capitalism, solving the high interest rate problem in conventional project financing.
- Congress Network
- Project financing governance systems are handled through the Congress Network. PF items are initiated on the Congress Network with the purpose and expected effects of the project. Additional information such as the amount of coins issued, price at the point of issuance, allocation of issued coins, and distribution of profits further inform BOScoin participants. The item is voted on the Congress Network using BOScoin’s fully homomorphic encryption technology which allows anonymous, equal voting while Preventing Sybil attacks.
- Trust Contract
- A contract language for public financing. Trust Contracts use terms into everyday language all parties to the contract can understand.
- ISAAC Consensus Protocol
- Since the beginning of January 2018, there have been many changes in the world of cryptography and blockchain. There is a worldwide interest in what are Bitcoins and what is Blockchain? Despite the steep decline in Bitcoin price, the BOScoin development team has released the ISAAC consensus protocol as open source at github and released a mobile wallet. Recently, we are doing our best to develop MainNet on our TestNet network, SEBAK. At this time we are pleased to release the design of a more advanced version of the ISAAC consensus protocol.
Combine capabilities of individual companies through
BOScoin’s blockchain technology to transition existing businesses into token economy.
BOScoin’s Strategy for Decentralization
BOScoin is operated by the blockchain expert group of BlockchainOS Inc.. Block ChainOS Inc. has been
growing together with the BOScoin’s ICO since.
BOScoin is a group of people who want to change the world based on the BOScoin platform, which combines software engineering, financial engineering and Smart Contracts technology. In particular, we are trying to implement the decentralization in the organization, which includes a blockchain technology.
The BOScoin team consists of a development team, a marketing team, a PF team, a business development team, a management support team, and research institutes. Workers from Korea, France, China, USA, Netherlands, Russia, Taiwan and Singapore work together.
Yezune is a top expert in blockchain technology. His experience in software engineering amounts to over 20 years and has been devoted to the development of blockchain technology for the last five years. He 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 we call "Trust Contracts" that can be used in real-world business applications.
Currently working on our Mainnet deployment, Minhyo was originally a student studying Political Science and Economics at University, but his interests grew more towards Computer Science to eventually become our Trust Contract Core developer. Prior to joining the team, Minhyo has worked on Data Analysis and Game Development and also has extensive experience in building and managing large distributed networks on the cloud system like AWS, Azure and GCP. Minhyo's current interests lie in CPJ Journalist Security Guide.
CGO & SG Branch Manager
Myungsan majored in Sociology at Seoul National University and worked as a team leader for Cyworld, which was one of the very first and the largest Social Network Service in Korea. He wrote a book titled "From Nation to Town", which analyzes the communication structure of the 21st century. He has also just published a new book called "The Blockchain Government", and is currently in charge of Business Development and Communications.
Eunseong started his career as a software developer, and worked his path to became a director in the largest security company in Korea. He is a security specialist in 'security education' and 'security consulting' and also served as a CISO at an Internet Service Provider. With over 30 years of experience in security, R & D operation and business, he is more than expected to contribute the BOScoin ecosystem from security risks.
Jonghyun studied Management Strategy at KAIST and gained extensive experience as project manager for various internet services, especially in the field of music for Melon, Cyworld Music and Mnet. He is also a co-founder of KoreanClick, an Internet Marketing Solution provider. Currently Jonghyun is in charge of Business Development.
Mina is Founder and Managing Director at M&K PR. Mina graduated from Ewha Women’s University and now attends the Advanced Management Program at Seoul National University. Mina is Vice Chairman of Korea Public Relations Consultancy Association and an advisor for EDENCHAIN, ranks # 2 in Coinvision Top 20. For almost two decades, she has overseen M&K’s operations and helped global companies expand their business presence and build reputation in the Korean market. She has worked with global tech giants such as Intel, Oracle, and Microsoft as well as promising startups such as Airbnb, Shutterstock, and Pure Storage.
Hojung majored in Biological and Chemical Engineering at KAIST and Experimental Psychology at SJSU (San Jose State University). She has gained professional expertise in consulting projects across from diverse industries, including Pharma, medical device, and Finance. She wants to contribute toward development of Crypto-economics at BlockchainOS.
PF Team Manager
Jaeoh majored in Industrial Engineering at KAIST, and worked at Hyundai Mobis, production management and overseas project management for six years. He was always interested in architectural design, and majored in architecture at Busan National University. He also worked as the developer of apartment complex at Samha Architectural Firm. He has no hesitation in starting a new job led to another challenge in blockchain and joined the PF team at BlockchainOS.
Scott brings to BlockchainOS over 10 years of Operations Management experience, and a deep curiosity for new technologies. Scott’s interest in computers started in 2010, when he first decided to learn basic HTML and PHP. He began hosting his own blogs using self-hosted wordpress. Over the years, he started finding open source projects to download, and install on his own VPS servers to see how they worked, and learn more about programming and Linux server administration. Through his work with Linux servers, he became a big fan of Linux/GNU, and started researching how to contribute to the Linux kernel. He was successful in submitting several basic kernel patches, and enjoyed being a part of a large open source project. While in graduate school, Scott continued to research open source projects, and became interested in Blockchain technology.
Soonkuk is a Trust Contract developer. He majored in Electrical Engineering at University and participated in the development of Smart Cards, which is widely used in Korea. Currently developing the inference engine based on ontology engineering and semantic data, Soonkuk firmly believes that Trust Contracts can be the core technology for many business models based on blockchain.
Youngjun is a consensus protocol developer. He is working to implement BOS Platform's consensus protocol and provide a stable network core. His vision is for BOS Platform to become an innovative model of blockchain technology.
Development Plan Milestones
- - P2P : Protocol specification &Implementation
- - mFBA Consensus : FBA : Key Design Implementation
- - Data Store : Store specs & SQLiteStore implementation
- - Ontologies & Rule(TAL) :
Remittance : Send & Receive Tokens based on Trust Contracts Import and define basic BOScoin Ontologies
- - Inference Engine :
Formal Specification and Key Design Elements
- - CLI & Web Interface : CLI design & Implementation
- - Wallet : Wallet Formal specification
- - P2P : Unit & Acceptance Test
- - mFBA Consensus :
FBA Implementation and Network Stability Test
- - Data Store : RDBMS & AWS S3
- - Ontologies & Rule(TAL) :
Specification of Ontology Language
- - Wallet : Web Wallet Functionality Test
- - P2P : Unit & Acceptance Test
- - mFBA Consensus : mFBA : Key Design Implementation
- - Data Store : MessagePackHistory
- - Ontologies & Rule(TAL) :
Construct Core Ontologies
Governance System Specifications
- - Inference Engine : Reasoner Integration with Blockchain
- - CLI & Web Interface : Web UX design
- - Wallet : UX design Application PoC Test
- - RPC & REST API : Blockchain Explorer
- - mFBA Consensus : mFBA Optimization
- - Ontologies & Rule(TAL) :
Governance Trust Contracts & Multisig Tx Specification Construct Key Governance Ontologies Proposal & Vote Implementation
- - Inference Engine : Reasoner Optimization
- - Data Store : Blockchain backup & restore using ISP
(AWS, Azure )
- - Ontologies & Rule(TAL) :
Multisig Tx Implementation
Automated Proposal Implementation
- - Wallet : Android & iOS SPV Wallets
- - Data Store : Blockchain backup & restore using ISP
- 1What is the meaning of BOScoin?
- BOScoin = BlockchainOS + Coin. BOScoin is an abbreviation of Blockchain Operating System. BlockchainOSʼ vision is to provide a sustainable and evolutionary global platform that is not dependent on a centralized organization.
- 2What is new and different about BOScoin?
- We are creating a new type of Smart Contract called "Trust Contract.” Unlike Ethereum, Trust Contracts are not Turing-complete, but decidable. We are not trying to make a Smart Contract that could run any program, we are rather focused on building trust and reliable Smart Contracts, which is why we built an ontology on the blockchain.
- 1What are Trust Contracts?
- A Trust Contract is a form of digital contract. Trust Contracts are built with OWL(Web Ontology Language) and TAL(Timed Automata Language). The main reason we chose OWL technology is to provide decidability to Trust Contracts. This is a very different approach from the Smart Contracts based on virtual machine and provide a Turing Complete programming environment. Additionally, we added the Timed Automata model to avoid logical programming errors. Since automata is a finite state model, using TAL can prevent malfunctioning Smart Contracts.
- 2What are the benefits of using Trust Contracts?
- We believe the general public should be able to write contracts. Current Smart Contracts are only written and read by programmers. Reading and writing contracts should not be a privilege. Trust Contracts translates the contract into a human-readable language using SDLang, which makes OWL easier to write and read. OWL and TAL separate the declarations from the processing just like the Internet.
- 1What is OWL?
- OWL is a Web Ontology Language which is defined as W3C standard. OWL is a technology that has been studied for a while to build trust in existing web environments. OWL, also known as linked data, is a declarative language that provides decidability.
- 2What are the benefits of Using OWL?
- 3What is TAL?
- TAL, Timed Automata Language, is a new language that is used to create operators. It is a finite state programming environment with two constraints: time limit and pure functions. Timed automata modeling can detect undefined areas(reachability problem) in the code that developers missed. Pure function can eliminate side effects that can occur during development.
- 4Why is decidability important?
- We believe one of the most important reasons why Bitcoin has increased in value is decidability. Ethereum has taken a different path by giving up on decidability. BOScoin is agonizing over a way to scale, while maintaining decidability. Because the blockchain itself is a technology of building trust, it is impossible to trust something that is uncertain. We still believe that the decidability is the most important factor, especially in distributed network environment.
- 1How do I earn BOScoin?
- BOScoin does not have a mining mechanism like Bitcoin or Ethereum. Instead, you can receive Membership rewards if ‘Membership Reward PF’ proposal is voted and approved by members. Only members can run nodes and receive membership rewards in exchange for their contribution to the network. However, until we can ensure Mainnet will remain stable and secure with public members running nodes, node operation will be delegated to BOS Platform Foundation. For the time being, you are able to receive membership rewards if you agree to delegate node operation.
- 2What are the advantages of running a Node?
- If you want to run a node, you need to join membership and maintain a fully synchronized node on the BOS network. When you run a full node, you will receive two kinds of rewards. The first is membership rewards. Members are rewarded depending on the number of units members have frozen. However, members need to delegate node operation to BOS Platform Foundation for the time being. The delegation is necessary until we can ensure Mainnet remains stable and secure with public members running nodes. Second, transaction fees are collected whenever BOScoin transactions occur. Transaction fees will be gathered to a common pool and redistributed on a monthly basis. 30% of the transaction fees will be allocated to the Commons Budget and 70% will be redistributed to nodes that are live on the BOScoin network.
- 1What Consensus Protocol does BOScoin Use?
- BOScoin uses a modified Federated Byzantine Agreement(mFBA) which originally comes from the Federated Byzantine Agreement System(FBAS). In addition to FBAS, the BOScoin team applies a Proof of Stake feature for the maintenance of the whole system. Users can freeze coins in units of 10,000 BOS within a node, in return for forgoing liquidity, users will be issued new BOScoin based on the total number of frozen coins in the node. The Frozen coins in the node then act as both an economic incentive to operate a node as well as collateral for the security and integrity of the information held in the blockchain network.
- 2What is a Quorum?
- The concept of Quorums, in our blockchain, originate from Stellar Consensus Protocol’s Federated Byzantine Agreement system. A Quorum can be defined as a set of nodes sufficient to reach agreement and if consensus is reached within the Quorum, intersecting Quorums will eventually lead to a system wide consensus. Though Quorum structures for Tokennet will be quite similar to that of SCP, mFBA for MainNet offers a slightly different approach and Quorums will be operated in a slightly different way. Open membership and decentralization will be the main difference.
- 1What is the Congress?
- The Congress is the decision-making body for BOScoin. Congress members can vote and decide on policies and functions of the blockchain itself. They can also vote on proposals for Public Financing or Commons Budget. Through Congress, BOScoin plans to avoid community separation and hard-forking of the blockchain.
- 2How do I become a Congress member?
Anyone can become a member if the following conditions are met:
- - Conduct KYC
- - Agree to temporarily delegate node operation to BOS Platform Foundation
- - Designate one of your accounts as membership account
- - Freeze at least 10,000 BOS (Units are frozen in 10,000 BOS increments)
- 3Who gets to vote?
- You will be able to acquire membership by conducting three activities: Conduct KYC, designate one of your accounts as membership account, freeze at least 10,000 BOS, and agree with delegation of node operation. By becoming a member, you are qualified to vote. This means that BOScoin is driven by the people who are actually participating in the network.
- 4How do Proposals work?
- Once proposals are submitted, all proposals are included in the blockchain transaction. Users must write proposals in order to receive coins from the Commons Budget and since proposals that require funding contain the receiving address and amount of coins needed, the algorithm automatically sends the coins to that address if not rejected in Congress. Giving the freedom to the market is key to making BOScoin evolve, because freedom and trustful execution will allow people to propose better ideas. However, BlockchainOS will be responsible for writing and submitting proposals until the stability of Congress Network is confirmed. In addition, there will be oversight by the foundation if necessary.
- 5How does BOScoin solve scaling issues?
- It’s all about making a decision that people agree upon. To reach that goal, node operators should be able to discuss an issue and agree on a single coherent decision. The Congress feature in our platform enables network participants to discuss and make decisions which will result in a universally agreed decision within the network. People will become accustomed to reaching consensus as they make more decisions. We believe that the Congress will eventually handle all problems and issues including scaling the blockchain.
- 1What is the Commons Budget?
- The Commons Budget is a treasury used to enhance the BOScoin ecosystem. BOScoins held in the Commons Budget can only be transferred by proposals that are passed by the Congress voting. The main role of the Commons Budget is to expedite the growth of the BOScoin ecosystem during the early stages and to create a sustainable self-evolving platform. Coins in the Commons Budget account are mainly accumulated through two channels. First is the direct issuance of BOScoins per block and second from 30% of the transaction fee.
- 2How do I use the Commons Budget?
- If you want to get some coins from the Commons Budget you must submit a proposal. A proposal contains the details of the project you would like to execute. Anyone can submit proposals even if you are not a Congress member and do not own any BOScoin. Just make sure you have a BOScoin wallet to receive funds. All proposals are uploaded and voted by the Congress. The Congress members will vote on the proposals which are assumed to be helpful to the BOScoin ecosystem. If the ‘net percentage point difference’ between the positive and negative votes exceed 10%, the proposal is passed and then financing the proposals through the transfer of funds from the Commons Budget.
- 3How does BOScoin deal with inflation?
- A large portion of the newly issued coins will be distributed to those who already have BOScoin. An inflation can only be caused by the amount of the Commons Budget, which will be used to increase the value of the BOScoin. And if proposals are rejected by the voting process, the Budget will not be transferred and held in the Commons Budget account. When coins are not in circulation, they don’t make inflation. In order for someone to receive coins from the Commons Budget, one will have to make a persuasive proposal so that the Commons Budget will be used to increase the value of BOScoin. BOScoin is a platform, so anyone can make a proposal to build their own projects.
- 1How can we look up transactions from the Tokennet?
- Tokennet is the BOS Platform’s initial release of the blockchain with limited functionality to allow the community to transact BOS tokens among the network and at exchanges accepting BOS tokens (the actual transactions will be specified by the exchanges in this case, i.e. what BOScoin can be transacted for). As an update, BOScoin switched over to the SEBAK Mainnet from the Tokennet on November 27th of 2018. Currently on BOScoin Explorer(https://explorer.boscoin.io/) you can check all transactions on the SEBAK Mainnet from the 27th of November, 2018. Please check the transaction history on Tokennet for transactions(https://explorer-tokennet.boscoin.io/) after ICO up until the 27th of November, 2018.
- 2Who will operate the nodes?
- To ensure stability with the quorum structure and the absence of Freezing and Confirmation Rewards, nodes will be operated by the BOS team until MainNet launch.
- 3What is MainNet(Genesis of BOS Platform) and how will this differ from Tokennet?
- BOScoin uses Stellar Consensus Protocol to reach consensus. MainNet will be a hard fork from Tokennet with mFBA as it's consensus protocol; so Genesis is a fork of the Tokennet. At launch of MainNet, nodes will be rewarded Freezing & Confirmation Rewards and core features of BOS Platform such as Trust Contracts, Congress Network and Commons Budget will follow.
- 4What is not included in Tokennet?
- Unfortunately only basic functions such as remittance and trade are offered on Tokennet. The cool stuff that is BOScoin such as Trust Contracts, Congress Network, Commons Budget, Freezing & Confirmation Rewards and mobile wallets will not be available. Tokennet is for the stable circulation of the coins before the launch of MainNet.
- 5Will there be transaction fees?
- Yes, for each transaction, there will be a flat rate of 0.001 BOS (Tokennet only) and the 0.01 BOS fixed transaction rate for MainNet is currently under review and needs to be finalized. Transaction fees are not necessary but act as a defense mechanism against DDOS attacks. A certain percentage of transaction fees generated will be distributed once a week to BOScoin holders according to the amount they hold. For MainNet, 70% of the transaction fees will be distributed to node operators and 30% will go towards the Commons Budget.
- 6How do I mine BOScoin?
- BOScoin's consensus protocol will be based on mFBA and there is no mining process such as Bitcoin or Ethereum. Instead you are given Freezing Rewards for every unit (10,000 BOS) you freeze and Confirmation Rewards if you operate a fully functional node. However, Freezing and Confirmation Rewards will be given after MainNet launch so for Tokennet, no confirmation rewards will be given.
- 7What is a Secret Seed?
- Every BOScoin account is given a Public Address and a Secret Seed. A Public Address functions like a bank account number. You need somebody's Public Address in order to send BOScoin to that person and the same vice versa. Your Public Address can be open to the public but you must keep your Secret Seed secret! This is the PIN to your account. It proves you are you! Make sure your Secret Seed is kept away from public eyes.
- 8What happens if I lose the Seed?
- If you do not have your Secret Seed, access to your account will be restricted, and even the developers of BOScoin will not be able to help you, so DO be careful not to lose your Secret Seed. Store it somewhere safe and do not let others know your Secret Seed (when we release a mobile wallet after MainNet launch, the mobile wallet should store this within the phone, but you will still need to ensure you keep the Secret Seed safe if you wish to change phones and access your wallet on different devices).
- 9How many transactions can the network handle?
- We anticipate 1,000 transactions per second for BOS Platform and Tokennet and we are currently conducting tests to confirm this.
- 10How can I receive my BOScoin from my dashboard to my Web-Wallet?
- Before Tokennet launch, you will receive an e-mail from us notifying you to generate your Web-Wallet and send us your Public Address via e-mail. We will send BOScoins to your wallet according to your contribution so make sure you send us the right Public Address. Meanwhile, to avoid any misunderstanding, the dashboard is merely a display of how much you will receive. They are not the actual coins.