Democratic decision-making body for BOScoin
Decentralized systems lack a systematic decision making process. BOScoin constitutes a governance system whereby node operators referred to as the Congress Network can participate in creating and voting on proposals in order to continuously improve the software and ecosystem. The Congress Network interacts with non-congress users in three ways ; transactions, proposals and coin freezing.
Anyone can become a Congress member if the following conditions are met :
– Freeze at least 4 unit (one frozen unit is 10,000BOS)
– Run a fully-synchronized node at stable network speeds
– Participate in voting
- When a transaction of digital assets is requested by a user, the request is sent to the Congress Network. For a simple transfer of BOScoin, when a node confirms the block –roughly every 5 seconds– the user’s transactions will be confirmed, and the BOScoin will be transferred to another wallet
- Proposals are Commons Budget spending plans that are submitted to the Congress Network. When a proposal is made, the ‘net percentage point difference’ between the positive and negative votes must exceed 10% for the proposal to be passed. When the proposal is passed, the requested coins will be sent to the proposer
- Coin Freezing is a Proof of Stake concept where if a user locks-in their coins and in return they will receive interest based on the number of coins frozen and the length of time the coins are stored. Frozen coins are used as collateral in case of attempted forgery of the blockchain
- Congress Nodes receive 70% of the collected transactions fee in a block, and 30% is sent to the Commons Budget. Transaction fees can be adjusted through the Congress
- Congress Members receive the same amount of interest as normal wallet users when coins are frozen. Starting from the first year, a total of 5,400 BOS is distributed equally to each unit of frozen BOScoins. This freezing reward is issued every 720 blocks(roughly one hour). The total amount that is distributed decreases by 5% year on year over 59 years
- Confirmation rewards are given to a node when a block is confirmed. This reward is crucial in providing a financial incentive to operate a node and the reward is directly linked to the number of Frozen Units in a node. The reward is issued relative to the proportion of frozen units held in the node. Initially the rewards starts with a network-wide average of 18 BOScoins per block. Initially the block confirmation reward starts at 18 BOScoins per block, and it will decreased by 6.31% year on year over roughly 128 years
Public Budget for Growth and Evolution
The Commons Budget is an account where BOScoins are held and can only be transferred by proposals that are passed through the Congress. The main role of Commons Budget is to expedite the growth of the coin users during the early stages. Any proposal which passes through the congress can access coins from the Commons Budget. An example of a proposal is an Airdrop proposal; geo-socially distribute free coins to users in order to increase the number of BOScoin users. Other examples can include funding the development of the BOScoin eco-system, marketing campaigns and organizing BOScoin related meetings.