What’s the Meaning of BOScoin?
BOScoin = BlockchainOS + Coin. BOScoin is an abbreviation of Blockchain Operating System. BlockchainOS’s vision is to provide sustainable and evolutionary global platform that is not depended on a centralized organization.
What’s New About BOScoin?
We’re creating a new type of Smart Contracts called “Trust Contracts”. Unlike Ethereum, Trust Contracts are not Turing-complete, but decidable. We are not trying to make a Smart Contract that could run any program, rather we’re focused on building trust and reliabile Smart Contracts. Which is why we built an ontology on the blockchain.
What are Trust Contracts?
Trust Contract is a form of a 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.
What are the Benefits of Using Trust Contracts?
We believe that 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.
What 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.
What are the Benefits of Using OWL?
What 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.
Why is Decidability Important?
The most important reason why Bitcoin has gained current value is decidability. Ethereum has taken a different path by giving up ondecidability. 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 is uncertain. We still believe that the decidability is the most important factor, especially in distributed network environment.
How do I Earn BOScoin?
BOScoin does not have mining mechanism such as Bitcoin or Ethereum, but rather has rewards for operating nodes. You can earn BOScon by running a valid Node and becoming a Congress Member.
What are the Advantages of Running a Node?
If you want to run a node, you can freeze at least 40,000 BOS on your account and maintain a full synchronized node in BOScoin network. When you run a full node, you will receive three different types of rewards. First, is the freezing reward. It is rewarded to nodes depending on a number of coins they have frozen. Second, is the confirmation reward, which is rewarded to the node that confirms a block. Lastly, a transaction fee is collected whenever BOScoin transactions occur. 30% of the transaction fee will be allocated to the Commons Budget and 70% of the fee will be distributed to nodes that are live on BOScoin network.
What are Freezing Coins?
Coin Freezing is one of the Proof of Stake features. Users lock-in their coins and in return they will receive interest based on the number of coin units frozen. This interest is called the Freezing Reward. Frozen coins are used as collateral in case of attempted forgery of the blockchain. If a node attempts to forge the blockchain, a portion of the frozen coins are sent to the Commons Budget. Additionally, the system requires two weeks of delay to unfreeze coins, as a mechanism to promote price stability.
Who can Freeze Coins and get Rewards?
Anyone who has a wallet and more than one unit of BOScoin can start Freezing. You don’t have to be running a node to get Freezing Reward. The freezing reward is for everyone who Freezes BOScoin.
What is a Unit?
A unit refers to 10,000 BOS, which usually means frozen coins in an account. A unit can always be created in sets of 10,000 BOS. For example, if a user tries to freeze 55,000 BOS, 50,000 BOS are frozen as 5 units and 5,000 BOS remain unfrozen.
What 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 forgone 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.
What is Quorum?
Conventional Byzantine general solutions were based on a reliably closed network because a system wide agreement was required to determine abnormal behavior. FBAS have a high degree of freedom in network configuration, because it is designed in such a way that the entire system is divided into Quorum slices. The agreed content in a Quorum is eventually shared by the entire network. In short, a Quorum is a group of nodes whom they can make a consent on the data.
What is the Congress?
The Congress (Congress Network) is the decision-making body for BOScoin. Congress members can decide which proposal is eligible for Commons Budgets. Congress members also have the right to decide the revision of the policies and functions of blockchain itself. Through the Congress, BOScoin plans to avoid the community separation and hard-forking of blockchain.
How do I Become a Congress Member?
Anyone can be a Congress Member if the following conditions are met:
– Run a fully-synchronized node with stable network speed
– Freeze at least 4 units (equivalent to 40,000 BOS)
– Participate in voting
Who Gets to Vote?
Votes are only given to Congress Members. You must run a node and become a Congress Member to participate in the decision making process. This means that BOScoin is driven by the people who are actually participating in the network.
How do Proposals Work?
Once proposals are submitted, all proposals are included in the blockchain transaction. Users must write proposals in order to recieve the Commons Budget. Since proposals contain the receiving address and amount of coins to be funded, the algorithm automatically sends or rejects the coin according to the voting result. Giving the freedom to the market is key to making BOScoin evolve, because freedom and trustful execution will allow people to propose better ideas.
How 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 one decision. BOScoin has the Congress system where people can make decisions with certain rules. People will be accustomed to reaching consensus as they are making more decisions. We believe that the Congress will eventually be able to handle all problems and issues including scaling the blockchain.
What is the Commons Budget?
The Commons Budget is a treasury used for advacing 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.
How 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.
How 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 moved and held in the Commons Budget account. When coins are not in circulation, they don’t make inflation. In order for someone to get some coins from the Commons Budget, he or she will have to make a persuasive proposal that the Budget will be used to increase the value of the BOScoin. BOScoin is a platform, so anyone can make a proposal to build their own projects.
How Much as BOScoin Crowdfunded Until Now?
BOScoin has crowdfunded 2,815.425 BTC from November 1, 2016 to Jan 31, 2017.
How do I Participate in the ICO?
CO will start on May 10th, 2017 (GMT) and will last 41 days until June 20th 2017. You can exchange Bitcoin for BOScoin at a rate of 1 BTC = 40,000 BOS. Join the BOScoin ICO by registering at the link below! https://boscoin.io/member/join/?lang=en