Frequently Asked Questions
BlockchainOS’s vision is to provide sustainable and evolutionary global
platform that is not dependent on a centralized organization.
- 1.What 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.
- 2.What 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.
- 1.What is 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).
- 2.Who 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.
- 3.What 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.
- 4.What 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.
- 5.Will 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.
- 6.How 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.
- 7.What 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.
- 8.What 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).
- 9.How 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.
- 10.How 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.
- 1.What 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
- 2.What 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.
- 1.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.
- 2.What are the benefits of Using OWL?
- 3.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.
- 4.Why 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.
- 1.How do I earn BOScoin?
BOScoin does not have a mining mechanism like Bitcoin or Ethereum, but rather has rewards for operating nodes. You can earn BOScoin by
running a valid node and becoming a Congress Member.
- 2.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 fully synchronized node on the BOS network. When you run a full node, you will receive three different types of rewards. First, Freezing Reward. It is rewarded to nodes depending on the number of units 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. Transaction fees will be gathered to a common pool and redistributed on a weekly 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.
- 1.What does it mean to freeze 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
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.
- 2.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 the Freezing
Reward. Anyone who freezes more than one unit of BOScoin can receive the Freezing Reward.
- 3.What is a Unit?
A unit refers to 10,000 BOS, which is frozen 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.
- 1.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 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.
- 2.What 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.
- 1.What 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 and also vote on proposals that can receive and utilize the Commons Budgets. Through Congress, BOScoin plans to avoid community
separation and hard-forking of the blockchain.
- 2.How do I become a Congress member?
Anyone can become 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
- 3.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.
- 4.How 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. And obviously, there will be oversight by the foundation if necessary.
- 5.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 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.
- 1.What 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.
- 2.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
- 3.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 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