What is BOScoin?
BOScoin (BOS) is a next-generation cryptocurrency that describes itself as a “self-evolving cryptocurrency platform for trust contracts.” It differs from other cryptocurrencies in that each node can serve as a part of a “democratic congress” which votes upon changes to be made to its system. This allows its network to be highly democratic and serves to prevent the centralization of its network. It is one of the first coins to implement decision making procedures in this sort of fashion, and through the use of a novel consensus algorithm, it can provide greater transaction speeds and capacity, thus solving many of the primary problems facing first and second generation cryptocurrencies (like BTC and ETH).
History of BOScoin
The idea for BOScoin was developed in 2016 by Korean blockchain developers Yezune Choi and Minhyo Bae, who saw room for improvement in the cryptocurrency space, namely by offering a more scalable solution in terms of bitcoin and a more secure contract generation system in terms of Ethereum. The BOScoin ICO ran from May 10th, 2017 to June 20th, 2017 and was highly successful. By early 2018, the BOScoin network was up and running, and it first started trading on exchange in February of that year. A total of 10 billion BOScoins will be minted into circulation over the course of the next 99 years.
How BOScoin Works
To provide security and add blocks to its blockchain, BOScoin uses a novel consensus algorithm called a Modified Federated Byzantine Agreement (MFBA). This provides it with decentralized control, governance features, low network latency, flexible degrees of trust and what is called “asymptotic security,” meaning some parts of the network can be more securable than others. BOScoin has a target transaction speed of 1000 transactions per second, making it several times faster than both bitcoin and Ethereum. It also has dynamic block sizes in order to make it scalable to future growth. BOScoin’s “trust contracts” use a programming language called Owlchain that allow for the creation of highly nuanced smart contracts.
As a cryptocurrency that was developed to solve problems encountered during the growth of the Bitcoin and Ethereum networks, BOScoin offers several advantages over several top tier coins, some of which include:
Highly scalable. Through the use of its Modified FBA consensus algorithm, BOScoin offers a transaction capacity far beyond that of both bitcoin and Ethereum, meaning it is ready to support substantial growth without bogging down transaction speeds.
Trust Contracts. An improvement upon Ethereum’s smart contract design, Trust Contracts are highly secured, self contained and insure that they cannot be manipulated by hackers or outside forces seeking to disrupt their primary purpose.
Democratic decision making. Through the use of BOScoin’s Congress, each node (of which anybody can run) participates in voting processes that guide future development of the network, making it readily available to evolve through time in order to insure its continued adaptability well into the future.
DApp supportive. Developers can use the BOScoin API to create DApps using Stardaq, Delicracy and other contract-based services.