Trust Contracts with BOScoin
With the rapid change in technology comes new things. Technology has eased things making this world a much better place to be. Apart from other crypto currencies like Bitcoin and Ethereum, we now have BOScoin. BOScoin a virtual currency from a South Korean Fintech startup Blockchain0S. Comparing it to the other existing virtual currencies, BOScoin is a new digital currency which also happens to be based on a Blockchain. BOScoin is designed as a platform for a self-evolving crypto currency as an upgraded and much better version of both the Ethereum and Bitcoin.
The main components of BOScoin are
1. Trust contract- secure and executable contracts that are based on a decidable programming framework namely Owlchain and which comprises of two main components which are the Web Ontology Language (OWL) and a Timed Automata Language (TAL).
2. Congress networks- this is a decision making body of BOScoin that helps improve governance issues that come up from any decentralized organizations and also assists continuous evolution of a more friendly ecosystem.
The components of a congress networks are
• A reward system which also has a confirmation reward, freezing reward and a transaction fee.
• Network interactions
• Congress members
Consensus algorithm – this is core to any crypto currency. However, BOScoin has a Modified Federated Byzantine Agreement based on a Stellar Consensus Protocol. This is much better in terms of:
• Decentralized control
• Lower latency
• More flexible trust
• Better computing power and security
• Vast governance features
A decision making process which comprises of a system proposal that changes the code of BOScoin automatically and a funding proposal that usually requests for funds from the Commons Budget.
Commons Budget – this is an account where BOScoins are usually held and can only be transferred by proposals that usually comes from the Congress.
What makes BOScoin unique compared to other crypto currencies?
1 Compared to other crypto currencies like Ethereum and Bitcoin, BOScoin has a governance system whose congress network participates in creation and voting on proposals help in continuous improvement of the software as well as the ecosystem.
2. Unlike Bitcoin that only uses a proof-of-work (POW) protocol which is affected by political incentives and economic factors, BOScoin has overcome all the issues by use of a consensus mechanism that separates all the economic factors from political ones.
Pros of BOScoin
1. It’s not prone to fraud as BOScoin cannot be reversed or counterfeited by a sender
2. Unlike credit cards BOScoin is identity theft free as it uses a push mechanism which usually allows the holder to send all he or she wants to send without breach of information.
3. B0Scoin has subsidized transaction fees as all the miners are usually compensated by the network 4.
Better accessibility to everyone using BOScoin.
5. Immediate settlement while one uses BOScoin.
Cons of BOScoin
1. It is complex to sign up or get started.
2. Needs a high level of literacy thus requires educating people about BOScoin.
3. Not a lot of people around the world know about BOScoin.
4. Requires compliance and acceptance from organizations.