Categories: EducationFAQ

What Is BOScoin Cryptocurrency?

BOScoin is another cryptocurrency project which aims to make a lasting impact. With so many different currencies to keep an eye on, BOScoin has to bring something unique to the table. This “self-evolving cryptocurrency platform for trust contracts” certainly sounds appealing, and it is a good time to see what this project is all about.

The Concept of BOScoin

While the concept of trust contracts sounds exciting, it needs some explaining. These contracts are designed to be executed on the BOScoin blockchain, and they allow for a decidable and approachable framework. These contracts are securely executable and aim to take the concept of smart contracts to a new level. It is evident this is just one aspect of this particular ecosystem, as there is a lot more to take into account.

Under the Hood

The ecosystem of this particular project is pretty intricate. First of all, there are the Trust Contracts, but they only make up part of the ecosystem. There is also a Commons Budget, which is a public budget for growth and evolution of the network as a whole. The native incentive system also allows for the freezing and confirmation of rewards, which is something well worth keeping an eye on.

There’s also the mFBA consensus algorithm, which is a modified version of the Federated Byzantine Agreement which some people may already be familiar with. More projects with their own types of consensus algorithms is a positive evolution as a whole, although it remains to be seen how things will play out for BOScoin in this regard.

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Last but not least, there is the Congress, which allows for a democratic decision-making network. All of this will be supported by various distributed applications, including contract-based services. The BOScoin ecosystem is built on top of owlchain, which uses OWL and TAL to provide the backbone for these Trust Contracts. It’s an interesting approach that will either work flawlessly or backfire in the long run.

BOScoin’s Currency Explained

Since BOScoin uses proof-of-stake for coin freezing, its native currency has some interesting aspects. There will be four ways to issue new coins, which will eventually bring the total to 5 billion in the next 100 years. The currency will be used to power all of the native network operations.

The Road Ahead

There is still a lot of work to be done before BOScoin can make its mark on the industry. Right now, the team is working on deploying the main net, although it is unclear when this will happen exactly. The project will also receive public financing at some point this year, and BOScoin’s exclusive P2P exchange will be introduced at some point as well.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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