The Asian country, Korea, developed a self-evolving cryptocurrency which will govern systems that are decentralized. The meaning of this is that BOScoin will utilize block chain and advanced technologies way of solving the underlying problem in systems that are decentralized. Set to begin operations on April 17, 2017, BOScoin will function through these two ways:
1. Trust contracts:
The dawn of the internet era positively impacted everything and everyone, but it also came with the increase in cyber crimes. BOScoin has been able to come up with a new approach to dealing with this problem using its predefined programs known as trust contracts. Trust contracts were developed by carefully selected languages such as Web Ontology Language (OWL) and Timed Automata Language (TAL). Its purpose with this nature of languages is aimed at creating a general purpose language on the block chain to give access to an individual who wants to modify, upload or execute contracts. These well-known languages also verify mathematically that trust contracts are transparent in nature. Therefore, when the decentralized systems break or make a mistake then BOScoin will be there to ensure security for smart contracts on the block chain as it is.
2. The Congress Network:
This refers to the governance body that makes all the decision in the house. When all or some of the decentralized systems break, chances of baseless decisions being made are very high. The congress network has all node operators that help the decentralized system continuously change according to change in the ecosystem. Therefore decisions will be well calculated, and risk analysis was done.
BOScoin has the following features
- It has two languages which are very powerful when it comes to developing Trust Contracts. They are OWL and TAL. Another language is SDLang.
- It has a Democratic Congress where one node is equal to one vote. Therefore, decisions are made by node owners who can either accept or deny a proposal brought up. Therefore, the process of making a decision is democratic therefore giving room for sustainability and growth of BOScoin.
- When it comes to the consensus algorithm, BOScoin utilizes modified FBA (Federated Byzantine Agreement) to be able to do the following:
• Give room for anyone who wants to participate in the decision-making process by eliminating any authority dictates
• Use the most minimum time possible to be able to reach consensus at timescales
• Making everything transparent such that the user will be able to interact with parties, trust each other and form partnerships.
• Provides asymptotic security where to protect against cybercrimes
• Ensure that the protocol is followed during governance - The target transaction speed is 1000tx/sec.
- The block size is dynamic Conclusion BOScoin primary goal is to bring civilization to all corners of the world. It believes in the rights of every individual and proper governance for a human. Being cautious in the decentralized system is what BOScoin tends to figure out and replaced it with the calmness that created the excellent governance. BOScoin, therefore, strives to curb the cyber security menace when dealing digital assets or money kept in offshore accounts.
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Resources:
https://www.boscoin.io/