Cryptocurrency BOScoin uses “trust contracts” to overcome the shortcomings of Ethereum smart contracts

BOScoin, issued by South Korean blockchain technology company BlockchainOS, is South Korea's first global electronic currency. It plans to conduct an ICO from April 17, 2017 to May 31, 2017. The currency uses blockchain, ontology language and time recording automation technology to solve persistent problems in decentralized systems. The currency programming framework is Trust Contracts and the decision-making is Congress Network.

Translation: Annie_Xu

South Korean blockchain technology company BlockchainOS announced that it will conduct an initial coin offering (ICO) for BOScoin from April 17, 2017 to May 31, 2017.

BOScoin is the first global electronic currency issued by South Korea. It uses blockchain, ontology language and timed automation technology to solve the persistent problems in decentralized systems. The pre-sale of BOScoin in the domestic market has accumulated more than 2,000 bitcoins (about 2 million US dollars) in two months.

BOScoin is a decentralized cryptocurrency platform based on the Ontology language and Trust Contracts with timed automation technology.

Yezune Choi, CTO and General Manager of BlockchainOS, outlined the current state of blockchain:

“There are two main problems that need to be solved in the cryptocurrency and blockchain space. The first problem is the integrity of Dapps (decentralized applications) on the blockchain. The second problem is the consensus mechanism required to confirm data on the blockchain and the decision-making process for modifying policies in the core blockchain algorithm. We have been working on these core problems for more than 2 years and are now opening our research results to the public.”

BOScoin, Trust Contracts and Congress Network use the alternative blockchain OWLchain. OWLchain integrates the ontology language and timed automation technology into the blockchain, and BOScoin and Trust Contracts will serve as digital currencies and smart contracts with built-in security. The Congress Network governance model ensures that proposals on the blockchain are discussed and applied within a specified time.

Currency——BOScoin

BOScoin is a cryptocurrency with a fixed supply that will be issued over the next 141 years. Unlike Bitcoin or Ethereum, BOScoin sends a portion of its coin issuance to a public account, the Commons Budget. This currency is used to decide future BOScoin policies through a voting system. And since voting rights are only given to node operators who invest in tokens, funds from the Commons Budget may be used to upgrade the token.

Trust Contracts: A Currency Programming Framework

Trust Contracts are predefined programs or rules that users can create. Similar to Ethereum, the BOScoin team is also committed to creating a universal language on the blockchain so that anyone can write, upload, and execute contracts. However, BOScoin's approach is technically different from Ethereum. The BOScoin team believes that security is the most important principle of smart contracts on the blockchain. As decentralized systems become more and more complex, these systems are bound to have errors. The failure of the Ethereum DAO project is proof of this.

The BOScoin team believes that caution should be exercised when dealing with digital assets. Therefore, the OWL language (Web Ontology Language) and timed automation technology (timed automation language) were carefully selected for the development of Trust Contracts. Due to the nature of the OWL and timed automation technology contract languages, Trust Contracts can be mathematically proven to be trustworthy and without any unexpected consequences.

Decision-making system - Congress Network

Congress Network is the governance system within the BOScoin platform. Many decentralized organizations have poor decision-making procedures. Therefore, all node operators in BOScoin can vote on how to allocate the Commons Budget. Through this vote, node operators can accept or reject proposals made by the community. Anyone can make suggestions for the use of BOScoin. BOScoin believes that this democratic system is the key to the development of BOScoin.