Korea’s Public Blockchain Project BOScoin Raises US$3M
BlockchainOS (BOSCoin), the first public blockchain project from South Korea, has raised US$3 million in pre-ICO to build a platform aimed at solving many of the current issues in decentralized systems and introduce a new approach to smart contracts.
BOSCoin seeks to provide an alternative to Ethereum where “the freedom and flexibility provided by the Turing-complete language which Ethereum is based on is the cause for several serious problem.”
The whitepaper reads:
“We believe that using a turing-complete language may be inappropriate for writing smart contracts as they are inherently undecidable. Due to this undecidability issue, a smart contract based on a Turing-complete language will make it difficult to know what a smart contract will do before running it.
“Ethereum attempts to overcome this issue by applying a cost to computational work (gas), however the inherent issue of the language used to program and execute smart contracts has inevitably led to a series of security vulnerabilities and outright failed projects such as The DAO.”
BOScoin’s approach to the problem is to apply a domain-specific language which can be read easily by the average user and can demonstrate mathematically that the smart contract’s implement is computationally decidable.
These smart contracts are referred to as Trust Contracts and are ontology-based and designed through the integration of the semantic language OWL (Web Ontology Language) and TAL (Timed Automata Language).
This allows users to write smart contracts in a human readable language so that anyone can easily verify what the contract does before the code runs.
BOScoin also has a “congressional system” for blockchain governance where node operators, which form the Congress Network, can participate in creating and voting on proposals in order to improve the software and ecosystem. BOScoin sets aside a public budget called the Commons Budget which is distributed to proposals that pass.
“BOScoin is expected to be a platform that carries real world businesses that actually run on the platform instead of just being ideal for only living on speculative values and perish over time,” said Changki Park, CEO of BlockchainOS.
BOScoin will be launched in conjunction with two applications:
Stardaq, an international prediction market on public figures. A celebrity’s popularity is represented as an index and users can place bets using BOScoins on whether the popularity of the celebrity will rise or fall. An alpha version of the mobile application has been developed.
Delicracy, a collective decision making tool that can be implemented in any organization. All users can participate in the decision-making process by placing bets on a set of proposals, similar to the Augur prediction market.
BOScoin’s alpha version is set to be released on March 31, 2017.