BOScoin is an encrypted currency platform used in Trust Contracts' decentralized decision-making system. It uses data blockchain and other new technologies to avoid the disadvantages of decentralized systems. (1) Trust Contracts is an Owlchain-based protocol with a decision-making procedural framework that can operate safely. Owlchain is a decision-making programmatic framework composed of Web Ontology Language Language (OWL) and Timed Automata Language. This composition can guarantee the safe operation of the Trust Contract, and can overcome many problems caused by the lack of decision-making ability (undecidability) of the existing smart agreement. (2) Congress Network, as the decision-making body of the BOScoin network, can improve the governance and management problems that occur in decentralized organizations, and promote the continuous evolution of the system in a solid ecosystem.

Project Highlights

BOScoin will use Owlchain technology consisting of Web Ontology Language (OWL) and Timed Automata Language (TAL). The technology is structured to both extend its expressive power while maintaining the decidability that enables the protocol to operate safely and accurately. The OWLchain protocol based on BOScoin is called Trust Contracts.

Application scenario

Many cryptocurrencies use applications on their platforms and provide examples of how to build them. There are very few applications that run on that currency. The value of cryptocurrencies is difficult to gain full understanding through transaction value and speculative value composition levels, however BOScoin aims to enhance the value of transactions by comparing with competing units. In the long run, the core value of currency lies in the use value of the currency.
Applications such as Stardaq and Delicracy, which are released simultaneously with the currency, enable users to immediately obtain mature and practical services in the BOScoin ecosystem.
a. Stardaq
Stardaq is a celebrity popularity prediction market. It will be reflected in the celebrity index. Users can place bets based on whether the popularity of celebrities rises or falls, and only BOScoin can be used for betting.
b. Delicracy
Delicracy is a collective decision-making system that can be applied to any organization. It is similar to (Augur)'s prediction market, where users can place bets on relevant proposals and participate in decision-making. The proposal with the most bets will eventually be selected. Such a system will help to enhance the transparency of decision-making and the enthusiasm for participation in various organizations.
These services can be used as a channel for free currency issuance, and can also be used as a market for BOScoin. Proper use of these tools will help develop users and promote the growth of the ecosystem.
Such an application can be a place to use BOScoin and also a channel to issue coins for free. Proper use of these tools will help develop users and promote the growth of the ecosystem.

Technical Overview

Protocol Algorithm
Consensus Algorithm is the core of any blockchain-based currency or system. The algorithm will be dedicated to answering "how to prove that all distributed databases have the same set of information?"
To address this question, BOScoin adopts the modified FBA (mFBA) protocol algorithm based on the Stellar contract protocol (FBA).
Mazieres defines the core functions of the FBA protocol as follows.
● Decentralized control: Even without the permission of the central manager, anyone can participate in the discussion and reach an agreement.
● Less waiting time: Nodes can set the waiting time (such as: how many seconds) people need to pass through web pages or pay transactions.
● Flexible trust: users can freely combine items they think are suitable. For example, smaller nonprofits can retain the trust of larger institutions.
● Progressive security protection: Security relies on electronic signature and Hash Family. These variables can be realised, tuned and the vast computing power protected from hostile forces.
● Decision-making functions: Voting functions related to voting and parliamentary operations are added as additional functions of the protocol.
Federate Byzantine Agreement Protocol Algorithm
The protocol mechanism of Bitcoin and the traditional Byzantine basic protocol require all network participants to reach a consensus. However, FBA does not require all participants to reach a consensus, and each node can choose according to its own judgment. This allows the financial network to maintain its integrity while achieving organic growth and faster transactions.
FBA consists of various nodes to form a group (called Quorum). Therefore, even if agreement cannot be reached, an agreement mechanism can be established. When a deal is made, a message is sent to everyone in the group. There is no need for the entire network to approve the data status. When a node obtains a sufficient amount of the same information from a reliable node, the node will be considered correct. In the event of node duplication or loose node groups, different nodes belonging to different groups that agree to the same transaction will be created. Such a mechanism can allow each transaction data block to reach a consensus in the entire system even if it is impossible to reach a unified decision-making opinion.
What is the difference between the mFBA algorithm?
In addition to FBA, BOScoin’s contract agreement applies features similar to share certificates for the maintenance of the management and control system. That is, users can pre-store 10,000 units of BOScoin in one node. As compensation for the effect of curbing flexibility, users can also earn newly issued BOScoins corresponding to the amount of currency pre-deposited in the node (similar to interest on deposits).
The currency pre-stored in the node, in addition to obtaining the economic rewards required to run the node, will also play a role in guaranteeing the security and integrity of the information stored in the node data blockchain. According to the rules set by the implementation, if the node is found to have falsified the data blockchain, the pre-stored currency will be confiscated to the Commons Budget account.
Parliamentary Network
a. Overview
As the democratic decision-making body of BOScoin, the Parliamentary Network is composed of operators of various Full Nods. Although, it is often said that cryptocurrency is a decentralized automated currency, in most cases, this is not the case. Information stored on code and data blockchains is vulnerable to both. To overcome these problems, BOScoin has established a decision-making body called the 'Parliamentary Network' which aims to be fully decentralized and automated. Source code development, data forks, and marketing resources can be obtained from the system.
b. The role of the council network
i. Members of the council
Can become a member of the council if the following conditions are met
● Operate a fully synchronized node (Full Nod) at a stable network speed
● More than 4 units of currency pre-deposit (one pre-deposit unit is 10000BOS)
● Participate in voting
Anyone can become a member of the parliament. Nodes can be servers or personal computers used by members of parliament. As long as the network speed is stable, nodes can be set up at home or on remote servers.
In order to increase their political influence, parliament members can run more nodes or expand BOScoin pre-deposit, thereby increasing economic income.
ii. Users
Users are the beneficiaries of the BOScoin system. They will interact with the BOScoins network in three ways: conducting transactions, submitting proposals, and earning BOScoins interest.
c. Network Interactions
i. Transactions
When a user requests a transaction, the request is transmitted to the Council Network. We can give a brief description of BOScoin. That is, when the node (approximately every 5 seconds) confirms the data block and the user's transaction is approved, BOScoin will be transferred to other accounts. In the case of more complex Trust Contracts, it will be run according to the logic and steps defined in advance. The initial transaction fee of BOScoin will be fixed at 0.01 BOScoin, but this rate can be adjusted through parliamentary online voting. Transaction fees can be an economic reward for node operators, and can also be used to establish a defense mechanism against DOS attacks.
ii. Proposals
Proposals are plans for the use of the public budget submitted to the parliamentary network. In order for a proposal to be developed, and passed, there must be a margin of more than 10% between the yes and no votes. After the proposal is approved, the relevant currency will be remitted to the account of the proposer. In some cases, such as when the scale of the proposal is large, a report on the usage record of the system currency can be required.
iii. Freezing
Freezing is a concept similar to POS. When users deposit currency, they will get interest based on the amount and time of deposit. This interest is called compensation. Users can pre-deposit currency with a unit of 10,000 BOS. Pre-stored currency can be used as a security deposit for data block chain forgery. If the node intends to falsify the data blockchain, the pre-stored currency will be confiscated and remitted to the public budget account. In order to establish a stable mechanism to maintain currency prices, cancellation of currency deposits must be notified at least 2 weeks in advance.
d. Compensation System
The Council Network has a unique reward mechanism. Members of parliament can pre-store BOScoin in a node to maximize economic compensation or run multiple nodes (1 node is shown in Figure 1) to maximize voting rights.
Such a division is similar to the concept of separating economic and political power, rewarding either the incentive to participate in decision-making or the incentive to receive financial compensation.
Since Bitcoin relies on the PoW protocol, Hash Power is too centralized. As a result, a small number of giant miners can easily purchase bitcoin mining machines. This will result in code changes, or affect the integrity of the data blockchain. We differentiate those who seek financial gain, making participation in decision-making a lower barrier to entry than in systems where decision-making authority is tied to monetary compensation.
There are three ways for council members to obtain BOScoin:
● Freezing Reward: If council members freeze their currency, they will receive the same interest as general account users. From the first year, a total of 11,500 BOScoins will be distributed equally to each pre-deposited unit, and the pre-deposit compensation will be issued every 720 data blocks (about one hour). The total amount distributed will be reduced by 11.16% per year for 50 years.
● Data block compensation (Confirmation Reward): After confirming the data block, the data block generation compensation will be provided to the node. This compensation is the core reward provided to node operators. The compensation will be linked to the number of units pre-stored in the node. Similar to Bitcoin's data block compensation, the number of participating nodes increases, and the probability of obtaining data block generation compensation decreases. The pre-deposited compensation is equal to the amount deposited to the node. The compensation will start with an average compensation of 21 BOScoin per data block.
e. Decision-making structure
The idea of ​​BOScoin's built-in decision-making process comes from the method used by Dash Coin, that is, the way Master Nod makes decisions through voting. The decision of BOScoin is that after the proposal is submitted, if the proposal is voted and passed, the funds required for the proposal will be remitted to the public budget account. Anyone can submit a proposal and the submission deadline is 24:00 GMT on the third Monday of each month. Members of Parliament will then vote on the proposal by 24:00 GMT on the fourth Monday. The percentage difference between agreeing or rejecting exceeds 10%, and the proposal is passed. Members of parliament have the right to remain neutral even if they vote, and can change their wishes at any time before the deadline.
In order to increase the probability of the proposal being passed, the proposal can be guaranteed. Proposals that require more than 1,000,000 BOS are classified as higher-level proposals. If the members of the parliament do not vote on the superior proposal, they will be punished by the node not being able to use the pre-storage function for two weeks. If the currency pre-deposit function is disabled, the node will not be able to obtain any discounts for the pre-deposited currency, and the currency cannot be pre-deposited within two weeks.
f. Commons Budget
The Commons Budget is an account for depositing BOScoin, and remittances can only be made if the proposal passed by the parliamentary vote. The main role of the public budget is to initially increase the number of currency users. The public budget is accumulated mainly through two channels. The first is to issue 50 BOS directly in each block (about 6 years), and the second is to accumulate 30% of transaction fees. Of all the currencies issued, the public budget occupies the largest portion. It secures the funds needed to substantially increase the usage of BOScoin.
Any proposal that passes a parliamentary vote gets access to the public budget. For example, there may be some proposals like this. That is, in order to increase the number of users of BOScoin, airdrops are distributed to users for free. Or in order to transfer funds for the development of the BOScoin ecosystem, carry out marketing activities, or hold BOScoin-related meetings, etc.

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