One of the best things about the blockchain is that, because it is a decentralized system that exists between all permitted parties, there’s no need to pay middlemen and it saves you time and dispute. Blockchains have been rated, undeniably, faster, cheaper, and more secure than traditional systems, which is why banks and governments are turning to them.
Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.
The best way to describe smart contracts is to compare the technology to a vending machine. Ordinarily, you would go to a lawyer or a clerk, to pay them, and wait while you get the document. With smart contracts, you simply drop a cryptocurrency into the vending machine and your document, driver’s license, or whatever drops into your account. More so, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations.
BOScoin, the first global cryptocurrency issued in Korea, is a cryptocurrency that utilizes the blockchain, ontology language, and timed automation technologies to solve persistent issues in decentralized systems. BOScoin is a congressional decentralized cryptocurrency platform for Trust Contracts based on ontology language and timed automation.
Trust Contracts are pre-defined programs or rules that users can create. Similar to Ethereum, the BOScoin team is also aiming to create a general purpose language on top of the blockchain so anyone can write, upload, and execute contracts. However, BOScoin’s approach is technically different from Ethereum. The BOScoin team believes security is the most important principle for smart contracts on the blockchain. As decentralized systems become more complex, these systems are bound to make mistakes and break.
BOScoin Team believes in importance of being cautious when dealing with digital assets. This is the reason they carefully selected the Web Ontology Language (OWL) and TAL, the timed automata language, for the development of Trust Contracts. By using OWL and TAL for building contracts, due to the nature of the languages, the Trust Contracts can be mathematically proven to be trustworthy and operate without any unintended consequences.
The Congress is the governance system inside the BOScoin platform. Many decentralized organizations suffer from a poor decision making process. This is why in BOScoin, all node operators are given a vote to decide on how to distribute the Commons Budget. With this vote, node operators can accept or deny proposals brought up from within the community. Anyone can make proposals for using BOScoin. BOScoin believes this kind of democratic system is key to sustaining and growing BOScoin.