Cryptocurrency Startup BlockchainOS Seeks Crowdfunding to Challenge Ethereum

By February 17, 2017Bitcoin Business
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Cryptocurrency Startup BlockchainOS Seeks Crowdfunding to Challenge Ethereum
Photo: Sunrise in Seoul (Bloomberg)

BlockchainOS, a blockchain technology company from Korea, has announced an ICO (Initial Coin Offering) of its native cryptocurrency BOScoin from April 17th to May 31st, 2017.

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BOScoin utilizes ontology language and timed automation technologies to try and solve persistent issues in decentralized systems. Its presale in the Korean market already gathered over BTC2,000 (approximately $2 million) during a two-month period.

Yezune Choi, the BlockchainOS CTO and General Executive Director, commented, “There are two primary issues that need to be solved in the cryptocurrency and blockchain fields. The first issue is the integrity of the Dapps (Decentralized Applications) on the blockchain.

The second issue is the consensus mechanism needed for confirming data on the blockchain and the decision-making process for revising policies implemented in the core blockchain algorithm. We have been working on these core problems for over 2 years and are now opening our research to the public.”

Framework

BOScoin is a fixed supply cryptocurrency that unlike Bitcoin or Ethereum, BOScoin sends a portion of the coins issued to a public account called the Commons Budget. Coins held in the Commons Budget can be used through the voting system to decide on future BOScoin policies. And since voting right is given to only the node operators who invested in the coin, the developers expect that funds from the Commons Budget are likely to be used for the betterment of the coin.

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. They say that the “failure of DAO project from Ethereum is the exact case of it.”

BOScoin say they believe in the “importance of being cautious when dealing with digital assets.” This is the reason they 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, they promise that Trust Contracts can be “mathematically proven to be trustworthy and operate without any unintended consequences.”

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