As we do every week, we will now dedicate a special feature to the best performing token reported in our recap last Saturday, where we will explain their proposal briefly and analyze the impact it may have on the cryptocurrency landscape as a whole. This week, the turn goes to BOScoin, a project looking to widen the financial scope of blockchain by recreating useful investment tools based on this technology.
A Need for Improvement
If blockchain and its evolution in the recent years has taught us something is that new technologies can sometimes be effective enough for enthusiasts in a variety of different landscapes. From pure peer-to-peer data transfer to safe storage of delicate data, the concept proposed by Satoshi Nakamoto back in 2008 has proven to be a versatile tool that adapts to practically every environment it’s implemented.
But still, certain economic sectors are adamant about fully accepting blockchain into their day-to-day operations, and the most important one is the financial sector. Banking as a system has been very cautious about adopting new technologies, due to the responsibility of handling the assets of millions of people (and wanting to maintain their revenue rates), to the point where advancements like fiat currency and payment cards have taken years or even decades to be fully adopted.
However, the popular sentiment surrounding blockchain has been improving greatly for the last few years, as it disrupts more and more environments through ambitious projects and startups that not only make it suitable to specific circumstances but also enhancing its functionalities by solving certain issues inherited from its early iterations. BOScoin lies somewhere in between of those two currents: while releasing new blockchain-based alternatives for personal and institutional finances, they are also creating them on top of their own new consensus mechanism and network layout.
The New Panorama
Fueled by their token, fittingly called BOScoin, the team wants to build an ecosystem where a single currency can be directly used to pay for goods and services where users would normally have to rely on banking platforms or systems, be it to acquire additional funds through loans or using stable payment mechanisms suited for almost-instant validation of transactions.
Firstly, they created what they call the Congress Network: a platform where different projects are proposed so the entire userbase can vote on whether it will be beneficial to host the project on the blockchain or not, basing their votes in the information given by the developers, which includes the number of tokens to be issued and their price at the moment of minting and, most importantly, how the profits of said project will be distributed.
All of this process is built on top of their ISAAC consensus protocol, which has been openly shared through github for everyone interested in digging deeper into it, and they have also developed a mobile wallet while currently working on their TestNet, SEBAK, ahead of the release of their MainNet. Besides their great efforts in the development area, they have also put their share of attention towards allying with strategic partners that will help to the construction of a healthy environment on top of their blockchain, one that feels welcoming to new users.