Korea has a flourishing cryptocurrency and blockchain industry and it has led to a great deal of productivity concerning various blockchain platforms. One of the most recent developments from Korean blockchain companies comes from BOScoin, which is one of the first blockchain project out of the Korean Republic. BOScoin is planning on launching a research institute that will look into platform reliability, scalability, and privacy on the BOScoin main net. Additionally, the platform has appointed Dr. Jonghwan Lee as its director.
BOScoin’s CEO Yezune Choi says that “ARIST’s research will lead to successful commercialization of the BOScoin mainnet, BOSnet.”
ARIST is a Blockchain research institute which is established by BlockchainOS under BOS Platform Foundation located in Zug, Swiss. pic.twitter.com/FYDQhLADJ0
— BOScoin (@boscoinio) May 24, 2018
BOScoin has outlined a clear vision for its future, which includes spurring the development of project financing for additional financing through capitalism, that is, by using credit creation. Credit is created by way of participation and impact investment that takes place through voting and communization of real-world assets.
Currently, BOScoin is in the process of development three various technologies and sharing the outcomes with the wider community. Here are the three technologies, which are ultimately meant to enhance public financing:
- ISAAC Consensus Protocol
The first is the Consensus Protocol for the BOS mainnet is founded upon mFBA (modified Federal Byzantine Agreement). The agreement is designed to unite the strengths of SCP (Stellar Consensus Protocol) and the Agreement. Together, data may be safely and efficiently stored on the blockchain. Further, ISAAC is another protocol involved and it is designed to be used on all BOScoin processes. ISAAC stands for initializing, signing on, accepting, and all-confirming the process.
- TRUST Contract
Second, Trust Contract is contract language that applies to Public Financing and it integrates OWL (Web Ontology Language) and TAL (Timed Automata Language) technologies. These technologies will allow for ordinary sues to easily read and understand the contracts at play. Additionally, OWL organizes the contract to safeguard relevant parties so that they can understand the contract language as well. On the other hand, TAL works to verify all aspect of the contract so that they are accurately processed.
- Fully Homomorphic Encryption Based Voting on the Congress Network
Third, the platform features the Congress Network and it promotes the participation of BOScoin holders. Together, a governance system is formed for the projects. The public financing projects that are initialized on the network provide information for the purpose of the project, it generates expected returns, project size, the price of the point of token creation, the amount of allocated tokens, and it even identifies the plans to redistribute to the community. The initialized projects are then signed using the BOScoin’s fully homomorphic encryption technology. Ultimately, this type of process promotes a fully secret ballot and it prevents Sybil Attacks so that one-on-one person voting is adhered to by members.
In addition to these three technologies, BOScoin ARIST (Advanced Research Institute for Social Trust) carries several roles, including verifying platform reliability, scalability, and privacy. These processes accelerate the adoption and commercialization of the technology. Further, the institute is planning on hiring a wide range of professionals, including twenty mathematicians, physics scientists, software engineers, and others to perform research. The institute is located in Daejeon and it will corroborate with KAIST, Korea Advanced Institute for Science and Technology. According to Dr. Jonghwan Lee, the director of BOScoin ARIST:
“The research institute will verify the system’s technology, security, and privacy and reliability and scalability from an engineer’s perspective so that the BOScoin Public Financing blockchain project can be successful. ARIST will organize horizontally around responsible research teams, and become a world-leading community institute capability of independent research.”
Those who are interested in following the recent development can do so through the platform’s website so that they can stay up to date and informed.