What is BOScoin?
These smart contracts employ the OWL technology which understands the language of the smart contracts language and TAL. At core, Boscoin is just but another cryptocurrency, a payment solution more like Litecoin but here all transactions are “taxed” and channeled into the Boscoin treasury. All funds collected, dominated in BOS-the native currency of this platform-goes towards supporting their ecosystem and funding projects. Boscoin aims at providing a sustainable global platform with a solid framework that is secure, approachable and decidable. Besides trust contracts, the platform also introduce a congress network whose intention is to make decision making more democratic and productive.
TokenNet was the platform where BOS-the native cryptocurrency for Boscoin was initially released. Since Boscoin is but another cryptocurrency, BOS can be used within the platform to settle transactions and outside for paying for merchandise. Besides, you can exchange the coin for others or fiat at different supporting exchanges.
For consensus purposes, the network employs the Modified Federated Byzantine Agreement algorithm. This consensus algorithm is not energy intensive, executes transactions fast and have been shown to overcome operation difficulties facing most coins. Since it is a staking system, one needs to stake 10,000 BOS coins on the network to run a full node and validate transactions. In return, full nodes or congress members earn a staking reward in return.