The Korea-based BlockchainOS team says Ethereum smart contracts systems are bound to make mistakes and break.
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.
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, 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 rights are only given to 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."
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.
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, 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 rights are only given to 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."
Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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