BOScoin Completes Migration to Mainnet SEBAK, Holds First Ever Community Vote on Membership Rewards
SEOUL, South Korea, Nov. 29, 2018 /PRNewswire/ -- BOScoin (Corporate name: BlockchainOS, CEO: Yezune Choi, http://boscoin.io), the first South Korean blockchain project aspiring to become a new financing methodology, has announced that migration from its testnet to Mainnet SEBAK is complete and will open its first community vote for Public Financing (PF) called "Congress Voting" on November 30.
Data from the existing Tokennet server has been transferred to the Mainnet and all Tokennet transactions have halted from 10:00 am on November 26 (All times are UTC+9:00 onwards). Transactions resumed at 11:00 pm on November 27 through SEBAK. Transactions orders can be accessed through SEBAK's Web Wallet. Android mobile app and desktop applications will be deployed later.
BOScoin's first community vote will be held from 1:00 pm on November 30 to 1:00 pm on December 6, under the title "Membership Reward PF." Due to blockchain technology characteristics, exact closing time will be determined by the height of the block which may lead to slight time difference.
This vote is unique in the fact that it is the world's first blockchain based one vote per person vote with participating individuals having passed the "Know Your Customer (KYC)" certification. Participants have to also meet the minimum holding amount of 10,000 BOS and be at least 18 years of age. To participate in the vote, individuals have to download a dedicated desktop application, pass the KYC process and freeze 10,000 BOS.
Four principles of electoral democracy - universal, equal, direct and secret suffrage are at the core of the vote. Any individual, who passes KYC process, is of age and holds 10,000 BOS can participate, meeting conditions for universal voting. Blockchain technology enables each person to cast one equal value vote. Votes are cast directly by KYC approved individuals and the public wallet addresses of participants and their voting choices are permanently stored in hashed encryption on the blockchain under the Trust Third Party method. Servers used in votes are not disclosed to ensure the privacy of participants.
BOScoin co-founder and CEO Yezune Choi said, "Each voter can choose to agree, disagree or abstain. Votes can be changed before the closing deadline. Bills will be passed when those agreeing exceed those disagreeing by ten percent to mitigate community discord."
Details about the community vote can be found on the company website here. Announcements and updates can be found in Korean, English and Russian in dedicated Telegram channels, Medium, Facebook and Twitter.
Final voting results will be revealed at community conference "BOSCON 2018" on December 7, 2018 at Yongsan Dragon City Hotel. Event admissions are free of charge and require registration here.
About BOScoin
BOScoin is a New Financing Methodology. BOScoin enhances the way Social Capital is used to create products and services on our platform by funding projects which are expected to add long term value to the entire network. We will provide a decidable and approachable framework for creating and executing smart contracts & decentralized applications on the blockchain called "Trust Contracts." The "Congress Network" is aimed towards creating a more democratic decision making process using homomorphic encryption, Human Identity Authentication, coupled with node rewards and a coin issuance schedule aimed towards creating value for the coin while deterring the centralization of power. The Modified Federated Byzantine Agreement consensus algorithm (ISAAC) will allow for up to 5000 tx/sec.
SOURCE BOScoin
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