Building a Democratic Blockchain Governance System for All - the Foundation, Developer: Blockchain OS, and the Entire Community
SEOUL, South Korea, Nov. 30, 2018 /PRNewswire/ -- Korea's first initial coin offering blockchain project, BOScoin (Corporate name: BlockchainOS, CEO: Yezune Choi, http://boscoin.io) openly proposed to introduce a community vote-based board member election system to reclaim decision power, now centrally held by the "BOS Platform Foundation (here after referred as foundation)," which is located in Zug, Switzerland. The foundation is charged with the financial management of BOScoin's funds. BOScoin also revealed plans to openly discuss the current issues surrounding BOScoin's governance with attending community members on December 7 at BOSCON 2018. This will ignite the process towards creating a democratic blockchain governance system for all -- the foundation, technology developer: BlockchainOS and the BOScoin community.
This suggestion of a new election system for foundation board members is an effort to decentralize the current centralized authority of the foundation. BOScoin's vision is to realize a community where individuals each have ownership on a decentralized network, furthermore becoming an exemplary case in successfully creating a democratic governance system in the blockchain industry.
The background of BOScoin's call for a decentralized foundation is because the foundation suffers from chronic issues continuing from early stage inappropriate fund management and potential security threats rising from inadequate demands for technology transfer. Immediately after completing the initial coin offering, one foundation board member had personally taken hold of 6,000 BTC which amounted to almost the total fund that was raised through the initial coin offering and BOScoin had to exhaust many resources to recover the funds. Discord in the foundation grew higher as the Mainnet development came closer to completion, the foundation demanded that BlockchainOS handover intellectual property, assets, control over the domain which the BOScoin services operate and ownership of the web servers that the blockchain network runs on.
BOScoin co-founder, BlockchainOS CEO and BOS Platform board member Yezune Choi explained, "Problems are arising as the few foundation board members were not elected by the community, and have held control over the access and deliberation of foundation's resources." He added that "Demands on an entire system management handover is bottom-line non-negotiable, because this would put the whole blockchain network at risk of being hacked or vulnerable to external exposure, which can lead to the worst case scenario of bringing the whole blockchain network to a full stop or even leading to a hostile takeover by third parties."
Choi also confessed that, "Although we have tried our best to come to a peaceful resolution through extensive behind-the-doors negotiations, the situation is worsening and now comes to a point that we have no choice but to officially open the current situation to the community and try to solve this matter together. We are deeply ashamed and sorry towards the community, but this is a part of our effort to protect and preserve the hard earned results of development, longevity of the project, and community assets."
BOScoin CSO Myungsan Jun expressed hopes that the Korean government swiftly introduces blockchain industry guidelines which will help prevent accidents, un-justness, corruption, national wealth & technology drain. He said: "We will work together with our peers that are battling similar problems and share experience and wisdom to soundly continue promised projects, to ultimately contribute to the growth of Korea's blockchain industry."
BOScoin has successfully completed Mainnet server migrations and started the Know-Your- Customer process to ensure one vote per person on November 28. The world's first vote to decide the policy of a blockchain network by one person one vote anonymous voting system with happen starting on November 30. BOSCON 2018, an event celebrating the Mainnet launch will be held on December 7 at Dragon City Hotel in Seoul.
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.