Korea’s first blockchain project BOScoin (www.boscoin.io, Corporate Name: BlockchainOS) announced they will host a global conference named “BOSCON 2018” at Yongsan Dragon City Hotel on December 7. At this conference, BOScoin will hold technical sessions on the newly launched Mainnet and also release voting results from the first “Public Financing” proposal, which will establish Membership rewards and is a key function of the Mainnet.
BOSCON is meaningful in that it discloses the first outcomes derived from BOScoin global community members participating in the Congress Voting process. As the initial step before activating its “Public Financing” program, the first round of voting for “Membership Reward Public Financing” starts at 1pm on November 30 and runs until 1pm December 6 (All times KST).
BOScoin Co-founder and CEO Yezune Choi said, “With BOSCON, our proposed blockchain-based financial governance model begins.” “A new era where credit creation and investment decisions are made, based on democratic decisions by the community, and will overcome the limitations of existing capitalism.” He also adds, “We will experience a changed world of finance with blockchain.”
Holding membership certification is a precondition in participating as member of the BOScoin community, which adheres to the one vote per person principle. This requires applying for membership, through conducting KYC certification, delegation of authority for node operation, and freezing at least 10,000 BOS or more in 10,000 BOS increments. Freezing transfers BOScoins to a separate account, and locks the coins from being transferred.
There are three voting options – agree, disagree, and abstain. Also, it is possible to change one’s vote before voting closes. Results are finalized when the number of votes in agreement is ten percent higher than the number in opposition which is provided as a mechanism to minimize conflict within the community. Once the membership rewards proposal is passed, membership rewards will be issued approximately monthly over the next year, and the total budget of 160,833,600 BOS will be created. Membership rewards proposal expires after one year, and a new proposal will take its place once public nodes are available.
Yezune Choi, BOScoin Co-founder and CEO said, “I hope many people acquire BOScoin membership to participate in this vote, and play a role in rewriting the history of capitalistic democracy.”