BOScoin, the first blockchain project from the Republic of Korea, is launching the ARIST, a research institute that will engineer and verify platform reliability, scalability, and privacy on the BOScoin mainnet, and also informed on the appointment of Dr. Jonghwan Lee as its Director.
In its whitepaper 2.0, BOScoin set out a clear vision for its future, namely an evolution of project financing into public financing for better capitalism – using credit creation through participation, impact investment based on voting, and ‘commonization’ of certain real-world assets.
In order to implement public financing on the blockchain, BOScoin is developing three key technologies and is continuing to share visible outcomes with the wider developer community.
The following are the key technologies BOScoin is working on to enable public financing:
- ISAAC Consensus Protocol – A consensus protocol for the BOScoin mainnet, it is based on the mFBA (modified Federated Byzantine Agreement), which brings together the strengths of the SCP (Stellar Consensus Protocol) and the FBA (Federated Byzantine Agreement). This allows data to be safely and efficiently stored on the blockchain. ISAAC is the protocol that will be used on all BOScoin processes and is an acronym of the four steps in the consensus – initializing, signing on, accepting, and all-confirming the process.
- TRUST Contract – A contract language for Public Financing, it uses OWL (Web Ontology Language) and TAL (Timed Automata Language) technologies to allow ordinary users to easily read and understand the contract. OWL organizes the contract to ensure all relevant parties understand its language, while TAL verifies that all aspects of the contract are accurately processed.
- Fully Homomorphic Encryption Based Voting on the Congress Network – The Congress network and the participation of BOScoin holders form a governance system for the public financing projects. Public financing projects initialized on the Congress Network carry information on the purpose of the project, expected returns, project size, price at the point of token creation, amount of allocated tokens, and plans to redistribute to the community. Initialized projects are then signed using the BOScoin fully homomorphic encryption technology. This allows for a fully secret ballot while preventing Sybil Attacks and ensuring the one-person, one-vote principle is followed.
The BOScoin ARIST (Advanced Research Institute for Social Trust), takes on the role of engineering and verifying platform reliability, scalability, and privacy in order to accelerate adoption and commercialization. The institute will hire over twenty mathematics, physics, software engineering, and other experts to research the consensus protocol, trust contracts, privacy technology, and public financing. Located in Daejeon, ARIST will also actively cooperate with KAIST (Korea Advanced Institute for Science and Technology). KAIST’s Dr. Yongdae Kim’s team will cooperate to find systematic weaknesses, Dr. Eun-Kyoung Jee’s team will focus on stress-testing the software, and Dr. Kibae Kim’s team will focus on verifying the public financing model.
Dr. Jonghwan Lee, the newly appointed director of ARIST, obtained a doctoral degree in applied mathematics from KAIST and is an expert on combining mathematics and engineering. He will oversee development and testing of Public Financing architecture and related elements.
[perfectpullquote align=”full” bordertop=”false” cite=”Dr. Jonghwan Lee,” link=”” color=”” class=”” size=””]”The research institute will verify the system’s technology, security and privacy, and reliability and scalability from an engineer’s perspective so that the BOScoin Public Financing blockchain project can be successful. ARIST will organize horizontally around responsible research teams, and become a world-leading community institute capable of independent research.”[/perfectpullquote]
BOScoin’s CEO Yezune Choi says that “ARIST’s research will lead to successful commercialization of the BOScoin mainnet, BOSnet.” He further explained that “with a clear vision and focus on necessary technologies, we will build a structure that allows both active development and technological verification through the research institute, and drive commercial adoption.”