What is Boson Protocol?

Boson Protocol (BOSON) is a decentralized commerce layer of Web3 that enables the tokenization, transfer, and trade of physical items as redeemable Non-Fungible Tokens (NFTs). It aims to bridge the gap between the physical and digital realms by twinning physical items with NFTs, creating what are known as "phygital" assets. Boson Protocol introduces decentralized technology into e-commerce, creating an open, tokenized economy. It uses ERC-20 "Thing" tokens for purchasing specific, fungible commitment tokens on the platform. These tokens can be transferred and traded using regular DeFi tools, creating liquid digital markets for corresponding physical assets.

How does Boson Protocol work?

Boson Protocol operates by tokenizing physical items as NFTs, which can be redeemed for the physical item. This process is facilitated by the protocol's core mechanism, designed using game theory concepts to incentivize honest behavior among parties involved in a trade. The protocol features a two-sided deposit structure, which automates the resolution of disputes and reduces reversal losses. Boson Protocol also advocates for the privacy-preserving collection of e-commerce data, incentivizing users to share data voluntarily. It utilizes Ocean Protocol to build a Web 3.0 commerce data marketplace, providing insights into consumer behavior and facilitating in-depth analyses of business strategies.

What are the potential use cases for Boson Protocol?

Boson Protocol has a wide range of potential use cases. It can be used to create innovative Web3 commerce experiences, allowing businesses to tokenize and sell physical products as NFTs across various platforms, including their own Web3 store, the Metaverse, or on NFT marketplaces. The protocol also enables the creation of phygital assets and token-gate purchases, facilitating the development of engaging and rewarding digi-physical commerce experiences. Furthermore, Boson Protocol can be used to build a Web 3.0 commerce data marketplace, providing valuable insights into consumer behavior and business strategies.

What is the history of Boson Protocol?

Boson Protocol was co-founded by Justin Banon, an experienced entrepreneur who previously created a blockchain strategy consultancy called Meltfactory and a crypto native rewards platform, Redeemeum. The other co-founder is Gregor Borosa, a proficient engineer with a master’s degree in Business Informatics from the University of Ljubljana and an MSc in Digital Currency from the University of Nicosia. The first Boson Protocol token sale took place in April 2021. The protocol has been acknowledged by the World Economic Forum and is designed with user governance in mind.