What Is Boson Protocol (BOSON)?
Boson Protocol is a blockchain-based cryptocurrency that helps connect smart contracts, metaverse, and crypto loyalty to real-world commerce. With this network, users can create commerce applications that are claimed to be reliable and easily accessible. The platform is specially designed for communities, creators, and merchants. The asset enables the seamless exchange of cryptocurrencies for physical products, experiences, and services. As per its whitepaper, Boson Protocol's vision is to encourage a decentralized commerce ecosystem by funding and allowing the development of a stack of expert apps to demonopolize, disrupt and democratize commerce. The long-term goal for this asset is to be governed by its community.
Boson Protocol observed that monolithic intermediaries extract excess value and distort markets and supply chains while interfering with economic systems, firms, and even governments. Hence, the asset aims to resolve these issues by offering an open tokenized economy of Things that automates the redemption of digital rights for physical assets using NFTs encoded with game theory. Besides this, the network disrupts e-commerce platforms by tokenizing things and their data within a liquid digital market created on DeFi.
BOSON token is the utility and governance token of the Boson ecosystem. This is an ERC20 based token extended on the Ethereum blockchain. This digital token is used to govern the ecosystem, compensating different actors and sharing the value created. The network revenues flow into the dCommerce DAO. This DAO either reinvests this revenue into the ecosystem's growth or uses the revenues to burn or repurchase BOSON tokens. Cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key. This means the tokens are lost forever. Tokens are usually burnt to reduce availability and increase market value. Unlocked with the BOSON tokens, through the dCommerece DAO, the community aims to decide which projects to fund and what apps to create. Users can earn BOSON tokens by participating in development bounties, joining meetups, engaging in competitions, and being an active part of the community.
History of Boson Protocol (BOSON)
The whitepaper of the Boson Protocol was released in February 2021. The founding team members of this platform include Justin Banon (CEO and co-founder), Dr. Trent McConaghy (founder), and Gregor Borosa (tech co-founder).
