- Blockchain Council
- July 07, 2022
Boson protocol is emerging as an innovative project driving the adoption of blockchain technology. According to a cryptocurrency expert group, Boson aims to convert the existing centralized systems into decentralized ones. And this change would especially focus on transforming the current centralized e-commerce structure. Hence, the Boson protocol may reshape the way people buy and sell services and goods.
Boson protocol has both similarities and uniqueness in its underlying technological workings with blockchain technology. The platform is clearly user-oriented and keeps on working on its development to facilitate efficient and rewardable transactions across its platform.
The article shares an overview as well as detailed workings of the protocol’s system. Once you understand the fundamentals of the Boson protocol, we advise you to take up a reliable cryptocurrency course that includes lessons and exercises on the Boson platform in its course work.
So get ready to learn about Boson in in-depth detail. Also, we’ll walk you through the explanation of the Boson protocol token.
What is Boson protocol (Boson)?
The platform has been in existence since 2019 March. It was founded by the great strategy consultant and multi-time entrepreneur Greg Borosa and Justin Banon.
Boson protocol is a project established with an objective to target the existing e-commerce landscape and make it more accessible and affordable. For this, the protocol has been building solutions that are bridging the gap between conventional and digital marketplaces. Further, it will leverage unique tokenization solutions for services and products to achieve its goals.
In other words, the protocol aims to remove the need for intermediaries in the e-commerce space that make it a complex and costly process.
Further, the protocol uses a novel commercial interface for this purpose. Here, the interface features the use of tokenized futures contracts (the stateful NFTs). This is done to provide a valid confirmation regarding the selling and purchasing of services or goods later at a specific date.
You can learn about its working ecosystem through any cryptocurrency advisory course.
Further, these NFTs are readily redeemable for real-world services or goods. These NFTs work in the form of speculative instruments in the DeFi landscape before someone redeems them for the underlying value.
Aside from e-commerce operation, the Boson protocol also aims to reform the way user and customer data are used and made the subject of monetization. For this, it provides a planetary-scale Web3 commerce data marketplace. It basically represents a marketplace for user data trading. Here, the users can voluntarily share their data in return for an equitable reward.
The underlying technology behind Boson Protocol
Boson protocol’s underlying mechanism is similar to a sequential game. Both sellers and buyers offer deposits that directly coordinate the automatic incentive distribution among all participants on this platform.
Aside from this, Boson’s Open Thing Economy bases its foundation on composable and specialized e-commerce apps.
These types of blockchain-based apps give access to reference applications and developer tools’ growing library for physical world rewards. Here, the technology contains a decentralized autonomous organization, a decentralized marketplace for Things. This is known as Boson commerce DAO.
Having a cryptocurrency education regarding the platform is necessary to keep a deep knowledge of the protocol’s underlying technology.
For this, you can look up reliable and relevant cryptocurrency course training forums or programs available on the web. It would be much easier to learn about the technology under the guidance of highly educated cryptocurrency experts.
The working of the Boson Protocol
The Boson protocol establishes an infrastructure for data transfers and DeFi commercial transactions. For this, it uses tokenized exchange vouchers, also called commitment tokens.
Further, these non-fungible tokens execute a kind of game theory that rewards either side of a transaction for meeting their respective objectives. Here both sellers and buyers need to transfer in order to escrow a deposit that is lost to the counterparty in case they don’t fulfill their promise to complete an exchange.
The entire procedure takes place under a smart contract trustlessly. Further, it provides a financial primitive that works as a building block in different decentralized finance protocols.
Furthermore, it also consists of an arbitration system that instantly resolves disputes between sellers and buyers. And it even penalizes the counterparty which is at fault. Basically, it is a type of cryptocurrency security that enables opposite parties to transact between them without even needing to know who they are.
Now let us discuss what a Boson protocol token is?
Understanding the Boson protocol Token
It is also known as the Boson token; it works as a native utility token in the ecosystem of Boson protocol. Users can take this token, allowing them to receive a fee reduction for maintaining transaction coordination.
In addition to this, the token also works for the governance of the network, which means it gives its holders a right to give their vote on how the Boson protocol should operate. Simultaneously it also provides them with a voice to determine how the dCommerce DAO fundings come into use. This cryptocurrency trading and exchange procedure are similar to other popular decentralized crypto platforms like Ethereum.
These tokens gain their value by the minimal extractive charges that generate during each transaction. Aside from this, these tokens also yield their value from the fee a third party provides while buying data from the web 3 data marketplace of Boson protocol.
In simple terms, it allows Boson protocol to establish two planetary-scale value pools: global commerce and web free data store and decentralized networks facilitating commerce transactions.
However, if we consider the protocol’s road map, then we can say that it is still in its initial stages. Further, the protocol has completed the final token raise via a Gnosis auction. Here the platform made a sale of around 6 million tokens. Since then, Boson has aimed to become capable of baking up e-commerce transactions for gaming, NFT art, CeFi and DeFi loyalty reward schemes.
Since this year, the Boson protocol dcommerce ecosystem and marketplace are all set to fully launch.
Use cases of Boson token
The Boson token mainly has three use cases. These are as follows:
Providing protocol governance
The Boson token works to establish governance for the protocol. Here it facilitates a consensus mechanism around protocol changes and fund issuance with the help of a voting system in the Boson Protocol dcommerce DAO.
Allows Boson token staking
As mentioned earlier, Boson tokens are eligible for making commitment deposits. The overall procedure significantly decreases the fee that the network charges users for transaction coordination. Hence both sellers and buyers of dcommerce data can help in circulating the token supply within a reduced transaction fee.
Establishes a system for incentivizing network members
The participants of the Boson protocol ecosystem have the benefit of receiving incentives for their contribution to the platform. Here the platform uses multiple ways to incentive its network members; they are as follows:
- It distributes rewards with the help of the Boson token reward supply that sellers and aggregators facilitate.
- The establishment of relayer marketplaces within the Boson ecosystem allows it to acquire incentives in the form of Boson token fees for inventory distribution.
- At last, the Boson token incentivizes data sharing by the network members. In simple terms, the ecosystem allows buyers to share their important data with the platform. And in return, they can earn an equitable profit depending on the yielded value as a result of data sharing.
If you want to go into more depth about the use cases and workings of the Boson protocol ecosystem, then we advise you to take Boson protocol crypto training or the course available.
What makes the Boson protocol system unique?
The main purpose of the Boson protocol is to establish a bridge between user-provided data and real-world commerce with the help of decentralized Finance space. Though some of its working mechanisms are similar to other competitive platforms, it consists of certain unique features that make it different from others in the market. Below are the features of the Boson protocol ecosystem that effectively fill the gap between real-world commerce and user-provided data:
The dCommerce DAO is an organization that is known to be a community-governed system. Here, the prime function of the organization is to come up with the ideas and procedures on how the dCommerce product stack of Boson protocol should be further developed.
Here, the platform community participates actively in voting on which projects building tools, core applications, and integrations for the Boson protocol ecosystem must receive funds. Aside from this, they can also vote on what kinds of changes Boson’s growth policies need, among all the other things. Further, the dCommerce DAO uses data monetization and transaction fees on the Boson protocol ecosystem to collect the funding. The dCommerce DAO is quite a unique concept that we don’t find in other similar platforms. Thus, to better understand its underline procedures, it is suitable to take up a Boson-based cryptocurrency course.
With some research, you can find reliable online forums and e-learning platforms that offer relevant cryptocurrency course programs for a diverse level of learners.
Web3 Data Marketplace
The Boson protocol ecosystem has the aim to shift the way users perceive their individual data. Hence, the protocol works by providing a solution that allows users to share their data voluntarily. Further, by doing so, those users will receive economic incentives in return.
In order to make this happen, Boson makes use of the Ocean Protocol. It is a platform that effectively unlocks data values. Further, by doing so, the platform establishes a Web 3 data marketplace. Here, those who want to purchase user data can get access to the data collected from the users that voluntarily took part in data sharing.
These are basically ERC-20 tokens that Boson network members use to buy commitment tokens. But, these are not NFTs; these are fungible tokens that users can trade with the help of standard platforms and DeFi protocols.
Some platforms include open lending platforms and Automated Market Makers. ERC-20 tokens are known to be the third type of token available in the ecosystem of Boson protocol. The other two types include stateful NFTs and Boson utility tokens.
Things tokens will be more accessible with the Boson protocol development Phase 2. In fact, the cryptocurrency developer team for the Boson protocol ecosystem has been working to introduce Things tokens in a more accessible way for users.
Looking at the advancements and concept of the Boson platform, we can say that it has promising potential to revolutionize the e-commerce trade industry. With this emerging new change in the way people buy, sell and trade services and products, the difference between user-generated data via users themselves and the physical commerce sector is coming into moderation. The article covers everything you need to know about the Boson protocol and the BOSON token. Ensure to understand the concept of Boson protocol while going through the definition and working procedure as mentioned above. Further learning the use cases is also essential information about the platform that will easily help you grab the concept while taking a cryptocurrency course.
But the question is, how do you find a credible learning resource? Hence, we would like to introduce you to the BLOCKCHAIN COUNCIL. The platform has been providing multiple courses on blockchain-based platforms. Also, you can explore cryptocurrency, learn how it works, and much more relevant information through both theory and practical exercises. So without making any further delay, join the Blockchain Council and boost up your knowledge and expertise regarding the platform. Here you will get direct guidance from highly knowledgeable crypto advisors and blockchain experts.