KuCoin AMA With Boson Protocol — Decentralizing Commerce Starting With Metaverse Commerce
Dear KuCoin Users,
Time: November 19, 2021, 11:00-11:53 (UTC)
KuCoin hosted an AMA (Ask-Me-Anything) session with the Boson Protocol team in the KuCoin Exchange Group.
Project Introduction
Boson Protocol is the decentralized network on which future commerce will run. And it starts with metaverse commerce. Boson Protocol enables anyone to sell physical products in the metaverse as NFTs within their Decentraland space – Boson Portal. With Boson Protocol, you can build commerce applications that anyone can trust and everyone can use.
Official Website: https://www.bosonprotocol.io
Follow Boson Protocol on Twitter and Telegram.
Guests:
Justin Banon — Co-Founder of Boson Protocol
Justin Banon is the Co-Founder of Boson Protocol. Prior to this, Justin spearheaded the Travel Experiences Division of Collinson, where he managed a group of global loyalty rewards platforms including LoungeKey, Mastercard Airport Experiences, and Priority Pass — the latter of which he scaled twenty-fold from $50m to $1bn per annum revenue during his tenure.
A serial entrepreneur, Justin has founded numerous startups over the last two decades, including Meltfactory, a blockchain strategy consultancy where he served as CEO, and Redeemeum, a crypto native rewards platform where he currently holds the position of CEO. He also serves as a Start-up Mentor at Outlier Ventures, a leading investment firm in blockchain, artificial intelligence, IoT, and robotics.
A Physics graduate from Imperial College London, Justin also holds a Masters in E-business and Innovation from Birkbeck College, University of London, and a Masters in Digital Currency from the University of Nicosia.
Jonas Seiferth — Head of Strategy at Boson Protocol
Jonas previously was the first employee at LUKSO, where he served a variety of functions in jumpstarting the layer 1 for the new creative economies. At Boson Protocol, he's responsible for developing strategy and component owner of the Protocol team.
Q&A from KuCoin
Q: What is the vision and where did it come from?
Justin: Our vision is to provide the decentralized network on which future commerce will run. And it starts with the metaverse. We have assembled an all-star team of specialists in NFT technology, legal engineering, decentralized governance, platform business models, protocol design, marketing, Game Theory… all bases are covered.
Q: Where does Boson Protocol fit into all the latest buzz about open metaverse and decentralization?
Jonas: Boson Protocol offers open metaverse commerce, which is an essential building block of the Open Metaverse OS. It represents the antidote to the intermediaries and proprietary enterprises who control commerce today and extract as much value as possible. We're moving from 2d e-commerce to a 3d fully immersive metaverse commerce experience.
Q: Everyone seems to be all in on NFTs. How do they fit into Boson Protocol?
Jonas: We’re representing the right to receive physical assets as NFT Vouchers. When a buyer commits to an offer, an NFT Voucher is issued to them. Buyers can then transfer the NFT Vouchers, as well as redeem them for the physical assets.
This is essential to connect physical assets to smart contracts. In the last few months, we have seen an explosion in demand for physical NFTs in general and metaverse commerce, both of which are major Boson use-cases.
Q: Can you tell us about Boson Portal?
Jonas: Boson Portal is a fully customizable brand platform for Metaverse Commerce that connects the metaverse with the real world, enabling in-game purchases which are redeemable as physical items.
You can think about Boson as a commerce bridge between the Metaverse and the universe, which enables smart contracts to connect to real-world commerce using decentralized commerce infrastructure that everyone can trust and anyone can use.
We had a successful launch of Portal yesterday, filling up the decentraland environment and seeing a load of demand for the physical NFTs. This is the start of Metaverse commerce.
Q: What does Boson mean by creating a commerce bridge between the metaverse and the real world?
Justin: Boson allows the sale of items in the metaverse and redemption in the real world, effectively connecting both worlds. This is powered by NFTs encoded with game theory. The exchange protocol takes commitments from both buyer and seller in the form of deposits and payment for the product. In the execution of the exchange, the protocol aligns the incentives of buyer and seller to follow through with their commitment and resolve disputes.
Q: What is Qube? Why? What do they get out of it?
Jonas: Qube is a play to earn-esque game to encourage people to come to Portal and experience commerce in the Metaverse, and potentially win some $BOSON!
Through a series of seasons, players will have to complete, or attempt to complete, various quests in order to earn XP. There will also be a live leaderboard on show in Portal, so you will know how you are stacking up against the competition!
There is a prize pool of 50k $BOSON for participants and an additional 20k for the Twitter giveaway when you share it on Twitter. And the best part is, you don’t need any crypto in your wallet to participate!
Q: Where do you see the future of commerce and the metaverse going from here?
Justin: We see two futures: one dominated by tech monopoly like Facebook- where we all live in a digital prison, and another where the metaverse is open. Boson Protocol stands with other decentralized projects to enable the open metaverse. That’s why we are a founding member of the Open Meta DAO. Please retweet your support: https://twitter.com/BosonProtocol/status/1461416442960785413
Free-Ask from KuCoin Community
Q: Is your platform suitable for crypto beginners or is it only limited to professional users?
Jonas: It's suitable for crypto beginners. We have great product teams that make sure that every product we're building is intuitive to non-web3 natives.
Q: The idea of the project is really unique and incredible. How did this idea come about?
Justin: I used to lead a billion-dollar revenue digital voucher platform. In parallel, I studied for a blockchain masters and thought- how could we use blockchain and game theory to eliminate intermediaries and automate commerce.
Q: What is your strongest advantage that you think will make your team lead the market?
Jonas: We're combining the world of deep blockchain/web3 expertise and e-commerce experience to build decentralized commerce. This combination of skills lets us bridge both worlds.
Q: What can I do in the Portal? Have you prepared a tutorial for using the Portal?
Jonas: Yes, here's a quick demo for you: https://www.youtube.com/watch?v=mNRNIeE7WZs
Q: What if I am a painter? Can I enter the Boson Portal?
Jonas: Maybe in the future, we will allow painters to do digi physical commerce. Paint in the metaverse and in the real world.
Q: Too many projects promise magic but never release any working product or prove any revenue within a short/long time of release. Is your project also like this? If not, can you tell us what makes your project different from other projects?
Justin: Well, we have a team of 60 of the best people in crypto. We have just built arguably the best scene/app in decentraland, deployed v1 of our protocol and have a huge backlog of partnerships. We also have an aggressive roadmap of products and partnerships for next year.
Q: Does your project support staking program? If yes, how does your staking system work? What is the requirement for users if they want to stake in your platform?
Jonas: Stay tuned. We have a staking program launching next month.
Q: Security is always the top task of projects. But lately, a lot of cryptocurrencies and blockchain have been appropriated by hackers. What security measures does your project have in place to avoid the possibility of being appropriated by hackers?
Jonas: We take security very seriously and completed a total of 3 audits on the Protocol v1 contracts, as well as conducted a bug bounty. For our products like Portal, we're taking some of the highest security precautions to make sure we can offer reliable and trustable services to our users.
Q: The DressX collaboration is really amazing! Is there another cooperation like it that gets people excited about blockchain technologies?
Justin: DressX is amazing, yes. We also have a long list of amazing global brands which we will be announcing over the coming weeks.
Jonas: I see a lot of questions on the token model. We're following the dCommerce sustainability loop, where the protocol takes a minimal fee on exchanges. This fee revenue is then collected in the dCommerce DAO, where token holders either decide to reinvest it in the protocol and ecosystem or use it to buyback/burn $BOSON: https://www.bosonprotocol.io/boson-token
Q: What is the most ambitious goal of your project? Could you share with us any upcoming updates?
Justin: Our aim is to be the decentralized network upon which future commerce will run. Think like TCP/IP but for commerce which is a $30T market.
Q: Is there anything else you would like to share or you want us to know?
Jonas: We have a lot planned for the rest of the year.
One major driver of Boson Protocol will be Metaverse commerce. We're super excited to see a load of demand from established brands wanting to sell their items in Boson Portal.
Another exciting development is the development of protocol v2, planned for Q2 next year, the building block for a number of applications, taking dCommerce mainstream.
Giveaway Section
KuCoin and Boson Protocol have prepared a total of 1,000 BOSON to give away to AMA participants.
1. Free-ask section: 40 BOSON
2. AMA activity: 960 BOSON
Activity 1 — Quiz: 750 BOSON
Activity 2 — Price Guess: 150 BOSON
Participation Rewards: 60 BOSON
. . .
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