What Is Boson Protocol (BOSON) And How Does It Work?

2021/04/09 09:51:19

In the beginning, commerce took place physically, with customers purchasing their goods in brick and mortar stores. As time went on and the internet became prominent, the process has progressed to digital commerce, where transactions can be made online from anywhere. The question is, what is the next step for commerce? Well, Boson Protocol is looking to bring about the age of decentralized commerce (dCommerce).

Decentralized commerce utilizes blockchain technology to tokenize things and their commerce data using DeFi. Boson is pioneering this new way of commerce, developing the applications necessary to democratize and decentralize the market.

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What Is Boson Protocol?

Boson Protocol is a protocol that enables an open tokenized economy for commerce by automating digital to physical redemptions using NFTs encoded with game theory. With the current market, powerful ecommerce platforms are hoarding data and separating people from the value they create.

With this in mind, Boson Protocol’s vision is to enable a decentralized commerce ecosystem by funding and enabling the development of a stack of specialist applications to disrupt, demonopolize and democratize commerce.

This is achieved through dCommerce, which operates using blockchain, DeFi and NFT technology to ensure the customer is always at the center of the experience. What Boson is providing is a commerce interface between the Metaverse and the physical world.

How Does Boson Protocol Work?

Boson Protocol’s core technology disrupts e-commerce platforms by tokenizing real-world products and services and commerce data within a liquid digital market, built on DeFi. This changes the way people and companies transact.

There is a whole ecosystem being built to help achieve Boson’s ultimate vision. Technologies enabling this includes a Web3 Data marketplace, where consumer and seller data can be monetized, the core exchange mechanism that is designed to coordinate transactions and incentivize parties to behave fairly, and NFT-based commitment tokens, where commitments are made by depositing digital value into an escrow contract.

At the center of the project is the dCommerce DAO, a community-governed organization that will help to lead the development of the dCommerce market by funding those who build upon Boson Protocol’s applications.

Who Created Boson Protocol?

The project has been spearheaded by two people: Justin Banon and Gregor Borosa.

Justin Banon is CEO of Boson Protocol. Justin is a tech unicorn builder, having previously grown the digital voucher marketplace Priority Pass Group to over $1 billion in revenue from just $50 million. He has earned a Master’s in Digital currency, as well as Innovation, helping him in his role as a blockchain strategist.

Gregor Borosa is behind the tech at Boson Protocol. He has worked in a number of roles, such as lead engineer at major banks and payment systems. Gregor has also previously taught blockchain Master's courses using his experience as a blockchain architecture consultant and developer. He also earned a Master’s in Digital Currency on top of Business Informatics.

What Is The BOSON Token?

BOSON tokens serve as the core economic unit of the Boson ecosystem. It grows in value through a sustainability loop powered by dCommerce. The total supply of BOSON is 200 million. The token distribution is as follows:

  • Network Rewards/ Foundation: 43.4%
  • Founders and Team: 25%
  • SAFE and SAFT Private Sale: 11.5%
  • Early Investors: 7%
  • Pre Sale: 5.1%
  • Advisors: 5%
  • Public Sale: 3%

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Trade BOSON and other 200+ tokens on KuCoin

What Is The BOSON Token Used For?

The role of BOSON in the Boson ecosystem is diverse. As the economic unit at the center of the project, BOSON is key to the operation of Boson Protocol. They accrue their value from a fee levied on coordinating transactions and when third-parties access data on the Boson Web3 Data Marketplace.

BOSON holders will be able to govern the project, specifically the dCommerce DAO. Ultimately, it is planned for the community to decide which projects to fund and what applications to build.

The BOSON token is also used for staking. These commitment deposits allow buyers and sellers to reduce their network fees for coordination of transactions. Otherwise, the token is used for incentivization, rewarding supply acquisition. Relayer marketplaces earn fees to incentivize distribution of inventory, while buyers are incentivized to share their data for a cut of value it creates.

Closing Thoughts

Boson Protocol is at the forefront of the decentralized commerce revolution. With ecommerce continuing to grow as the preferred method of commerce, the added benefits of decentralization will have an even bigger impact. Add to this the incorporation of NFTs in dCommerce and the privacy aspect, and it becomes clear that Boson Protocol is well positioned to change the way commerce works in the age of blockchain.

For more details about Boson Protocol, you can visit Boson Protocol Explainer.

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