What Is Boson Protocol (BOSON)?
BOSON is the native token of the Boson Protocol, which is a decentralized commercial exchange. It allows users to exchange any tangible object in a decentralized manner without middlemen. If you’re interested in the current BOSON price, take a look at the Boson Protocol.
In order to allow the digital to physical redemptions of tangible objects, the Boson Protocol tokenizes the agreement between buyer and seller to swap digital value for a physical item. Thus, it turns these agreements into redeemable NFTs (rNFTs) that are can be held or traded just like traditional NFTs. In essence, rNFTs are smart contracts that contain futures contracts for tangible objects.
Since they can be redeemed for any physical, digital, or on-chain object, they also allow the creation of digital twins and phygitals. Besides, rNFTs can be configured so that only wallets holding particular NFTs or having a certain ERC-20 balance have access to them.
In order to exchange rNFTs for the real-world objects they stand for, users must have NFT commitment tokens that can be purchased using Thing tokens. The Thing token is used specifically for the aforementioned purpose and it is based on the ERC-20 token standard.
The credibility of rNFTs is ensured through game theory and independent resolvers. There is a type of sequential game that has a two-sided deposit structure. The structure automates dispute resolution and lowers reversal losses. This guarantees that users can either exchange their rNFTs for tangible objects or get their money back.
Lastly, note that, besides exchanging tangible objects in a decentralized manner, the Boson Protocol also allows developers to build commerce applications. This means they can add dCommerce functionality to their dApps, develop web3 marketplaces, and do many other things.
Who Founded Boson Protocol?
The Boson Protocol crypto project was founded in 2019 by Justin Banon and Gregor Borosa.
Justin Banon is the CEO of the Boson Protocol. He has a degree in e-business, innovation, and digital currencies. Prior to founding the Boson Protocol, Banon was the divisional director at the Collinson Group. As of writing this, he is also a strategic advisor at the dexFreight and a member of Outlier Ventures. Besides that, he also founded Meltfactory and Redeemeum.
Gregor Borosa is the CTO of the Boson Protocol. He has a degree in information science, business informatics, and digital currencies. In the past, he worked as an IT specialist at Medis Intago and a software engineer at the Bank of Slovenia. Besides that, he was a teaching fellow at the University of Nicosia and a blockchain technologist at VEVArica. Additionally, together with Banon, he also co-founded Redeemeum.
Use Cases of BOSON Tokens
BOSON tokens have three main use cases – governance, staking, and rewarding users.
In terms of governance, BOSON holders are able to participate in the decision-making processes considering the future development of the Boson Protocol crypto project.
Talking about rewards, BOSON tokens are used to incentivize users for taking certain actions on the Boson system. For example, buyers are encouraged to provide their data in exchange for a fair part of the value it generates.
Lastly, considering staking, Boson buyers and sellers can stake BOSON tokens to reduce network fees and get staking rewards.
Besides, don’t forget to take a look at the Boson Protocol price chart placed above, in which you can see the live BOSON price.
Tokenomics of BOSON
The max supply of the Boson Protocol tokens is 200 million. BOSON tokens are minted through staking. However, once the circulating supply reaches the max supply, no new tokens will be created.
Besides, to avoid a high decrease in the BOSON price, the protocol employs a buy-back-and-burn mechanism. In essence, it buys BOSON tokens out of circulation using 5% of the project's earnings and burns them right away.
However, if you've decided to purchase the Boson Protocol coins, note that the BOSON price still tends to fluctuate. Thus, make sure to check out the Boson Protocol price chart mentioned before to see how it fluctuates.
