South Korean Fintech startup BlockChain OS has announced its plan to launch a new digital currency called BOScoin, which, it claims, is an improved version of prominent virtual currencies such as Bitcoin and Ethereum.
According to regional publication Pulse News, the soon-to-be-launched digital currency is based on a blockchain, much like existing digital currencies. The difference, the Seoul-based company claims, is the blockchain’s ability to facilitate faster transaction speeds. More specifically, in line with credit card processing speeds, up to 1000 transactions per second.
All tools and code used by the developers will rendered open-source, according to a report from Korean publication DataNet.
While few details are known, BOScoin will be powered and upheld by a next-generation smart contract solution with an ‘inference engine’ (loosely translated). This engine is the core software and code that helps a machine or user decipher the contract, as opposed to existing smart contracts written in program-level code which can prove difficulat to understand for most users. Essentially, the developers seem to aim for a more-straightforward blockchain.
The token currency BOScoin will be issued and managed by the BlockchainOS Foundation, which, strangely, is to be established in a centralized location in Switzerland.
Park Chang-ki, CEO at BlockchainOS stated:
With the launch of BOScoin, Korea will be able to challenge the world’s encrypted money market and be recognized.
The digital currency is currently on pre-sale for domestic investors and will be followed with an initial coin offering (ICO) come February 2017 for worldwide investors. The report also notes possible implementations of the digital currency alongside popular B2C mobile applications in Korea which will fundamentally see BOScoin used as a transactional currency, replicating fiat cash.
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