Boson Protocol

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Discover Boson Protocol's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Boson Protocol?

Boson Protocol (BOSON) is a decentralized commerce ecosystem that enables the tokenization, transfer, and trade of physical and digital assets using redeemable non-fungible tokens (rNFTs). It aims to create a trustless and efficient marketplace, bridging the gap between online marketplaces and real-world products. The protocol uses game theory and independent resolvers to ensure fair exchange and dispute resolution, with the native BOSON token serving as the core economic unit for governance, fees, and incentivization.

How is Boson Protocol used?

The Boson Protocol (BOSON) is a versatile cryptocurrency that serves multiple purposes within the Boson ecosystem. Here are the key ways it is used:

  1. Governance: BOSON is used for governance, allowing holders to participate in decision-making processes and vote on proposals to shape the direction of the protocol.

  2. Payment for Smart Contracts and Fees: BOSON can be used to pay for the execution of smart contracts and network fees, ensuring the smooth operation of the platform.

  3. Rewards Token: BOSON is also the rewards token, incentivizing users to participate in the ecosystem and rewarding them for their contributions.

  1. Incentivization: The token is used to align incentives among different actors within the ecosystem, ensuring that everyone works towards the same goals.

  2. Trading and Transfer: BOSON can be traded and transferred like any other cryptocurrency, allowing users to buy, sell, and hold it.

  3. Access to Features: Holding BOSON is necessary to access various features and services offered by the Boson Protocol, making it a crucial part of the ecosystem.

Overall, the BOSON token is the backbone of the Boson Protocol, facilitating governance, incentivization, and payment for services within the platform.

How do I store Boson Protocol?

To store Boson Protocol (BOSON) tokens, you can use any ERC20-compatible wallet. BOSON is an ERC20 token deployed on the Ethereum Blockchain. Specifically, it is natively integrated with Ledger and MetaMask, making these popular choices for storing your BOSON tokens.

How to buy Boson Protocol?

To buy Boson Protocol (BOSON) tokens, follow these steps:

  1. Create an Account on a Centralized Exchange (CEX):

    • Register on a reliable CEX like Huobi, Gate.io, or Kucoin.
    • Verify your identity and secure your account with two-step verification.
  2. Buy a Cryptocurrency with Fiat:

    • Use your bank account or credit card to purchase a cryptocurrency like USDT, ETH, or BNB that can be easily traded for BOSON.
    • Ensure the CEX supports OTC trading for the chosen cryptocurrency.
  3. Transfer Cryptocurrency to a BOSON-Supporting Exchange:

  • If the CEX where you bought the cryptocurrency also supports BOSON trading, you can proceed to the next step.
  • Otherwise, transfer the cryptocurrency to an exchange that supports BOSON trading.
  1. Buy BOSON with Your Cryptocurrency:

    • Use your transferred cryptocurrency to buy BOSON in the spot market.
  2. Store Your BOSON Tokens:

    • Use an ERC20-compatible wallet like Ledger or MetaMask to store your BOSON tokens securely.

Alternatively, you can use a decentralized exchange (DEX) by connecting your wallet to the DEX and trading your ETH for BOSON. Always ensure you are using a reliable and trustworthy exchange to avoid scams and potential losses.

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History of Boson Protocol

Boson Protocol, a blockchain-enabled e-commerce market for tokenized real-world and digital assets, was founded in 2019 and is based in Singapore. The company's primary service involves the tokenization, transfer, and trade of physical or digital items as redeemable Non-Fungible Tokens (NFTs), enabling decentralized commercial exchange without the need for centralized intermediaries.

Funding History

Boson Protocol has raised a total of $10 million in funding, with its latest funding round being an unattributed round of $6.65 million, which took place three years ago. The company's investors include Outlier Ventures, Trent McConaghy, and Po Tang.

Key Features and Services

Boson Protocol uses tokenized futures contracts, wrapped as stateful non-fungible tokens, to represent commitments to purchase and sell goods or services at a later date. This approach eliminates intermediaries and reduces costs, making e-commerce more efficient. Additionally, the platform provides a "planetary-scale Web3 commerce data marketplace" where users can voluntarily share data and receive economic incentives.

Roadmap and Milestones

As of April 2021, Boson Protocol was still in the early stages of its roadmap. The platform completed its final token raise through a Gnosis auction, selling a total of 6 million tokens. By the end of 2021, Boson Protocol aimed to support e-commerce transactions for NFT art, gaming, DeFi, and CeFi loyalty reward schemes. The full Boson Protocol marketplace and dCommerce ecosystem were slated to launch in 2022.

Unique Features and Governance

Boson Protocol incorporates several unique features, including a dCommerce DAO, a community-governed organization that decides on funding for projects building core applications, tools, and integrations on the platform. The community also votes on changes to growth policies. The dCommerce DAO is funded through fees derived from transactions and data monetized on Boson Protocol.

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How Boson Protocol works

The Boson Protocol is a decentralized system designed to facilitate the tokenization, transfer, and trade of both physical and digital assets. It operates on blockchain technology, ensuring transparency, efficiency, and decentralization. Here's an overview of how it works:

Tokenization

The protocol allows users to convert their assets into redeemable NFTs (rNFTs). These rNFTs are essentially forward contracts programmed within smart contracts, which can be held, transferred, or traded like any other NFT. This process tokenizes real-world assets, making them accessible for trading and commerce within the digital environment.

Decentralized Commerce Layer

Boson Protocol acts as a decentralized commerce layer, enabling the creation of commerce applications that anyone can use and everyone can trust. It bridges the gap between blockchain and off-chain assets, allowing for seamless interactions between the physical and digital worlds.

Governance and Incentivization

The BOSON token is the native utility token of the ecosystem. It serves three primary purposes:

  1. Governance: BOSON holders can participate in governance by staking their tokens to vote on proposals and shape the direction of the network.
  2. Fee Payment: BOSON is used to pay for network fees, ensuring the sustainability of the system.
  3. Incentivization: The token incentivizes various actors within the ecosystem, such as suppliers, distributors, and data sharers, to contribute to the network's functionality.
Fair-Exchange Assurance

Boson Protocol employs game theory and independent resolvers to ensure that either the bearer of an rNFT receives the physical asset or gets their money back. This mechanism provides strong and credible assurance for all parties involved in the transactions.

Marketplace and Interoperability

The protocol has a marketplace setup within the Decentraland metaverse, where users can trade their tokens. Additionally, it supports interoperability between blockchain and off-chain assets, making it possible to bring real-world items into the digital environment.

Development and Community

The Boson Protocol is built by Redeemeum Labs and an expanding number of decentralized teams. It is progressively decentralizing towards community governance via the Boson DAO, ensuring that the network remains minimally extractive and aligned with the interests of its users.

Overall, the Boson Protocol aims to revolutionize the e-commerce sector by providing a decentralized, efficient, and transparent infrastructure for tokenizing and trading assets.

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Boson Protocol's strengths

The token Boson Protocol (BOSON) has several strengths:

  1. Governance: BOSON is used to govern the protocol, allowing holders to participate in decision-making processes and ensuring community governance.

  2. Incentivization: The token incentivizes different actors within the ecosystem, such as suppliers, distributors, and data sharers, to support network functionality and health.

  3. Flexibility: BOSON can be used to pay for various activities, including the execution of smart contracts and network fees, making it a versatile utility token.

  1. Decentralized Commerce: BOSON is part of a decentralized commerce ecosystem that aims to bridge the gap between physical and digital marketplaces, promoting trustless transactions and reducing intermediaries.

  2. Security: The protocol uses game theory and independent resolvers to ensure fair-exchange assurance, providing strong and credible guarantees for token holders.

  3. Accessibility: BOSON can be bought or sold on multiple trustworthy exchanges, making it easily accessible to users.

These strengths contribute to the overall value and potential of the Boson Protocol and its native token, BOSON.

Boson Protocol's risks

Boson Protocol (BOSON) carries financial risks that are reflected in its risk scores. According to InvestorsObserver, Boson Protocol has received both low and high risk ratings depending on the analysis. The proprietary scoring system evaluates how much money is required to move the price over a 24-hour period, considering recent changes in volume and market capitalization. This gauge ranges from 0 to 100, with lower scores indicating higher risk and higher values representing lower risk.

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Did Boson Protocol raise funds?

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Boson Protocol’s team

  • Justin Banon: Co-Founder and CEO of Boson Protocol, a serial entrepreneur with a background in physics and experience in digital innovation and cryptocurrency. He has led several projects, including Redeemeum and Meltfactory, and has a strong focus on decentralized business model design patterns and cryptoeconomic systems.

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