Boson Protocol (BOSON) is an innovative decentralized infrastructure that revolutionizes e-commerce transactions. It enables the exchange of digital value for real-world products and services through the use of tokenized futures contracts. These contracts, represented as non-fungible tokens (NFTs), depict commitments to buy and sell physical assets on the platform.
In this article, we will explore the following topics:
– Introduction to Boson Protocol (BOSON)
– How Boson Protocol (BOSON) works
– The BOSON token
– Where to purchase the BOSON token
– Boson Protocol (BOSON) Price Forecast
– Conclusion
Introduction to Boson Protocol (BOSON):
Boson Protocol is a decentralized autonomous commerce (dCommerce) ecosystem that automates digital-to-physical redemptions. It utilizes non-fungible tokens (NFTs) encoded with gamified dynamics to create a “fundamental Web3 primitive” that leverages “planetary-scale value sets”. The platform provides public infrastructure powered by smart contracts to facilitate business transactions and the exchange of digital value for physical goods and services.
Boson Protocol aims to minimize arbitration and costs, offering a trusted Web3 commerce marketplace for consumer data. The platform facilitates the exchange and monetization of secure Web3 consumer demographics and product preferences. By tokenizing products, services, and relevant data as non-fungible tokens (NFTs) on the blockchain, Boson Protocol connects the real world with the metaverse. The platform combines NFTs and game theory incentives to create a decentralized commerce ecosystem accelerated by blockchain-based applications.
These applications disrupt and democratize commerce by eliminating unnecessary middlemen, creating a more equitable platform for retailers, brands, and service providers, while delivering value to consumers. Boson Protocol achieves this by reducing fees and friction, providing a comprehensive trading interface, and enabling the buying and selling of products and services tokenized as futures contracts. These contracts are represented by NFT “commitment tokens”, with each pledge token symbolizing a specific item, good, or service, along with the commitment to purchase it using a dedicated token called a “Thing token”.
How Boson Protocol (BOSON) works:
Boson Protocol (BOSON) aims to introduce decentralized technology into e-commerce and establish an open and tokenized economy. The protocol utilizes ERC-20 “Thing” tokens, which are used to purchase specific commitment tokens and fungible tokens on the platform. Thing tokens are transferable and tradable using common DeFi tools, providing liquidity in the digital markets for the corresponding physical assets.
Boson Protocol advocates for secure collection and privacy preservation of e-commerce data, incentivizing users through monetary benefits in exchange for voluntary data sharing. The platform utilizes the Ocean Protocol to create a Web 3.0 trade data marketplace, enabling information buyers to gain insights into consumer behavior and perform in-depth analysis of their business strategies. Boson Protocol’s main engine is designed using concepts from game theory to encourage honest behavior among negotiation participants. It operates as a sequential game with a two-sided deposit structure, automating dispute resolution and reducing reversal losses.
The platform is community-owned, aiming to ensure fair distribution of control and value. Platform governance evolves in three stages: startup, scale-up, and decentralized autonomous organization (DAO). In the startup phase, Boson maintains centralized control to adapt the protocol to the market. During scale-up, it charges minimal extraction fees to further develop the project. Finally, it transitions to a decentralized state, establishing a DAO for fully community-led governance.
Boson Protocol Technology:
Boson’s core engine functions as a sequential game, with coordinated deposits from buyers and sellers incentivizing fair behavior among all participants. The “Open Thing Economy” built by Boson Protocol relies on various specialized and combinable dCommerce applications, providing access to a growing library of developer tools and reference applications for real-world redemptions. This includes a decentralized marketplace for things and the Boson Protocol dCommerce DAO, a decentralized autonomous organization.
Boson Protocol dCommerce DAO aims to be a fully community-governed DAO that funds the expansion of the dCommerce ecosystem. Based on the “Web3 Sustainability Loop” developed by Ocean Protocol, the DAO provides funding for new projects built using Boson Protocol technology. Developers receive grants to create innovative dCommerce tools and applications, and the DAO oversees platform integrations and developer initiatives.
The Boson Protocol is instrumental in building an open “Economy of Things”. By encouraging developers to build apps, tools, and interfaces for the dCommerce stack, the dCommerce DAO facilitates the growth of the ecosystem. The DAO’s implementation occurs in three stages: initial start-up, scaling, and full decentralization. It aims to resist capture by centralized entities and ensure a fair and equitable distribution of ownership, value, and control while complying with regulatory authorities. The DAO oversees the supply and distribution of the BOSON token until full decentralization is established.
BOSON token:
The BOSON cryptocurrency serves as the utility token of the Boson Protocol. It derives value from minimally extractive fees generated by transactions and access to third-party data in the Boson Web3 data market. The Boson Protocol facilitates two “planetary-scale sets of values” with the BOSON token. The first is a decentralized network for business transactions, and the second is a global store of commerce and Web3 data. The current outstanding supply of BOSON tokens is 90,257,688, with a maximum supply of 200,000,000 BOSON coins.
Use cases for the BOSON token include protocol governance, staking, and incentives. The token is used to govern the protocol and establish consensus on fund issuance and protocol changes through voting on the Boson Protocol dCommerce DAO. Staking BOSON tokens reduces network fees for coordinating transactions, thereby decreasing the circulating supply of BOSON tokens. Additionally, the BOSON token incentivizes ecosystem participants by providing token rewards, encouraging data sharing, and distributing fees to Relayer marketplaces.
Where to buy the BOSON token:
The BOSON token can be purchased on major cryptocurrency exchanges, including MEXC, KuCoin, Huobi Global, and Gate.io.
Boson Protocol (BOSON) Price Forecast:
According to our crypto price prediction index, the price of Boson Protocol is expected to reach a maximum level of $0.805 in 2022. In 2023, the price may reach a maximum level of $1.550, with an average trading price of $1.153. By 2025, BOSON is projected to surpass an average price level of $1.868.
For the current year, the minimum expected value of the Boson Protocol price is $1.725, with a maximum price level of $1.904. In 2030, the price is forecasted to reach a minimum possible level of $1.654. According to our crypto price prediction index, the maximum possible price of BOSON could reach $3.049, with an average predicted price of $2.298.
Conclusion:
Boson Protocol introduces a new layer of dimension to Web 3.0, aiming to disrupt conventional trading markets and enable the digital exchange of value for real-world products and services. The protocol creates a decentralized trading ecosystem by funding and accelerating the development of various applications that challenge traditional commerce and promote democratization. Boson Protocol operates as a transparent network, providing a fair and credible way for all parties, including individuals and larger corporate entities, to interact.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.