Boson Protocol (BOSON) serves as a decentralized infrastructure for conducting e-commerce transactions. The platform allows for the exchange of digital value in return for real-world products and services through the utilization of tokenized futures contracts. These contracts, representing commitments to buy and sell physical assets, are represented on the platform as non-fungible tokens (NFTs).
In this article, we will explore the following topics:
– What is Boson Protocol (BOSON)?
– How does Boson Protocol (BOSON) work?
– The BOSON token
– Where can you purchase the BOSON token?
– Boson Protocol (BOSON) Price Forecast
– Conclusion
What is Boson Protocol (BOSON)?
Boson Protocol is a decentralized autonomous commerce (dCommerce) ecosystem that aims to automate digital-to-physical redemptions. By utilizing non-fungible tokens (NFTs) with gamified dynamics, Boson Protocol serves as a fundamental Web3 primitive that leverages planetary-scale value sets. The platform provides public infrastructure that employs smart contracts to facilitate business transactions and enable the exchange of digital value for physical goods and services.
Boson Protocol aims to minimize arbitration and costs in order to establish a trusted Web3 commerce marketplace for consumer data. The platform’s marketplace enables the exchange and monetization of secure Web3 consumer demographics and product preferences. By bridging the real world with the metaverse, Boson Protocol seeks to revolutionize traditional e-commerce platforms. This is achieved by tokenizing products, services, and relevant data on the blockchain as non-fungible tokens (NFTs). Through the integration of NFTs and game theory incentives, Boson Protocol envisions a decentralized commerce ecosystem driven by blockchain-based applications.
These applications aim to disrupt and democratize commerce by eliminating unnecessary intermediaries. As a result, a more equitable platform is created for retailers, brands, and service providers, while also delivering value to consumers. This is accomplished by reducing fees and friction, and providing a comprehensive trading interface. Additionally, users can buy and sell products and services that are tokenized as futures contracts, which are represented by NFT “commitment tokens”. Each commitment token represents a specific item, good, or service, along with the commitment to purchase it using a dedicated token known as a “Thing token”.
How does Boson Protocol (BOSON) work?
Boson Protocol (BOSON) aims to not only introduce decentralized technology into e-commerce but also establish an open and tokenized economy. The protocol features ERC-20 “Thing” tokens, which are used to acquire specific commitment and fungible tokens on the platform. Thing tokens can be transferred and traded using common DeFi tools, thereby creating liquidity in digital markets for the corresponding physical assets.
The Boson Protocol emphasizes the secure collection and preservation of e-commerce data, while also incentivizing users through monetary benefits in exchange for voluntary data sharing. The platform utilizes the Ocean Protocol to build a Web 3.0 trade data marketplace, which enables information buyers to gain insights into consumer behavior and conduct in-depth analysis of their business strategies. The main engine of Boson Protocol is designed based on game theory concepts, aiming to incentivize honest behavior among the participants involved in negotiations. Built as a sequential game, it incorporates a two-sided deposit structure that automates dispute resolution and reduces losses from reversals.
The platform is community-owned and strives to ensure a fair distribution of control and value. Platform governance evolves in three stages: startup, scale-up, and decentralized autonomous organization (DAO). During the startup phase, Boson Protocol maintains centralized control to adjust the protocol according to market demands. In the scale-up phase, it charges minimal extraction fees to further develop the project. Finally, full decentralization is achieved through the establishment of a DAO, which enables fully community-led governance.
Boson Protocol Technology
At its core, Boson Protocol operates as a sequential game. Buyers and sellers make coordinated deposits to incentivize all participants to act fairly. The platform introduces an “Open Thing Economy,” which is built on a foundation of specialized and combinable dCommerce applications.
These blockchain-based applications provide access to a growing library of developer tools and reference applications for real-world redemptions. This includes a decentralized marketplace for things, as well as a decentralized autonomous organization called the Boson Protocol dCommerce DAO.
dCommerce DAO
The Boson Protocol dCommerce DAO aims to be a fully community-governed DAO that funds the expansion of the dCommerce ecosystem. It is based on the “Web3 Sustainability Loop,” a model for the sustainable growth of Web3 projects developed by Ocean Protocol. The Boson Protocol dCommerce DAO provides funding for new projects built using Boson Protocol technology. Developers can receive grants to expand the Boson Protocol ecosystem by creating innovative dCommerce tools and applications. Additionally, the DAO oversees developer initiatives and platform integrations.
The Boson Protocol contributes to the development of an open “Economy of Things” by encouraging developers to build apps, tools, and interfaces for the dCommerce stack through the dCommerce DAO. The DAO is implemented in three stages: initial start-up, scaling, and full decentralization. It aims to resist capture by centralized entities and strives to achieve a fair and equitable distribution of ownership, value, and control while complying with regulatory authorities. Furthermore, the DAO oversees the supply and distribution of the BOSON token until full decentralization is realized.
BOSON token
The BOSON cryptocurrency serves as the utility token of the BOSON protocol. The value of the BOSON currency stems from minimally extractive fees derived from transactions and access to third-party data in the Boson Web3 data market. This allows the Boson Protocol to facilitate two planetary-scale sets of values. The first is a decentralized network for business transactions, while 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:
1. Protocol Governance – The Boson token is utilized to govern the protocol and establish consensus regarding the issuance of funds and protocol changes through voting on the Boson Protocol dCommerce DAO.
2. Staking – BOSON tokens can be staked as commitment deposits, reducing network fees for coordinating transactions between buyers and sellers of dCommerce data, and also reducing the circulating supply of BOSON tokens.
3. Incentives – BOSON is used to incentivize ecosystem participants in various ways. Firstly, it provides token rewards to aggregators and sellers. Secondly, Relayer marketplaces earn BOSON token fees as incentives for distributing inventory. Lastly, the BOSON token encourages data sharing, allowing buyers to share their data and receive a fair return for the value created.
Where to buy the BOSON token?
The BOSON token can be purchased on several 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. Looking further ahead, in 2025, BOSON is projected to surpass an average price level of $1.868.
At the end of the current year, the minimum expected value of the Boson Protocol price should be $1.725. Additionally, it could reach a maximum price level of $1.904. By 2030, the price of Boson Protocol is predicted to reach a minimum possible level of $1.654. On the other hand, the maximum possible level could be $3.049, with an average predicted price of $2.298.
Conclusion
The Boson Protocol introduces a new layer dimension to Web 3.0, aiming to disrupt conventional trading markets and enable buyers and sellers to digitally exchange value for real-world products and services. The Protocol seeks to establish a decentralized trading ecosystem by funding and accelerating the development of various applications that challenge traditional commerce and promote democratic practices. Boson Protocol operates as a transparent network, providing a fair and trustworthy 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 any other form of advice. Investing or trading cryptocurrencies carries the risk of financial loss.
