The Boson Protocol (BOSON) seeks to revolutionize the Web 3.0 experience. The network combines a variety of proprietary technologies to streamline the tokenization of both on-chain and off-chain assets. One of the main goals of the project is to enable anyone to tokenize anything and trade it in the metaverse.
The Boson Protocol shares the now famous Boson name which originated as a way to commemorate one of the pioneers in the field of particle research, Satyendra Nath Bose. Today, many scientific and technical applications use Boson as a means to pay homage to the Indian physicist and professor of physics at the University of Calcutta and at the University of Dhaka.
What Problems Does the Boson Protocol Attempt to Fix?
The Boson Protocol is designed to help reduce centralization in the market. Currently, the e-commerce sector is dominated by large players. Anyone who seeks to enter the sector must play by their rules and regulations. These restrictions have led to a skewed market where the average user has lower chances of success.
The Boson Protocol eliminates the need to deal with the e-commerce centralized monopoly. The protocol operates as pure code and leverages the transparency and efficiency of blockchain technology to ensure decentralization. The reduction of centralization has led to lower fees and higher efficiency as well.
Lack of Accessibility
Another problem that the Boson Protocol was meant to alleviate is technical roadblocks. In the past, you needed a blockchain professional to tokenize off-chain assets. From there, you would require a code auditor and many more people to ensure that the asset was designed properly and ready for issuance to the public. The Boson Protocol reduces this requirement through the use of an easy-to-navigate interface. Anyone can build applications that operate in a trustless and permissionless manner.
Lack of Interoperability
There has always been a severe lack of interoperability between blockchain and off-chain assets. The creation of the metaverse and its rise in popularity has led developers to attempt to blur this line by making it easier to bring real-world items into the digital environment. The Boson Protocol connects smart contracts, off-chain assets, the metaverse, and e-commerce to create unique earning opportunities.
Benefits of Boson Protocol
There are major benefits that one gains when integrating the Boson Protocol into their strategy. For one, tokenized assets can be transferred much more efficiently. You can send tokenized assets like cryptocurrencies globally in minutes in a permissionless manner. As such, it’s much easier to transfer items such as ownership titles when they are on the blockchain.
Additionally, using blockchain technology improves trackability and authenticity. Once you tokenize an asset and it lives on the blockchain, it can be verified in seconds using a blockchain explorer. This free-to-use tool provides direct insight into crucial parts of a network including wallet balances and the total value of the network.
METAVERSE Enabled
The rise of the metaverse and the growing amount of investment into this technology has created a demand to bridge real-world assets into the digital realm. This enables anyone to sell physical products in the metaverse as NFTs. NFTs (non fungible tokens) are unique blockchain assets. They can represent any individual item. As such, they have found use in a variety of industries including government, art, gaming, music, and much more.
Converting real-world items into NFTs makes it possible to bring them into the metaverse. The metaverse is a 3d virtual world that allows others to build 3d worlds within it. The Boson Protocol bridges the gap between this virtual world and the real world in this way. It could lead to tasks such as selling your car occurring in the metaverse and using NFTs rather than paper titles and much more.
How Does Boson Protocol Work?
The Boson Protocol leverages the peer-to-peer structure of blockchain technology to create a reliable and sustainable infrastructure for data transfers and DeFi commercial transactions. The system supports both users and developers which adds to its overall flexibility. Users convert their assets into redeemable NFTs (NFT) in the Boson Protocol Web3’s commerce layer.
The Boson Portal
The Boson Protocol has a marketplace setup within the Decentraland metaverse where users can trade their tokens. This unique and inspiring digital destination is the perfect place to experiment and explore the community and offerings. There are tools to bridge assets from other networks and much more.
Token – BOSON
BOSON is the main utility and governance token for the ecosystem. BOSON is flexible and can be used to pay for the execution of smart contracts, network fees, and much more. It’s also the rewards token and must be held to interact with any of the features and services offered by the system.
Governance
Boson uses a weighted governance system. Like most DeFi applications, users can put forth upgrade proposals and vote on vital issues by staking their tokens. In the Boson Protocol, BOSON must be staked to access these features. This style of community governance is ideal because it provides a way for users to control the network’s direction.
History
The Boson Protocol entered the market officially in 2019. It was founded and is still led by Justin Banon. The platform is based out of Singapore alongside other popular DeFi platforms. The network continues to see growing adoption due to its mix of features and performance.
Bottom Line
The concept of streamlining the tokenization process is worth admiration. There is a clear demand for platforms that make this process easier and the Boson Protocol remains a pioneer in the Web3 sector. You can expect this network to continue to expand its user base as more eCommerce users migrate to the metaverse.
