\nHello Satoshi Club! We are happy to announce our AMA session with Boson!\nWelcome to Satoshi Club😀<\/p>\n\n\n\n
D. | Satoshi Club:<\/strong> Mary | Satoshi Club:<\/strong>\n Justin Banon:<\/strong> Justin Banon:<\/strong> Mary | Satoshi Club:<\/strong>\n Justin Banon:<\/strong> D. | Satoshi Club:<\/strong> Mary | Satoshi Club:<\/strong>\n So, let’s start 🚀?<\/p>\n\n\n\n Justin Banon:<\/strong> D. | Satoshi Club:<\/strong> Justin Banon:<\/strong> As MD, I previously built a $1Bn pa revenue platform\n(Priority Pass Group, grown from $50m), which represented physical products and\nservices as digital vouchers and sold them to consumers and businesses\nglobally. <\/p>\n\n\n\n This included global deals with CeFi giants such as Amex,\nMastercard, Visa and over 1000+ banks worldwide. I am now bringing this\nexperience to crypto with Boson Protocol.<\/p>\n\n\n\n D. | Satoshi Club:<\/strong> Mary | Satoshi Club:<\/strong> Justin Banon:<\/strong> In Blockchain, I had the privilege of working as a strategy\nconsultant on great projects such as DexFreight, Centrifuge, MakerDAO, and\nOcean Protocol.<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong>\n Justin Banon:<\/strong> D. | Satoshi Club:<\/strong> Justin Banon:<\/strong> By representing future commitments to trade as stateful NFT\nvouchers governed by a dynamic game mechanism, Boson eliminates intermediaries\nand minimizes arbitration cost and friction. We call this decentralized\nautonomous commerce.<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong>\n D. | Satoshi Club:<\/strong> Justin Banon:<\/strong> Mary | Satoshi Club:<\/strong>\n Before we are really interested in your upcoming events😀<\/p>\n\n\n\n As i know Sale is soon?😉<\/p>\n\n\n\n D. | Satoshi Club:<\/strong> Justin Banon:<\/strong> Be sure to join our Telegram group t.me\/bosonprotocol<\/a> and follow us on Twitter for the latest Mary | Satoshi Club:<\/strong> D. | Satoshi Club:<\/strong> Justin Banon:<\/strong> D. | Satoshi Club:<\/strong> 😁👍<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> D. | Satoshi Club:<\/strong> Justin Banon:<\/strong> D. | Satoshi Club:<\/strong> Q1 from Telegram user @JesusFre1tes Justin Banon:<\/strong> In our roadmap, we provide a glimpse into the future and the versions that we intend to ship – they progressively provide more functionality for certain use cases. Here’s the roadmap<\/p>\n\n\n\n <\/p>\n\n\n\n With our first launch (v0.1) we will have a whitelist of accepted currencies for payments and deposits, but over time we will open this up to accept more tokens. Mary | Satoshi Club:<\/strong> Justin Banon:<\/strong> Mary | Satoshi Club:<\/strong>\n Thank you for your answers, Justin!<\/p>\n\n\n\n Ready to proceed or you want to add something?<\/p>\n\n\n\n Justin Banon:<\/strong> <\/p>\n\n\n\n More formally, we say that: \u201csubgame perfect equilibrium implementation corresponds to the honest behavior of both players.\u201d<\/p>\n\n\n\n Here is the full game tree. Mary | Satoshi Club:<\/strong> Justin Banon:<\/strong> http:\/\/mamageishvili.info\/<\/a><\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> I think we all need to check this site😉 even if someone isn’t so good in math<\/p>\n\n\n\n D. | Satoshi Club:<\/strong> Justin Banon:<\/strong> Q2 from Telegram user @NSZR1 Justin Banon:<\/strong> So we displace eCommerce intermediaries rather than payment methods. We will support bridges that will enable users to buy Boson NFT vouchers with credit cards if they want to\u2026<\/p>\n\n\n\n D. | Satoshi Club:<\/strong> Mary | Satoshi Club:<\/strong> Justin Banon:<\/strong> Yes, of course, @BOSON will be accepted as payment, and if used for payment\/ deposits then fees will be reduced. This encourages staking of $BOSON. In fact at full-scale Boson will be one of the largest pools of capital in DeFi. That’s why you can think of Boson as a DeFI protocol that farms liquidity via dcommerce services\u2026.<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> D. | Satoshi Club:<\/strong> Justin Banon:<\/strong> Mary | Satoshi Club:<\/strong>\n D. | Satoshi Club:<\/strong> Mary | Satoshi Club:<\/strong>\n Justin Banon:<\/strong> Q3 from Telegram user @KeymerS Justin Banon:<\/strong> The real big idea here is that by tokenizing these commitments to transact within a stateful commitment NFT embedded with game theory, we allow for minimized arbitration, which dramatically reduces cost and friction. That reduction of cost and friction allows for a step-change in the number of transactions, in the same way, that moving from letters to emails has created a step change in the amount of exchanged messages between parties. We believe that by decentralizing, minimizing arbitration, and freeing commerce from excess value extraction, commerce will be unleashed and new applications, use cases, and business models will emerge. Exciting times.<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong>\n Justin Banon:<\/strong> D. | Satoshi Club:<\/strong> Mary | Satoshi Club:<\/strong>\n Ready to proceed or you want to add something?<\/p>\n\n\n\n Justin Banon:<\/strong> Q4 from Telegram user @lzamg Justin Banon:<\/strong> Mary | Satoshi Club:<\/strong> Justin Banon:<\/strong> D. | Satoshi Club:<\/strong> Mary | Satoshi Club:<\/strong> Justin Banon:<\/strong> D. | Satoshi Club:<\/strong> Mary | Satoshi Club:<\/strong> Justin Banon:<\/strong> Mary | Satoshi Club:<\/strong>\n Ready to jump to the next question?<\/p>\n\n\n\n Justin Banon:<\/strong> D. | Satoshi Club:<\/strong> Q5 from Telegram user @sirdefi Justin Banon:<\/strong> Mary | Satoshi Club:<\/strong>\n D. | Satoshi Club:<\/strong> Justin Banon:<\/strong> D. | Satoshi Club:<\/strong> Mary | Satoshi Club:<\/strong> Justin Banon:<\/strong> Mary | Satoshi Club:<\/strong>\n Ready for the 6th and last question from this part?😀<\/p>\n\n\n\n Justin Banon:<\/strong> Q6 from Telegram user @Wormz28 Justin Banon:<\/strong> Mary | Satoshi Club:<\/strong> Satoshiclubbers, follow Bison’s news! Sure we will get more very soon!<\/p>\n\n\n\n Q1 from Telegram user @jirencrypto<\/em> Justin Banon: Q2 from Telegram user @tuvalunia<\/em> Justin Banon:<\/strong><\/p>\n\n\n\n Q3 from Telegram user @KhaleesiTheCryptoLady<\/em> Justin Banon: Q4 from Telegram user @warny<\/em> Justin Banon: Q5 from Telegram user @highpee<\/em> Justin Banon: Q6 from Telegram user @AugusS7<\/em> Justin Banon: Q7 from Telegram user @Indomiekuy<\/em> Justin Banon: Q8 from Telegram user @Astonroe<\/em> Justin Banon: Q9 from Telegram user @Antoni_azx<\/em> Justin Banon: Q10 from Telegram user @Emmie971<\/em>
Hello Satoshi Club! we are welcoming our today’s guest @JustinBanon! Welcome to Satoshi Club, good to have you here! 🤩<\/p>\n\n\n\n
\n@JustinBanon we are happy to see you here 😀<\/p>\n\n\n\n
\nHi everyone, Justin from Boson Protocol here.<\/p>\n\n\n\n
\nThanks @madamlobster<\/p>\n\n\n\n
\nHow are you today, Justin?😀<\/p>\n\n\n\n
\nPretty good thanks. How are you?<\/p>\n\n\n\n
Great! 🚀<\/p>\n\n\n\n
\nI am fantastic and very excited 😉 we want to know about\nBoson as much as possible 😀<\/p>\n\n\n\n
\nLet’s do it!<\/p>\n\n\n\n
\n@JustinBanon please introduce yourself and Boson Protocol 😃<\/p>\n\n\n\n
\nSure.
\nMy name is Justin Banon. I am one of the Co-founders of Boson Protocol. <\/p>\n\n\n\n
Fantastic experience 👍<\/p>\n\n\n\n
Nice giants list😀 do you plan to continue to work with them as Boson?<\/p>\n\n\n\n
One of the verticals we are developing is a crypto native rewards program- so yes.<\/p>\n\n\n\n
\n
\nJustin, you always choose the best 😀<\/p>\n\n\n\n
Hahaha, I try!<\/p>\n\n\n\n
And what is Boson Protocol? what are you building? 😉<\/p>\n\n\n\n
Boson Protocol itself is a foundational primitive for connecting smart contracts to real-world commerce.<\/p>\n\n\n\n
\nSounds very interesting 😀<\/p>\n\n\n\n
Yes, and a bit complicated 😄<\/p>\n\n\n\n
Well, there is complexity under the hood, but for the users, our job is to make it easy\u2026<\/p>\n\n\n\n
\nSure! We will definitely understand how everything works after you answer all\nquestions from our community. But<\/p>\n\n\n\n
Token sale?👀<\/p>\n\n\n\n
\nYes, we have a token sale quite soon. We are about to release the date and more\ndetails\u2026<\/p>\n\n\n\n
twitter.com\/bosonprotocol<\/a><\/p>\n\n\n\n
Could you please give us a hint – this week, this month or this quarter?😀<\/p>\n\n\n\n
\n👍 done!<\/p>\n\n\n\n
\nWell, more than a week and less than a quarter.<\/p>\n\n\n\n
Sounds like you want to participate 😉<\/p>\n\n\n\n
I am shopogolic, you know😂<\/p>\n\n\n\n
Thank you for the intro @JustinBanon! so I think it’s a good point to start the first part of AMA and find out more about Boson Protocol 😊<\/p>\n\n\n\n
\n🆒<\/p>\n\n\n\n
Let’s go!<\/p>\n\n\n\n
<\/em> Boson promises an Exchange of digital value for real-world products, services, or things. But, initially, what are the real-world assets that can be exchanged within your platform? Just as there are pairs of exchanges between tokens, will there be pairs of exchanges between real-world assets and digital assets? Will the ratio be 1:1? How will this process work?<\/strong><\/p>\n\n\n\n
\nThe first thing that is important to address is that we’re not a platform –\nrather, we’re a protocol providing builders with the foundational pieces for\nthe development of a multitude of decentralized commerce applications. So it’s\nunlikely that you will come into the “Boson Marketplace” to shop –\nrather, you will use marketplaces created by developers that join our ecosystem\n– or use the redemption of digital to physical functionality within some of our\npartner’s applications. <\/p>\n\n\n\n![\"\"](\"https:\/\/esatoshi.club\/wp-content\/uploads\/photo_2021-03-11_13-27-02-1-1024x496.jpg\")
<\/figure>\n\n\n\n
We have a world-class algorithmic game theorist Dr. Akaki Mamageishvili further designing the core exchange mechanism to make the exchange of any type of good or service practical.<\/p>\n\n\n\n
So, Mary wants to use your marketplace. Can you give me a simple example of its usage?<\/p>\n\n\n\n
Well, the happy path for our exchange process is shown here.
<\/p>\n\n\n\n![\"\"](\"https:\/\/esatoshi.club\/wp-content\/uploads\/photo_2021-03-11_13-28-03.jpg\")
<\/figure>\n\n\n\n
\nVery nice visualization 👍<\/p>\n\n\n\n
Any deviation from this happy path results in deposit slashing.<\/li><\/ol>\n\n\n\n
<\/p>\n\n\n\n![\"\"](\"https:\/\/esatoshi.club\/wp-content\/uploads\/photo_2021-03-11_13-30-04-1024x963.jpg\")
<\/figure>\n\n\n\n
Perfect system 👍<\/p>\n\n\n\n
Not quite. It’s is an “evolving complex system with guardrails” according to our advisor Dr. Michael Zargham\/ The system has escalated arbitration as well. All this is being designed by one of the world’s top algorithmic game theorists Dr. Akaki mamageishvili http:\/\/mamageishvili.info\/<\/a><\/p>\n\n\n\n
Really cool!<\/p>\n\n\n\n
Thank you for the great answer @JustinBanon ! ready for the next question?<\/p>\n\n\n\n
\nYes!<\/p>\n\n\n\n
<\/em> Currently, online shopping is one of the most popular ways to acquire certain goods, however, most people use credit cards linked to bank accounts or digital money such as PayPal, my question is, In what way is the service offered by Boson Protocol to make these online payments different and better for the buyer than traditional centralized methods, and how do you plan to convince users accustomed to using conventional methods that Boson protocol is a better option? is your goal to replace those methods, or coexist with them?<\/strong><\/p>\n\n\n\n
Well, I think payment methods are different from Boson.
If you think of an online commerce transaction, there are typically two intermediaries:<\/p>\n\n\n\n
With a credit card, it would be more convenient for most people 😄 at least now 😉<\/p>\n\n\n\n
And of course, $BOSON will be accepted as payment, right?<\/p>\n\n\n\n
Well, the vast majority of people either don’t use crypto or use crypto but don’t manage keys. Of course, we will be supporting full Web3 and in fact, will launch into Web3 with NFT Art and gaming SDKs, but we will be building bridges for the masses to cross into de commerce.<\/p>\n\n\n\n
Oh, that’s attractive<\/p>\n\n\n\n
Are there will be many opportunities to earn \u2018passive income\u2019 from just holding $BOSON?<\/p>\n\n\n\n
\nWe are due to reveal staking mechsnism soon. We have ne of the strngest token\nengineering teams, who have developed a range of mechansims from passive\nstaking to earning rewards from onboarding supply and curating high quality\nsupply. Wtach-out for an article about to drop,\u2026<\/p>\n\n\n\n
\nWe are waiting 👀 for it! Thank you!<\/p>\n\n\n\n
Great 👍<\/p>\n\n\n\n
\nReady for the next question?<\/p>\n\n\n\n
\nYup<\/p>\n\n\n\n
<\/em> You say that it is preferable to tokenize future transaction commitments, using stateful NFT vouchers, but how can you really tokenize \u201cfuture commitments\u201d, could you explain in more detail? And how would this take trading to another level?<\/strong><\/p>\n\n\n\n
\nWe like to explain Commitment NFT\u2019s as future contracts for any thing. Similar\nto how you make a commitment to buy or sell a standardized commodity with a\nfutures contract a Commitment NFT represents the commitment to buy or sell a\ncertain good at a future date, essentially tokenizing a future exchange.<\/p>\n\n\n\n
\nWhich fees will you have?<\/p>\n\n\n\n
There will be minimally extractive fees for coordinating transactions. These fees feedback into the token model.<\/p>\n\n\n\n
Very cool idea btw 👌<\/p>\n\n\n\n
\nThanks, Justin!<\/p>\n\n\n\n
Ready to proceed!<\/p>\n\n\n\n
<\/em> It is known that the user\u2019s information is not safe on the Internet. We\u2019ve heard about big companies like Google or Facebook using our data without our knowledge for their own benefit. So how do you guarantee the users of Boson that their data is always safe and not being used for malicious purposes? Are users informed about what is their data used for?<\/strong><\/p>\n\n\n\n
We will be implementing decentralized identity systems that will provide cryptographically secure data protection.<\/p>\n\n\n\n
So, users will need to pass KYC?<\/p>\n\n\n\n
\nKYC would be applied at the application level\u2026<\/p>\n\n\n\n
Got it 👌by the way, I have a little question which related to previous, so many people in crypto used to see NFTs in form of beautiful pictures or gif, your NFTs will look similar or there will have some different form?<\/p>\n\n\n\n
Will you develop your own decentralized identity system or you will use third party services?<\/p>\n\n\n\n
NFTs are these unique digital objects. most currently are static. Our NFTs are stateful, so they change state depending on the moves of Buyers and Sellers. I think of them like little labyrinth maze games\u2026<\/p>\n\n\n\n![\"\"](\"https:\/\/esatoshi.club\/wp-content\/uploads\/photo_2021-03-11_13-35-12.jpg\")
<\/figure>\n\n\n\n
Wow, cool, awesome concept.<\/p>\n\n\n\n
👀<\/p>\n\n\n\n
Ah. We have a lightweight ID system we are planning plus integration with others. Our overall philosophy is to foster a composable stack of interoperable protocols, rather than build a monolith ourselves\u2026<\/p>\n\n\n\n
\nGotcha! Thanks!<\/p>\n\n\n\n
\nYou bet!<\/p>\n\n\n\n
Let’s go!<\/p>\n\n\n\n
<\/em> I\u2019m curious, how complicated would it be to migrate an online store offering digital products to Boson Protocol technology? Is the framework easy to implement for any business? Would it be very expensive?<\/strong><\/p>\n\n\n\n
\nWe are building a full set of SDKs and APIs, as well as releasing (soon) our\ndocumentation and opening up the github repositories to the developer community\nto educate them and make the process of building on top of Boson Protocol as\nintuitive as possible.<\/p>\n\n\n\n
\nDid you already get some offers from online stores which want to migrate to\nBoson Protocol?<\/p>\n\n\n\n
So your project will be open source?<\/p>\n\n\n\n
The Boson Protocol itself will eventually become a DAO that is managed and governed by the community, in a completely open-source way so there aren\u2019t licensing or \u201crent\u201d fees to pay like you would to build a store on Shopify.<\/p>\n\n\n\n
👍<\/p>\n\n\n\n
😀<\/p>\n\n\n\n
Well, online stores are further down our roadmap. Our primary focus is creating crypto native rewards programs for crypto exchanges and crypto credit cards and we have lots of partners signed and coming through for these. We will be targeting dcommerce stores later\u2026<\/p>\n\n\n\n
\nGotcha! 👍 A lot of events ahead 🚀<\/p>\n\n\n\n
Yes. Lots of traction and partnerships😅<\/p>\n\n\n\n
<\/em> Just recently, Boson Protocol Joins Blockchain Game Alliance, an organization committed to promoting blockchain within the games industry. So what will BGA provides for individuals and companies and what opportunities it will give to accelerate the fulfillment of your vision? Also are there more other reasons why you become part of BGA?<\/strong><\/p>\n\n\n\n
We have identified gaming as an important vertical for us to explore, particularly around the digital to physical redemption feature that we are implementing.
We\u2019ve partnered with a number of projects that will power the metaverse such as Crucible, Royale Finance, and more to come
Imagine finding a rare rune or in-game item and being able to receive a real-life version of that,
There is a large market demand for this and our presence within the BGA will help us plug directly into this space and accelerate our growth and partnerships. We have some big announcements coming out very soon<\/p>\n\n\n\n
Yes, real items attract!<\/p>\n\n\n\n Part 2 \u2014 live questions from the Telegram community<\/strong> <\/h2>\n\n\n\n
Is Boston protocol intended only for digital value exchange, and is there no possibility of scaling up to physical product exchange?<\/strong><\/p>\n\n\n\n
<\/strong> I think you are mistaken. Boson exchanges digital value for physical things\u2026<\/p>\n\n\n\n
What kind of apps can be built on Boson?<\/strong><\/p>\n\n\n\n![\"\"](\"https:\/\/esatoshi.club\/wp-content\/uploads\/photo_2021-03-11_13-40-41-1024x221.jpg\")
<\/figure>\n\n\n\n
What are crypto native rewards programs you are planning to develop? Is this exclusively for Boson NFT holders or for any type of NFTs?<\/strong><\/p>\n\n\n\n
<\/strong> https:\/\/www.niftykey.com\/<\/a><\/p>\n\n\n\n
Can you tell us about the BOSON Protocol Governance Design Principles and how it operates?<\/strong><\/p>\n\n\n\n
<\/strong> https:\/\/medium.com\/bosonprotocol\/governance-design-principles-c7565492512<\/a><\/p>\n\n\n\n
I have read your explanation on how the idea of the commitment NFT will be implemented and I think it’s a great introduction. I just want to ask this: Are the COMMITMENT NFTs different from STATEFUL NFT vouchers or these are just referring to the same thing? <\/strong><\/p>\n\n\n\n
<\/strong> They are the same.<\/p>\n\n\n\n
Do you mention that Boson allows smart contracts to exchange digital value for physical products and services with “minimal arbitrage”, but is arbitrage really necessary in these trades? If necessary, then why do I reduce it so much?<\/strong><\/p>\n\n\n\n
<\/strong> Our game-theoretic mechanism minimizes the need for human arbitration, but for some cases, this may be needed. Then we will enable escalation to a human arbitrator. See the article here by Dr. Akkai our game theorist https:\/\/scholar.google.com\/citations?user=gJzpDuAAAAAJ&hl=en<\/a><\/p>\n\n\n\n
I see that Boson Protocol is a solid and good project, you also already have main product commerce. May I know what must I do if I want to do an investment with Boson Protocol? Did you have a Public Sale for Boson Token?<\/strong><\/p>\n\n\n\n
<\/strong> We have just announced our pubic sale, details on our website www.bosonprotocol.io<\/a><\/p>\n\n\n\n
Recently many projects got hacked and users lost their funds. Can you tell us about your platform security? Have you done any audit via any third party?<\/strong><\/p>\n\n\n\n
<\/strong> Yes, we are having our smart contracts externally audited and have just passed these audits- post to follow this week. We have a very strong protocol design team with a background \/ PhD in security – Dr. Anish Mohammed https:\/\/www.youtube.com\/watch?v=cs9O_aPMeGg<\/a><\/p>\n\n\n\n
Boson functions can be extrapolated to many fields including machine-to-machine commerce, is it possible to get a bigger scope like government functions or just for the daily life of physical world finances?<\/strong><\/p>\n\n\n\n
<\/strong> Well, actually Boson is a highly generic means of committing anonymous parties to a promise. So commerce is just a very useful subset of the use cases\u2026<\/p>\n\n\n\n