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What Is Boson Protocol?

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Feb 7, 2023
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5 min read
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This blog post will cover:

  • About Boson Protocol (BOSON)
  • Where did Boson Protocol (BOSON) come from?
  • What are the advantages of the Boson Protocol (BOSON)?
  • What are the disadvantages of the Boson Protocol (BOSON)?
  • How to buy Boson Protocol (BOSON) on SimpleSwap?

About Boson Protocol (BOSON)

BOSON is an ERC-20 native token of the Boson Protocol ecosystem.

The Boson Protocol was created to allow its users to exchange any off-chain assets and NFTs for on-chain ones. The system operates on its core exchange mechanism. Basically the protocol makes it possible to create a purchasing process in which both sides of the deal are protected by the system. To start a seller is supposed to place an offer, supported by a deposit, a buyer should pay the price and would get a redeemable NFT (rNFT), which can be used within a certain period of time.

The main use cases of the BOSON token are system governance and user incentivizing. The developers of the protocol are working hard to get to full decentralization. The perfect future is to establish community governance. This is supposed to become a key to remaining a trustful commercial infrastructure. Any user who has any amount of tokens on their balance can participate in discussions and voting.

Also, the BOSON tokens are used to pay fees and incentives. In order to support high functionality of the system different actors are being incentivized, including suppliers, distributors, and those who are willing to share data.

In general, the Boson protocol with the help of the BOSON token is working on the creation of a decentralized commerce ecosystem, which is supposed to connect physical and virtual worlds.

Where did Boson Protocol (BOSON) come from?

The Boson Protocol was created in 2019 by Greg Borosa and Justin Banon, a strategy consultant and an entrepreneur. The company’s headquarters is located in London.

The main aim of the project was to make e-commerce more accessible and easy to use. The creators believe that decentralized commerce is possible and has a lot of benefits.

What are the advantages of the Boson Protocol (BOSON)?

  1. Intermediary between online marketplaces and real-life products
    
    This is one of the most important features of the token, which can make a huge difference in the future by significantly improving the market.
  2. Instant decentralized transactions
    
    The faster the transactions are the more useful the instrument is. The high speed makes it possible to use it for trade more effectively.
  3. Governing rights
    
    Any BOSON holder gets an opportunity to participate in the life of the community and to add to further decentralization.

What are the disadvantages of the Boson Protocol (BOSON)?

  1. Security vulnerabilities
    
    While being aimed to establish absolute decentralization and community governing, it may be difficult to react on time to all the issues connected to preserving users’ data in complete safety. 

How to buy Boson Protocol (BOSON) on SimpleSwap?

If you would like to try out all the possibilities of the Boson Protocol, you can purchase some of the BOSON tokens. SimpleSwap is happy to help you. Please, follow the instructions below to do it:

  1. Say, you would like to swap Bitcoin for BOSON. First of all, choose BTC in the You send” list. Then enter the amount you want to exchange.
  2. Choose BOSON in the “You get” field. You will see the estimated amount of BOSON tokens you’ll get after the exchange.
  3. Click the Exchange button.
  4. Fill in the Recipient's Address field. BOSON will be sent there. Please, double-check to see if you entered it correctly.
  5. Create the exchange.
  6. The Bitcoin deposit address will appear. You should send the specified amount of BTC to this address to start the BTC to BOSON exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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