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THE INVESTOR

Finance

Korea’s first virtual currency BOScoin enters market

  • PUBLISHED :November 02, 2017 - 16:21
  • UPDATED :November 02, 2017 - 16:21
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[THE INVESTOR] The first virtual currency developed in Korea, BOScoin, was officially released on Nov. 1.

According Block Chain OS, the developer of the cryptocurrency platform, an initial coin offering was conducted in May. The individuals who participated in the offering received the coins when the first block was opened on Oct. 31. 




BOScoin is not currently registered in the domestic private virtual money exchange, but they can be traded in the form of OTC transactions at the Hong Kong Virtual Money Exchange.

The price of the BOScoin has risen from US$0.8 to US$1.6 in light of the news that the development has been completed, and is trading at US$1.27 as of Nov. 1. Given that the ICO cost less than 60 won (US$ 5 cent), early investors have already earned more than 15 times. Currently, the market capitalization of BOScoin is around 600 billion won.

BOScoin is considered to have its own decision-making mechanism called the parliament network, making it possible to redesign the structure of the blockchain itself through a democratic decision-making structure. This structure enables the currency to avoid splintering unlike bitcoins, where it is impossible to redesign the structure that results in split-offs.

By Alex Lee (alexlee@heraldcorp.com)
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