[THE INVESTOR] BOScoin, one of the forerunners of initial coin offering in Korea, announced the results of its first voting process carried out on its mainnet SEBAK on Dec. 7.
A mainnet is a network system on which actual transactions take place and applications are operated.
BlockchainOS CEO Choi Ye-zune speaks at a press conference in Seoul on Dec. 7. (BlockchainOS)
The voting was participated by 1,361, out of 1,375 BOScoin members who are eligible, and they decided on some issues like the adoption of a revised reward system for community members.
One of the agendas passed was what the firm calls public financing. With the PF program, for example, companies or individuals can run a fund-raising campaign on the mainnet to receive investments from global investors, who in return are given a certain stake.
To be eligible, participants had to hold at least 10,000 BOS coins, a type of cryptocurrency issued by the firm, and completed a know-your-customer test to ensure anonymity. The company claimed the voting process with KYC users was the first of its kind in the global market.
“This year we paved the ground for the launch of our mainnet and community voting,” said Choi Yezune, CEO of BlockchainOS, the company behind BOScoin, in a press conference in Seoul. “The company will try to achieve innovation and reach out to more global users with new technologies, such as open membership and trust contracts in 2019.”
BOScoin was thrust into the limelight as it conducted the first ICO in Korea in May 2017, before the government entirely banned the fund-raising scheme.
Since then it somehow lost its luster as its board members and former executives, including Park Chang-ki, Kim In-hwan, and Serge Komaromi, were involved in a series of power struggles over governance issues.
Choi admitted there was another governance issue with other board members recently, but he would try to solve it.
Kim and Komaromi have reportedly requested BlockchainOS to transfer all its rights for assets and ownership of domains and servers to Switzerland-based BOScoin Foundation. Choi, who heads BlockchainOS, said he would suggest them to put the issue to vote.
By Kim Young-won (email@example.com)