Boson Protocol: Connecting Two Worlds
Have you ever wanted to dress up exactly like your gaming avatar from your favourite game? Well, it’s possible! Boson Protocol has the answers for you!
Boson Protocol has recently released the first version of its decentralized commerce protocol on the Ethereum Mainnet. The first version is aimed at helping decentralize commerce in metaverses. Now, you can sell physical products as NFTs within metaverses. Boson protocol is testing its services on Decentraland’s marketplace which can be accessed by using the Boson Portal.
The portal allows you to browse and shop for physical products in the metaverse. Think Amazon store in a metaverse, but it delivers you goods at home! Not just that, you can choose to dress up exactly like your avatar by wearing the same sneakers and t-shirts! Pretty crazy! Right?
The portal also plans to have NFT auctions, product drops from household brands for in-game wearables, and exhibitions. The Boson portal will also present the Glass Suit by Dolce & Gabbana. In doing so, Boson Protocol has been able to create a bridge between the virtual and the physical world. Now, using Boson Protocol, game owners can directly sell to their users physical products without requiring any financial intermediaries.
But, what is the Boson Protocol exactly?
Boson Protocol is a decentralized network which aims to host future commerce by using smart contracts. Boson Protocol also has a token called Boson, used for governing the Boson Protocol. It’s also the core economic unit of the Boson ecosystem.
Boson Protocol aims to allow users to build their own commerce applications using smart contracts. It will also help in connecting these smart contracts to execute transactions. It is built for creators, communities, and merchants to exchange digital assets for physical products, experiences or services.
The protocol’s exchange mechanism enforces the physical product sales for on-chain value by tokenizing a commitment to exchange as an NFT. This is what allows you to dress up like your gaming avatar. Moreover, these commitment tokens are integrated with existing DeFi infrastructure. Since DeFi provides extreme liquidy, this enables for liquid digital marketplaces for physical and digital products.
Future goals of Boson Protocol
The future vision of the Boson Protocol is to build a decentralized commerce ecosystem. Currently, there are centric commerce intermediates that facilitate financial transactions. Boson wants to remove these profit-seeking intermediaries and replace them with trustless smart contracts. They plan to do this by enabling the development of specialist applications. The Boson protocol is trying to connect the world into a single marketplace. Their vision is to connect every metaverse, game, or website with the real world.
Perceived need for Boson Protocol
A transaction takes place when a buyer with sufficient funds pays a seller for some goods or services via an intermediary. This intermediary is responsible for clearing and settling the net amount needed for the transaction. These clearing and settlement systems in the traditional banking system are the backbone of our markets. Our markets would collapse without them. But there are problems with them too.
In the traditional banking system, these transactions include multiple intermediaries, which makes them extremely complex. This becomes even more complex for international transactions. Many times, customers themselves have to monitor if the transaction has been done correctly.
A Distributed Ledger Technology (DLT) such as Boson Protocol can offer greater efficiency, security, speed, and transparency. Moreover in the context of cross-border payments DLTs can settle the transaction without a third party intermediary. With DLTs you don’t need a trusted party hence they are called trustless systems.
Boson Protocol is also such a system that uses smart contracts to exchange crypto assets for services, goods, physical as well as digital products. Moreover it also has provisions for dispute resolution. It can handle refunds, expiry and complaints using an incentive based mechanism for buyers and sellers.
Future does seem great with these innovations! Try out the Boson Protocol to understand it better!
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