Imagine being able to buy a house without the need for a middleman, make purchases through cryptocurrency without the fear of fraudulence, or even sell your unused digital assets for their intrinsic value. This future may seem far-fetched, but with the emergence of Boson Protocol, it is becoming a reality.
Justin Banon, the co-founder of Boson Protocol, shares how the idea for the project came to fruition:
"About three years ago, I realized that the problem that we were trying to solve was not particularly an AdTech problem. It was actually an economy problem, that over time all economies will end up having intermediaries in the middle, and those intermediaries end up extracting a lot of value from the system."
Banon recognized the importance of having decentralized commerce, in which buyers and sellers can directly interact without the need for intermediaries. This led him to co-found Boson Protocol in 2020—a project that is focused on decentralized value exchange between humans and autonomous agents.
According to a report by McKinsey & Company, up to 20% of the total cost of a product can be attributed to the inefficiencies of the current supply chain. Boson Protocol aims to solve this problem by creating a decentralized commerce ecosystem.
In the Boson ecosystem, two parties can directly interact with each other through smart contracts, which prevent the need for intermediaries. Additionally, digital assets will be able to be exchanged and redeemed for their intrinsic value.
Banon shares an example of how Boson Protocol can revolutionize the world of commerce:
"Take a look at the real estate space: People typically transact via intermediaries like real estate agents, and there's a lot of value and expertise provided by real estate agents. But what Boson's trying to do is allow the owners of the assets, the seller, and the buyer to communicate directly together, and the value that the real estate agents bring gets turned into flows into the network."
Boson Protocol has already made waves in the decentralized commerce space, securing partnerships with industry leaders such as Fetch.ai and NEM. Additionally, the project raised $25 million in funding in just 24 hours through their initial DEX offering (IDO).
Banon shares how the success of Boson Protocol is indicative of a larger trend:
"We're seeing the adoption of this Web 3.0 tech, and we're seeing the platform economy, and we're seeing the decentralized finance ecosystem, all of these things are converging, and we're really at the forefront of it. And I believe that the next couple of years are going to be really exciting."
The potential for decentralized commerce is vast, and Boson Protocol is just the beginning. Banon believes that in the future, people will be able to trade anything with anyone in a decentralized manner.
"I think that in the future, we're going to see all sorts of interesting business models pop up, where people trade anything with anyone, whether it be carbon credits, houses, time, assets, anything. And what we're trying to do is build infrastructure to support that, and we're really excited about what the future holds."
Boson Protocol is leading the way in revolutionizing how people interact within the commerce ecosystem. With its successful partnerships and initial DEX offering, we can only expect more growth and success in the near future. It's exciting to think about the possibilities for a decentralized economy.
Cryptocurrency
Curated by Team Akash.Mittal.Blog
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