Boson Protocol has taken DLT technology and is trying to create a trustless protocol that enables smart contracts to exchange crypto assets for services, goods, physical as well as digital products, while minimising the need for intermediaries or dispute resolution, however right now as far as the tech goes the protocol is what Boson call ‘almost trustless’.. hmmm not the most convincing term to get someone to use their service.
Boson’s mechanism works as such: it differentiates the participants in the ‘game’, as they term it, into buyers and sellers. Boson’s main goal is to ensure that sellers are incentivised to provide their goods/services to a high quality which they have promised. In order ensure this goal, Boson have introduced the deposit system where sellers will lose their deposits if a complaint is launched and sellers penalties will vary depending on the type of complaint. Secondly Boson aims to incentivise buyers to actually pay for the products/services they have committed to purchasing, if buyers do not they will also lose their deposit they have put into this deposit system if they do not go ahead with the transaction.
This assures that their system is implemented and at the same time remains incentive-compatible since it ensures that a buyer is penalised for not redeeming a product/service when the seller is at no fault, while the seller is penalised in varying degrees for not fulfilling its promise to the buyer.
In my opinion until Boson can go from being a ‘almost trustless’ system to a fully automated proven trustless system they are effectively acting as a escrow service and I don't think many businesses will want to have money tied up in their deposit system to verify their legitimacy and the same will go for the buyer. Their technology still has a long way to go before it fully addresses the idea in a more efficient automated way. Show Less
