Boson Protocol: The universal commerce layer for Web3
SummaryThe Boson Protocol is a Web3 decentralized commerce layer that allows anyone to tokenize and exchange any physical thing as an NFT. Currently deployed on Ethereum and Polygon, they have recently signed a strategic partnership with WooCommerce, WordPress's eCommerce arm.Justin's journey into the DeFi ecosystem began with him wondering what happens when you transition from paper to digital to blockchain, what digitized physical assets look like on a blockchain, and what properties they have. He discusses his experiences revolutionizing digital transformation at Priority Pass while studying for a master's degree in digital innovation, digitizing physical products that significantly increased turnover, combining his interests in the physics of business and the blockchain, and developing the Boson Protocol.Key takeawaysPlatform Dilemma: Piers and Justin delve into the complexities of platforms like Amazon, and they question whether they truly benefit consumers or create walled gardens.Boson's Mission: Justin analyses how Boson removes the counterparty risk and builds an optimistic fair exchange protocol, solving two fundamental challenges – the fair exchange problem and the physical asset oracle problem.Techno-Legal Innovation: Justin describes the part of Boson's core innovation that allows the prescription of elements of variability.Configurability: Justin unveils how the Boson Protocol is designed for configurability, serving as a bridge between WooCommerce and the world of Web3.Chapters00:00 - Introduction01:11 - Justin's background03:45 - The specific problems Boson Protocol addresses07:42 - Solving the problem of discovery12:19 - Efficiently matching buyers and sellers15:41 - Trust-minimizing representation of physical assets on the blockchain25:36 - Escrow, dispute resolution process, and game-theory-based incentives27:56 - Boson's partnership with WooCommerce34:31 - WooCommerce's Priorities38:06 - Addressing the capital inefficiency in escrow41:45 - More About BosonFurther resourcesWebsite: bosonprotocol.io Twitter: @BosonProtocol