Fellow Sovryns,
I have worked on Sovryn and BabelFish and for the last few months I have been working on BOS (BitcoinOS).
We want to propose that Sovryn launch BOS - and for this purpose, we would like to present the draft that follows:
1. Overview
This proposal seeks to launch BitcoinOS (BOS) through the decentralized Bitcocracy of Sovryn. Sovryn will provide the decentralized governance required to launch as a decentralized project. In return, and to facilitate this, Sovryn’s Bitocracy will become the owner of 10% of $BOS tokens.
2. BOS: Turning Bitcoin into a Decentralized Operating System
Theoretically, building on bitcoin—the largest, most trusted chain—should be a huge opportunity. However, in practice there are two questions that call the opportunity into question:
- Given Bitcoin’s limitations, is it even possible to build compelling, trust-minimised applications on Bitcoin?
- Even if it is, would developers and users care, given the large number of alternatives (e.g. simply HODLing, building on and using Ethereum)?
Over the last year, the market has offered a clear answer to the second question. There has been an explosion in interest in Ordinals, Bitcoin Layer 2, Bitcoin DeFi and BTC yield. The market is hungry for a Bitcoin-native ecosystem.
Unfortunately, the answer to the first question is still mostly unchanged - Bitcoin remains extremely limited. So there is a clear gap between what users want and what Bitcoin is able to deliver.
BOS uses ZK proofs to free devs from these limitations. We are bringing to Bitcoin fast, cheap transactions, smart contracts and the ability to deploy any VM (EVM, SolanaVM, MoveVM, CosmWasm).
Team: Our team includes Bitcoin and Ethereum core devs and founders of Bitcoin’s most successful DeFi platform.
Technology: In April, we published BitSNARK & Grail, a whitepaper detailing our ability to verify ZK proofs on Bitcoin. We have since launched a devnet and will soon verify the first ZK proof on Bitcoin.
Traction: Multiple partners are gearing up to launch the first BOS rollups. We will launch with a robust ecosystem.
Timing: A huge, competitive industry of Bitcoin layer 2 projects has emerged over the last few months. They all need our platform; they all need a true Bitcoin Rollup bridge.
BOS solves a real problem, has a strong competitive moat and a clear path to revenue. Through BOS, Bitcoin will be more than just digital gold. We will help turn Bitcoin into the next great crypto ecosystem—the operating system for the decentralized world.
3. DINO Killer - Crossing the Decentralization Chasm
Sovryn is one of very few projects that have managed to achieve a high level of decentralization and decentralized governance. The crypto space is awash with DINO (decentralized in name only) projects. New projects almost inevitably start out centralized due to size and the need for rapid iteration. Projects promise that despite starting out with a high level of centralization, they will decentralize over time. In practice, this has proven easier said than done and few projects seem to be able to accomplish this. Even with the best of intentions, most projects fail to progressively decentralize and cross the chasm to decentralization.
We wish to make sure BOS does not fall into this trap. Instead of promising decentralization in the future, we want to guarantee decentralization from Day One. To accomplish this we wish to distribute the $BOS token widely and, even more importantly, have the project launched by a decentralized community.
Sovryn is one of only a handful of projects that has consistently high levels of participation from a wide range of stakeholders. This is likely due, in great part, to the unique commitment of the Sovryn community and the structural incentives of Bitocracy. We request to piggyback on Sovryn’s success. In addition to the robustness of Bitocracy, Sovryn and BOS are strategically aligned. This too has impacted our decision to approach the Sovryn Community first, with the hope that this SIP will pass.
4. Giving Life - Birthing BOS
4.1 Project Development and Launch
- BOS Development: The developers of BOS will be able to focus on building and refining the technology under an OSS (open source) framework.
- Network Launch: Sovryn Sorcery, Sovryn’s technical arm, will be responsible for launching the BOS network under the OSS framework established by the BOS developers, ensuring its integration with the broader Bitcoin ecosystem. This will enhance BOS decentralization.
- Token Launch: Sovryn will oversee the initial distribution of $BOS tokens, establishing a fair and transparent mechanism for their allocation.
4.2 Resource Mobilization and Governance
- Capital and Resources: It is anticipated that funds and resources will be required to ensure BOS’s success. BOS is requesting no funding from Sovryn. Instead, Sovryn’s exchequer will secure the necessary capital and resources, with latitude to offer BOS tokens within the framework of the token distribution attached to this SIP. These funds will not remain with Sovryn or the Sovryn Exchequer and will be directed solely for the benefit of BOS. All funds raised will be directed to, and managed through, multi-party smart contracts, ensuring that they are used solely for the development and promotion of BOS. Sovryn will not be expected to make an investment of funds in BOS.
- Community Engagement: The Sovryn community will actively promote and communicate the benefits and functionalities of BOS, fostering wider adoption and engagement.
- Promotion and Partnerships: The Sovryn Adoption team will spearhead promotional activities and forge strategic partnerships to enhance the market presence and usability of BOS. Additionally, Sovryn will support any efforts made by others to independently promote BOS.
4.3 Token Distribution and Stakeholder Incentives
- Token Allocation to Sovryn: Sovryn will receive 10% of the initial $BOS tokens as a part of the incubation framework. These tokens will be distributed to SOV holders and stakers via the Bitocracy voting system, aligning the interests of both communities and incentivizing participation and support.
- Distribution: Sovryn Bitocracy will determine the distribution of these tokens.
4.4 Oversight and Continuous Support
- Node Operator Nomination: Sovryn will nominate qualified agents to act as BOS network node operators, ensuring the network is managed by individuals with a deep understanding of its technological and governance frameworks. It is anticipated that even at the beginning these will represent a minority of operators and that operator numbers will rapidly increase.
5. Supporting Documentation
5.1 Tokenomics
- To be attached to this SIP will be a high-level token distribution plan. While some changes may yet occur, the 10% allocation to Sovryn will be fixed by passing of this SIP.
- In order to achieve a high level of decentralization, it is anticipated that the majority of $BOS tokens will be distributed to multiple communities and projects in advance of mainnet. Sovryn exchequer will assist in this distribution.
- 10% of $BOS tokens will be allocated to Sovryn.
- No more than 36% of tokens will be committed to sales with the majority, 20%, open to permissionless purchase by all.
- 20% of tokens will be held for future development requirements.
Details on BOS’s tokenomics will be provided. It is proposed that BOS tokens be integrated within Sovryn’s token ecosystem to streamline governance and reward mechanisms.
5.2 Additional Documentation
To be attached to the SIP is the BitSNARK and Grail whitepaper as well as a presentation deck providing an overview of BOS.
6. BitcoinOS Independence
To maintain credible neutrality, BOS development will be independent of Sovryn. Further, Sovryn Bitocracy will have no decision-making power over BOS after the platform launch.
7. Sovryn Layer
BOS devs will be assisting Sovryn in launching the Sovryn Layer, using BOS. The teams will work closely as design and launch partners.
If this SIP is approved by Sovryn Bitocracy, the Sovryn core team of contributors and the BOS developers will work hand in hand to accomplish the goals set out in this SIP.