News Scrap

Many Cardano lovers raised their disappointment against BitcoinOS’s newly announced crypto token $BOS.

In the last 30 days, the Cardano blockchain grabbed huge attention because it collaborated with BitcoinOS, which unlocked the ability of the Cardano blockchain to provide Bitcoin transactions on the Cardano network as well as a fully decentralised environment for swapping Bitcoin (BTC) from the Bitcoin blockchain to Cardano. Many crypto enthusiasts called it a golden move for the better future of Bitcoin & Cardano blockchain.

On 26 Nov 2024, the BitcoinOS team announced its $BOS token, a new crypto token for paying fees for Bitcoin transactions on non-Bitcoin networks.

🚨ATTENTION ALL BOSES🚨

Sovryn, the kickstarter and incubator of BitcoinOS, announces the presale for $BOS token – the gas token for Bitcoin compute.

Everything is coming home to Bitcoin. Become a part of the revolution. 🟠✊

See below to register for early access 🔽 https://t.co/R7TQuNFVWK

— BitcoinOS (@BTC_OS) November 25, 2024

As per the claim by the BitcoinOS team, this new token will allow altcoins to trustfully “plugin” to BTC, uniting the industry around Bitcoin’s liquidity, security, and network effects. Also promised for better scaling, DeFi, privacy, etc.

BOS will let altchains trustlessly “plug in” to BTC, uniting the industry around Bitcoin’s liquidity, security, and network effects.

It enables the first “true” Bitcoin L2s that can infinitely extend and upgrade Bitcoin with any functionality.

Scaling, DeFi, privacy, and more!

— BitcoinOS (@BTC_OS) November 25, 2024

Currently, this token is only available for buy via pre-sale round. However, some people called this new token an opportunity to make money in this bull run, but some people said that it’s a scam & misleading strategy for launching a new token.

Some crypto enthusiasts showed their anger against this new token and claimed that BitcoinOS leadership gained attention in the Crypto sector via collaboration with Cardano & Cardano allies, and now, suddenly, they planned to launch a native token to get investors easily.

A Bitcoin enthusiast noted that Bitcoin can act as fuel to complete the transaction & there was no need for a native token launch.

Cardano founder Charles Hoskinson also raised similar concerns and said that he was also not aware of this plan because there was no need to introduce a new token. Hoskinson said that it probably would take some time for him to understand the design of BitcoinOS and the reason behind introducing this new token.

I’m a bit surprised by this as well. I was unaware of the need or desire to issue a token for BOS. It doesn’t require a token. Bitcoin can act as the fuel to compensate the actions required for the network.

Maybe I’m missing something in their design and hopefully we’ll be able…

— Charles Hoskinson (@IOHK_Charles) November 26, 2024

Another Cardano enthusiast, YodA, raised similar questions about this new token concept. However, he clarified that in the whitepaper nothing was mentioned regarding BitcoinOS’s native token as per his detailed analysis, but he suggested that the Cardano community keep calm because already many crypto projects in the Cardano Defi ecosystem have their native token.

I read the BOS white paper and the token is not mentioned there.

I saw a comment from a Cardano community member who claimed that he knew the BOS team would release a token and that it should have been clear to everyone.

I think most people didn’t expect it. It wasn’t clear…

— Cardano YOD₳ (@JaromirTesar) November 26, 2024