Bitcoin Forum

What is Koinos (KOIN)?

A general purpose blockchain-based decentralized network that allows for free-to-use applications through a “Mana” mechanism that dynamically prices network resources in opportunity cost (not tokens) and allows for free-to-use dApps through Mana “delegation.” Proof-of-burn is implemented as a consensus algorithm to maximize efficiency, decentralization, and provable egalitarianism while thwarting the exchange attack and mitigating spam. Blocks are produced by hashing a private key and the random number output of a verifiable random function (VRF) then dividing by the amount of tokens burned. Like proof-of-work, the longest chain serves as an immutable record of transactions backed by the largest pool of sacrificed capital. The Koinos blockchain framework is used for fork-less upgrades as a result of its modular upgradeability. This creates a free-to-use and truly decentralized general purpose blockchain with a mainstream user experience that maximizes accessibility to end-users, developers, and node operators.


The fourth and final testnet has been up and running for a little while. Wen Mainnet?


Native token distribution will find place on or just after October 31th. We originally planned for mainnet a month after, but since Testnet V4 has been running so smooth, it might even come a bit sooner!


How was Koinos distributed?


To maximize decentralization and provable fairness from the very beginning, the KOIN token was launched in the same manner as Bitcoin; through proof-of-work mining (on Ethereum). The max supply of mineable tokens was 100 million KOIN. When Koinos mainnet goes live, token balances will be initialized using a snapshot of the KOIN ERC-20 and the initial target rate of new token creation will be 2%, but this can be altered in-band by governance (see the Fork-Less Upgradeability and Decentralized Governance sections). The burn component of the consensus algorithm could result in a much lower actual inflation rate and even temporary periods of deflation.


As a result of the novel “Mana” system, the mainnet tokens can be transferred without paying any fee because the Mana contained within them allows the holder to use the network without spending any KOIN. The Mana system makes Koinos the first truly free-to-use blockchain as users do not have to purchase accounts, pay to execute smart contracts, or even acquire KOIN tokens in order to use the blockchain.


Can you tell some more about what Mana is?


Our goal with Koinos is to support decentralized (“Web3”) applications that have a Web2 user experience. In short, dApps must have a delightful user experience and people must be able to begin using them without first having to acquire tokens which is a major barrier to entry. The Mana system is how we accomplish those objectives. We call it “Mana” because the user experience replicates that of the RPG video games so many people are already familiar with.


The basic premise of the Mana system is that every KOIN token is “born” with 1 Mana which can be consumed when a user consumes network resources. Mana is a property of the KOIN token, it is not a token itself. It therefore cannot be bought or sold and cannot acquire its own price distinct from the KOIN token. Users can, however, delegate their Mana to other users, thereby allowing non-token holders to begin using the blockchain while still effectively mitigating spam. That Mana is still tethered to the delegator’s KOIN to ensure the economic sustainability of the system and maximize liquidity for the delegator who can undelegate at-will.


Who build Koinos?


Prior to developing Koinos we were the core developers of Steem (the first fee-less and social blockchain) up until a hostile takeover and exchange attack. After leaving that project, our goal was to build a company that would empower developers to build dApps like Steem and Hive, but on a truly decentralized and fee-less blockchain that would resist the exchange attack. Unfortunately, none of the existing blockchains had the properties we needed. The “fee-less” blockchains were not truly fee-less, requiring that users pay for RAM and/or accounts nor were they truly decentralized as a result of their launch (ICOs) or their consensus algorithm, and often both.

We wanted to take blockchain accessibility to the extreme by enabling, for the first time, free-to-use dApps which would require not only fee-less transactions, but free accounts, free smart contract execution, and network resource delegation. Delivering these capabilities required building an entirely new blockchain from the ground up and executing a provably fair decentralized launch. The end result would be a general purpose blockchain that was not just another Ethereum competitor, but the first genuine alternative to Ethereum.


How does your blockchain handle forks?


When developing Steem we saw firsthand how hard forks are holding back blockchain adoption by creating a major bottleneck in the upgrade process. Mainnet solves this problem through its use of the Koinos blockchain framework which allows any behavior to be added to the blockchain as a smart contract. The fundamental assumption of this framework is that any smart contract can be upgraded by an authorized party. In the case of system logic, the system governance contract has the authority to make a “user smart contract” into a “system smart contract” in-band (no hard fork) that overrides some basic, native implementation. In this way, upgrades to the blockchain’s business logic can be pushed to the p2p network much like an operating system patch with minimal network disruption.


The Koinos blockchain framework is effectively the world’s simplest, fully functional, general purpose blockchain contained within a microservice architecture. The blockchain (i.e. the chain microservice) features natively implemented system calls that contain only the cryptographic functions necessary for constructing a technically true blockchain along with logic for dispatching a node between the native system calls and newer system calls implemented as smart contracts (i.e. WASM implementations) running in the virtual machine. This combination of native implementations and “system smart contracts” form a high-performance, vertically scalable, and upgradeable blockchain “kernel” (the framework) that allows for any behavior to be added to the blockchain without requiring a hard fork.


What languages does the Koinos blockchain support?



Ethereum dramatically expanded the creative space available to developers by allowing them to leverage a single, custom-built, Turing complete programming language; Solidity. Koinos dramatically expands that creative space once again by allowing developers to work in all of the most used Turing complete programming languages, starting with C++ and TypeScript (using AssemblyScript), but with more languages to come. Koinos accomplishes this through the combination of three open source technologies built and maintained by the best teams in the world, all of which have ever-increasing language support. They are: (1) WebAssembly, (2) Protocol Buffers, and (3) the Advanced Message Queuing Protocol.


WebAssembly is used for smart contracts. Protobuf is used for serialization within the node, and AMQP manages communications between microservices which utilize broadcast messages to implement an event-driven paradigm. These technologies make it far easier to implement an SDK for any programming language that all three support; which is practically all of the most used Turing complete programming languages.

how to mine this coin ?

it's better if you read the white paper. This coin will be POB(proof-of-burn) not POW

Its still mine-able till mainnet, but i dont know how profitable it is atm.

Mainnet is proof of burn, and you can lend out Mana!

Greets Hank

One week till tokenswap  ;D

Greets Hank

https://medium.com/koinosnetwork/snapshot-name-service-dapps-ac58a5974dfd


Greets Hank

I've never seen such a good community and technical strong project.

Koinos is here to stay!

Live AMA with some of the team!
https://www.youtube.com/watch?v=w7f62Ua_kHo

Greets Hank

The tokenswap will find place on October 31st. Expect a wild ride as the volume on uniswap will gradually drop to 0.
Bargains are to be made by only the brave!

Greets Hank

Snapshot of the ERC20 koinos tokens has been made. Mainnet launch will soon follow suit!

Greets Hank

Do not buy the ERC20 koinos token. It has now rendered worthless, since the snapshot!

Mainnet will be announced very soon!

Livestream for the start of Koinos mainnet!!!!!!!

Here (https://m.youtube.com/watch?v=RpIN83t2hzU)

https://cointelegraph.com/news/koinos-to-launch-its-free-to-use-blockchain-mainnet/amp

Greets Hank

Actually one of the few projects worth following these days!   8)

Live now!

Is it safe to trade again now, and where would it be possible to trade?

Do Not trade the ERC20 token! It holds no value anymore since migration

The new Koinos tokens are not yet tradeable, although it probably wont be long til CEX/DEX.

You can trade p2p on the official Discord for now.

Greets Hank

Test bridge is active on goerli ETH and koinos testnet. So it wont be long before people who didnt hold through the snapshot can acquire some tokens.

Koinos has a unique authorities feature that allows tokenless access to dApps. Obviously with main net just rolling out, this is still being actively developed but dont hold your breathe for too long.

Tokneless access at scale is coming.

I think Koinos will go crazy in the next bull market.

Many people are using it already and the community is awesome. I hope it stays this way.

Smart people, developers and only few moonbois  :D

The community is next level. It speaks volumes about the project itself!

Mexc ads a KOIN/USDT trading pair Today, at 14:00!

Greets Hank

40% up today!
Koinos is kicking up gears, its getting more and more attention from developers.

Greets, Hank

First NFT´s are getting minted today on the Koinos blockchain. Being a feeless blockchain is what makes this interesting!

Greets Tomnl

This is definitely the public chain of my dreams! Can I ask, how can I earn KOIN on this public chain from scratch?

You need to buy Koin, in order to make Koin!
In order to Earn, you have to Burn  ;)

Greets Hank

Please vote for Koinos, to get listed on Koinly!

https://feedback.koinly.io/integrations/p/koinos-blockchain-integration

Greets, Hank

 Owning $KOIN is unlike owning any other token. Every token holder gets guaranteed free access to the Koinos Blockchain. And if you have more KOIN than you need, then you can share that free access to anyone.


https://m.youtube.com/watch?v=cMmmLwT-12A&t=8s

KoinDEX is in the final stages of production. Announcement s00n......

Greets Hank

· Top team
· Zero network fees using mana recharge
· Proof of Burn, more efficient than POW and more secure than POS
· Multilanguage programming
· Low supply that can generate moments of deflation thanks to PoB
· Modular, no hardforks
· Really decentralized, no ICO

If you know the ecosystem you know it. Development tool about and DEX coming soon. Just enjoy the ride.

KoinDex coming out Q2, can happen anytime now. Lots more news coming out, come join us on Telegram!

Greets Hank

I am coming Q3. I will be released on mainnet and my availability on gaming boxes wont be a long wait. I am launching with a thought through tokenomics as per the discussion we had with ya, everything packed in and ready to ship. Thugs who mugged u and feminized u the other day which u call an accident were greedy about the koinos token. They knew the pump was setting up and that knowledge only fanned their violence.

Cant agree more  ::)

it is already April, so what are the major milestones of this project so far? it is now not too difficult to develop a 'feeless' blockchain, however, the hard part is how to make it competitive with the current market. just take for example those competitors of BTC, when they launched, they were claiming to be much better in tech over BTC. but where are they now? guess, most of them were completely abandoned.
so the question is, can this project penetrate in the market, and get enough support to survive?

So next big thing coming, this Q2, is koinDX. Its gonna be huge!

Greets Tank

Claim your own domain, on the KOINOS blockchain !
https://kap.domains/

Greets, Tank

Koindx bridge to ETH confirmed!

Greets Tank

Koinos is scaling things up!

https://twitter.com/TheKoinosGroup/status/1658548476899123219?s=20

Greets Tank

WEN MARKETING?

"The tech is great, but wen marketing?" That's one of the most common pieces of critical feedback we get but if you know anything about us, you know that we love critical feedback because it helps us understand how we can make more rapid progress on our mission to accelerate decentralization through accessibility.

We’ve heard your feedback which is why we’ve been working hard on a marketing campaign that we’re really very, very excited about because it will dramatically expand awareness of Koinos while staying true to our roots and our values.

The objective guiding the campaign is clear, ambitious, and achievable: we’re going to onboard 20 new dApps and 100,000 users in 6 months. It’s a holistic plan that involves targeted developer outreach, community engagement, promotional activities, challenges, and more.

Koinos has a totally unique backstory which requires an equally unique marketing campaign that calls upon our most valuable resource:

You, the Koinos Community.

This campaign isn't just about reaching our goals; it's about exposing the world to this amazing community and movement to make decentralized applications accessible to all.

With Koinos a developer can build a successful blockchain-based application in just ONE WEEK, at practically NO COST. That means developers have virtually no RISK when they build on Koinos.

And Koinos is equally low risk for users who don’t even need to acquire tokens before using applications which simultaneously delivers the kind of frictionless user experience that allows applications to GO VIRAL. By DERISKING both development and usage, Koinos unblocks adoption and creates the opportunity for exponential growth.

In short, Koinos has the potential to transform the world by mainstreaming decentralization and we want to expose as many developers to this opportunity as possible.

In the coming days and weeks, we will reveal more details about the campaign and how you can get involved, whether you’re a dApp developer or an advocate for decentralization.

You can now effectively trade ETH for KOIN, without any gasfees, on Koindx !

https://x.com/koindx/status/1717286600554455170?s=46&t=ZksBHRgIgbGVMAfDSBWtjA

Today is the birthday of the KOIN blockchain! 1 year anniversary :D
Many more to come, s00n!!!

Greets Tank

Join the official Koinos telegram:

https://t.me/koinos_community

And the KoinosArmy telegram:

https://t.me/thekoinosarmy

 Unleashing a cross-chain breakthrough   

Proud to announce everyone can now seamlessly bridge $KOIN to #Ethereum in the Chainge Finance mobile app and further expand the ever evolving
@koinosnetwork
 ecosystem
 
https://twitter.com/FinanceChainge/status/1721893976456970385?t=9Bm-VpHKZPq6f_RIUYuXnQ&s=19 :) :)

On the discussion of highly speculative trade positioning (because it's always fun to have one or two of those on your books as a minority holding), I would propose Koinos' $KOIN as a consideration.  Beware however, it is presently only listed on one exchange and volume is extremely low.  However, as you'll see below, that is indeed one of the reasons I like it as a potential mover.

The distinguishing feature of this Level 0 chain is its free-to-use architecture based on "MANA", which automatically regenerates on top of the native KOIN token.  This means that holding KOIN will in turn grant perpetual access to a portion of network resources, and solutions such as MANA liquidity pools can be leveraged to allow people to interact with the network without having to hold any KOIN themselves.  Ultimately, this could prove to be a boon with regard to real world integration utility.

The network currently runs on a three second block time, allowing for fairly low latency usage (which can be improved through the network's system of "fork-less upgrades"), and uses a unique "proof of burn" consensus algorithm that virtualizes hash power, allowing equitable competition for the current 2% annual inflation rewards paid to network miners.

Koinos offers universal language support so developers can work in their preferred language, as well as a team of experienced founders, two of whom helped launch the Steemit network ($STEEM), which saw quite a bit of interest for a time and still ranks amongst the top 300 assets by market cap.

Interestingly, the network was also "fair launched" on Ethereum before their mainnet went live, by allowing anyone to generate KOIN tokens for themselves equitably, and not "pre-mining" AKA reserving a chunk of assets for the founding Koinos Group.  The fact that there isn't a large foundation treasury to incentivize active development has become a point of contention, but a recent third-party proposal to vastly inflate the network supply in order to create a foundation treasury was scrapped, in turn building confidence that the network will not pull away from its fair launch ethos, and instead find alternative grass-roots methods to incentivize development.

Will any of this allow Koinos to drive adoption and catch up to other major networks that already have large amounts of total value locked?  Time will tell... but a free-to-use blockchain that can be infinitely upgraded through smart contract modules without requiring any hard forks would appear to be a fairly attractive feature set.

Although trade volume of the KOIN token remains pitiful, a cross-chain bridge was just launched which could aid in capital flow.  In truth, it is this relative lack of access to the token presently, in conjunction with its low market cap ($18.6MM) and relatively low supply (~33M tokens), that indicate its potential to blast off IF or when the network begins to gain some real traction.  The network remains supported by a fairly active community alongside some dedicated developers, and so it is my belief that KOIN offers a pretty good risk/reward for those looking for a speculative asset.

If we do see a big crypto cycle continue through next year's BTC halving, and especially if the Koinos community finds a way to push development and/or gets a more major exchange listing, I'd be looking for something along the lines of a "relatively easy" 10X return on this. Of course, this is all speculation... but I've laid my thoughts bare for your own consideration.

💸 Check 'em out: https://koinos.io/ 🤘🏼