Announcing KOIN, a PoW mineable ERC-20 that will power the Koinos blockchain

[JStewart]

Been actively following their progress for a couple of months now (familiar with “Steem” history/track record), not a token-holder yet but on the fence. I like their approach and some of the things being built around it. But it is still incredibly early stage, fragile and susceptible to more potent (i.e. bigger treasury) copycats. Timing and competition amongst existing and future L1s is an issue. Eyeballs are clearly drawn elsewhere atm.

Mainnet around the corner is what I hear but no fixed date or commitment. They switched from milestone planning to agile development. Whilst understandable, it’s hard not to draw things out endlessly under that setting. Proper dApps (use cases) is what this project’s needs at this stage.

Blockchain work looks amazing. Kudos to all the programmers involved. Great product. Maybe a few “inventions” too many to attract the masses – i.e. not easy to explain and overwhelming (besides lacking strong incentives to go and build there – first mover DISadvantage as a developer). Great architecture and proper design thinking, though. “Modular upgradability” and "accelerating decentralization through accessibility" as their USP seems rather clumsy and difficult to market.

First impressions matter! (outdated/ill-designed webpage, links, etc., twitter following increase nonexistent, public talks/interviews? rare, establish meaningful network with investors, CEXs (no listing in sight!) and developers? Doesn’t look like it.) Yes, there are some meaningful CT articles (didn’t seem to catch on as few start to interact on the basis of them) In short: Public relations is trial & error, whilst having fair-launched doesn’t leave them a dime to hit some bigger horns. A tiny community of what I perceive to be 10(!) active members (acting as outsiders) can’t do the heavy lifting. Great projects need great, visible leaders to start with. Truly hope this project doesn’t die with a whimper. I am rooting for them.

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[Vidati]

So... i NEED to pay ETH to be able to mine?

[jredbeard]

Thanks! I was never a big bitcointalk user, any suggestions about how best to use this platform?

Uhm, IMO you need to edit your announcement first and give a better introduction (summary of your project) to the community here such as this one. Furthermore you should announce any progress do you have or events (if any) of your project on regular basis.

Simply by holding KOIN, people will be able to create free accounts, transfer tokens for free, execute smart contracts for free AND delegate those capabilities to others.

Anyway, can you give more explanation about that? I still can't imagine it since your project was run on ethereum blockchain which is I think it impossible to transfer or execute smart contracts for free

Only the initial distribution is an ERC-20 on the Ethereum blockchain, it will seed balances for the upcoming mainnet launch. This project is a Layer-1 that does not run on the Ethereum blockchain.

The answer to how it provides free transactions and free smart contracts is called "Mana". Any account that holds Koin automatically has Mana (no staking required, it's always liquid). Transactions are charged in Mana which automatically regenerates over a short period of time. The network automatically adjusts Mana cost for transactions based on network congestion. For simple transactions (like transfers) you can perform quite a lot of them without burning very much Mana (and in either case it always regenerates, so, it never will be too long before your Mana is full again).

Mana is not transferable by design - it cannot be traded, it is just a regenerative property of holding Koin. It can however be delegated to other users - the advantage of this is that dApp owners can temporarily delegate their Mana to new users of their apps so that they can be used without holding any Koin at all (this is at no cost to them since Mana regenerates). The reason this is important is that likely the dApps that will take cryptocurrency mainstream will be frictionless and not require the first step for usage being "buy token". Cryptocurrency can be so much more than just a store of value or easy international transfers... we need frictionless and free-to-use experiences for the average human, this can potentially help us get there.

There's a fully functional testnet up and running currently where you can test it out for yourself - it works.

[andrarchy]

For anyone who didn't see, we released a new, unified whitepaper along with a bitcointalk Announcement. This whitepaper explains how proof-of-burn, Mana, and the infinitely upgradeable Koinos blockchain framework combine to create the most accessible L1 ever.

Now that the evolution of testnet into mainnet is nearly complete, we felt that the time was right to deliver one whitepaper to rule them all which would serve as a single source of truth for anyone looking to understand Koinos at the most fundamental level. We hope you like it!

Read the whitepaper / Download the pdf

[andrarchy]

Been actively following their progress for a couple of months now (familiar with “Steem” history/track record), not a token-holder yet but on the fence. I like their approach and some of the things being built around it. But it is still incredibly early stage, fragile and susceptible to more potent (i.e. bigger treasury) copycats. Timing and competition amongst existing and future L1s is an issue. Eyeballs are clearly drawn elsewhere atm.

Mainnet around the corner is what I hear but no fixed date or commitment. They switched from milestone planning to agile development. Whilst understandable, it’s hard not to draw things out endlessly under that setting. Proper dApps (use cases) is what this project’s needs at this stage.

Blockchain work looks amazing. Kudos to all the programmers involved. Great product. Maybe a few “inventions” too many to attract the masses – i.e. not easy to explain and overwhelming (besides lacking strong incentives to go and build there – first mover DISadvantage as a developer). Great architecture and proper design thinking, though. “Modular upgradability” and "accelerating decentralization through accessibility" as their USP seems rather clumsy and difficult to market.

First impressions matter! (outdated/ill-designed webpage, links, etc., twitter following increase nonexistent, public talks/interviews? rare, establish meaningful network with investors, CEXs (no listing in sight!) and developers? Doesn’t look like it.) Yes, there are some meaningful CT articles (didn’t seem to catch on as few start to interact on the basis of them) In short: Public relations is trial & error, whilst having fair-launched doesn’t leave them a dime to hit some bigger horns. A tiny community of what I perceive to be 10(!) active members (acting as outsiders) can’t do the heavy lifting. Great projects need great, visible leaders to start with. Truly hope this project doesn’t die with a whimper. I am rooting for them.

Thanks for checking out our project and the positive words you had to say about our product. Ultimately that is, to me, the highest praise, even if your assessment of my performance specifically is that it is not what it could be. Given how thoughtful your post is, I would be remiss if I did not consider your thoughtful feedback and use it to become better. Sincerely, thank you for your thoughtfulness and consideration.

[andrarchy]

We've released an update on the project to bitcointalk which can be seen here.

In short, the feature complete testnet has now processed its 450,000th block and performance continues to be fantastic which is why we're ready to announce the date of the KOIN snapshot: October 31st (or later)! Following the snapshot, the KOIN ERC20s will become effectively worthless. That's because the mainnet tokens will give people the Mana they need to banish gas fees to a fiery grave and participate in proof-of-burn consensus.

The snapshot is a necessary step to launching the mainnet, and we wouldn't be announcing this date if we weren't confident in the performance of the testnet. There will be at least one month between the snapshot and the mainnet launch, but we're not ready to announce that date quite yet, so stay tuned!

To stay up to date on Koinos developments, follow @koinosnetwork on twitter, subscribe to the Medium, and join the newsletter at koinos.io.

View the full announcement on bitcointalk here.

[henkcryptotank]

Exciting project!