Topic: Announcing KOIN, a PoW mineable ERC-20 that will power the Koinos blockchain (Read 1179 times)

Exciting project!

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.

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.

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

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.

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

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 in Hank! Now is actually a great time to share an update on Koinos with the Bitcointalk community because we’re nearing completion of the mainnet.

The best way to stay up-to-date on the project is to follow @koinosnetwork on medium and twitter. You can also visit koinos.io and subscribe to the newsletter to get updates sent to your inbox. As you will see, there have been a lot of updates, so in this post I’ll focus on the updates that I think will be the most interesting to the Bitcointalk community.

Satoshi's Vision

We like to think of Koinos as the general purpose blockchain that Satoshi would have built. Aside from the proof-of-work fair launch of the token, the other two places this is most obvious is governance and, of course, consensus.

Koinos Governance

Whenever possible we like to model our systems off of how Bitcoin operates, and governance is no exception. One of the unique features of Koinos is that all of the blockchain’s business logic is implemented as smart contracts which can be upgraded in-band. The consensus algorithm, resource management system, base cryptocurrency, and even governance are all implemented as smart contracts that can be upgraded without a hard fork by governance. That’s right … governance can upgrade governance! This is what will allow mainnet, and any Koinos-based blockchain, to evolve.

But what are the rules that govern … governance? What makes us think we can pick the “right” rules? We don’t! Instead we effectively implement Bitcoin’s upgrade system as exemplified by the SegWit upgrade. You can learn more about Koinos governance in our June 1st update in which we announced that work on the governance system contract was complete!.

Koinos Consensus

Proof-of-work is a beautiful consensus algorithm, but it isn’t well-suited for a general purpose blockchain where computational efficiency is paramount to delivering pleasurable user experiences at a reasonable price. But we don’t feel that proof-of-stake is a real solution to that problem which is why we instead pursued proof-of-burn. We are working on the proof-of-burn contract as we speak, but on March 23rd we released an update about our new design which we believe delivers the economics and decentralization of proof-of-work with even greater efficiency than proof-of-stake.

Verifiable Randomness

One of the biggest reasons we went with proof-of-burn was to mitigate the exchange attack, but we also wanted to enable anyone to participate in block production, not just whales. In our May 17th update, we explained how proof-of-burn leverages a verifiable randomness function to avoid degenerating into proof-of-work while ensuring that Koinos is provably egalitarian, just like Satoshi wanted for Bitcoin.

Like I said, there have been a lot of updates, so I did my best to focus on those updates that would be most interesting to Bitcointalk users. If you have any questions, don't hesitate to ask!

Whats the status on this project?

Greets Hank

yesterday KOINOS price hit about $0.19 and this is the new ATH from this project
i believe after when the testnet launch in Q2 of this year the price will grow more than $1
i'm happy because i already bought this coin when the price about $0.03

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.

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

you can go to this link mate https://github.com/koinos/koinos-gui-miner
but if you still confuse, i think its better for you to join koinos telegram group or discord and ask about mining koinos there

Hello andrarchy, I am trying to find information about mining but could not find it. If it's not difficult for you, could you clarify more detailed information.

Making More attractfull an so people can know better of your coin. Just advice bytheway

happy to know your profile mate,
by the way, for now the trading fees on uniswap is very high, i think you should think to add this coin in centralized exchange
is there any exact date when the mainnet will be launch ?
thanks

That's a really good write up, good of you to mention the team as well. Far too many people in crypto are just interested in self promotion when in reality it takes a good strong team to make a decent coin.

I'm Andrew Levine, the CEO of Koinos Group, creators of Koinos, and I'm honored to be included in Cointelegraph's Top 100 Notable People in Blockchain in 2021! I'd be totally useless without my amazing teammates and co-founders at Koinos Group: https://cointelegraph.com/top-people-in-crypto-and-blockchain/andrew-levine

Thanks! I was never a big bitcointalk user, any suggestions about how best to use this platform? Our primary objective is to reach as many dApp developers as we can to introduce them to our project, its unique value propositions, and solicit their feedback so that we can make the platform even better at launch. Thoughts?

Going forward I'll certainly add links to any articles or videos we put out. Anything else?

@andrarchy

Sounds like a great introduction to the community THankyou very much!

If you need any help feel free to post with what you need.


They were on Binance and other exchanges with Steem so i am sure they will be there with this project too They have a great name in crypto so it will be easy to get listed on binance. But check out uniswap its very easy to use. Just need some ETH and Metamask browser plugin (just make sure its the real one).

i saw this project only tradeable at uniswap, right ?
for the team, i just want to ask 1 question, do you have a plan to add this project in centralized exchange in the near time ?
thank you