The platform introduced by Koinos provides a universal programming language, free account transfers, and its own smart contracts framework.
Layer-1 decentralized blockchain Koinos is set to launch its mainnet on Nov. 5. It will be a proof-of-burn (PoB) consensus algorithm-based platform that is free to use and designed to give Web3 developers additional access and efficiency.
The platform was developed without the use of venture capital money, initial coin offerings, a pre-mine, or any other early transfer of tokens to insiders, according to the firm, which was founded by a group of blockchain veterans behind the Steem blockchain and steemit.com. Ahead of the release, Andrew Levine, co-founder and CEO of Koinos Group, explained to that the three key characteristics of the platform, saying,
“It’s free-to-use, it can support any programming language (starting with C++ and TypeScript), and it is highly upgradeable.” He also noted:“All of this means that developers can use the programming languages they already know and love to build free-to-use DApps without being bottlenecked by the poor upgradeability characteristic of most blockchains, exemplified by the issues with Ethereum and its never-ending ‘Eth 2.0’ delays.”
The chosen consensus algorithm is an all-inclusive version of Satoshi Nakamoto’s original idea for peer-to-peer electronic payment. There is no benefit to holding a sizable stake or a ton of mining equipment with proof-of-burn. Levine stated that this should result in greater competition between small and major miners, and he added:
“While proof-of-burn keeps the core consensus mechanism of proof-of-work, it rewards users based on how much KOIN they have burned (literally destroyed) instead of rewarding them based on hashing power or how many tokens they hold. […] Since it is not based on how many tokens you hold but rather on how many tokens you have sacrificed, there is no need for complicated slashing conditions that make proof-of-stake chains less efficient.”
The co-founders of Koinos claimed they chose to create a blockchain from scratch without outside funding in order to keep the project bound to the fundamental ideas in the cryptocurrency field.
For the ecosystem’s foundation, the platform prioritized being as “free, open and decentralized as possible.” After the mainnet is launched, however, the group said it plans to shift focus to revenue-generating products for developers.
“We believe that these products will make Koinos Group equity very attractive and give investors an opportunity to share in the upside of an exponentially growing ecosystem while mitigating against many of the negatives that traditionally face investors in the space, like volatility.”
Through its series “Inside the Blockchain Developer’s Mind,” which covered some of the difficulties the team has encountered since deciding on the major problems they wanted to address, the Koinos blockchain’s development was tracked from conception to mainnet and beyond.
