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- What is the mission of Koinos?
- When will mainnet be released?
- How will mainnet tokens be distributed?
- How is Koinos Fee-less?
- How decentralized is Koinos?
- What is the TPS?
- Was there an ICO?
- What are the features of mainnet?
- Ethereum compatability?
- How is the team funded?
- How will Koinos scale?
- How composable is Koinos?
What is the mission of Koinos?
To accelerate the transition to a truly decentralized future by maximizing blockchain accessibility.
When will mainnet be released?
Mainnet features should be completed by early 2022.
How will mainnet tokens be distributed?
The initial token balances on mainnet will be determined entirely by the token balances of the KOIN ERC20 (i.e. the KOIN tokens on Ethereum that were distributed through proof of work mining). That ERC20 was implemented using OpenZeppelin’s tooling including their snapshot mechanism. This mechanism within the smart contract allows for the creation of a decentralized record of all token balances and total supply at the time of use (i.e. a “snapshot”). No date has been announced for the snapshot that will be used for mainnet.
How is Koinos fee-less?
Koinos features a new concept called “mana” that is the most innovative solution to the halting problem since the invention of Ethereum’s “gas.” It is a property of the KOIN token that gets “consumed” as a user performs fee-less transactions, but that also regenerates over time. This means that even if all of a user’s mana gets consumed, all they have to do is wait if they want to perform more fee-less transactions without having to purchase additional KOIN. Once any mana in a token is consumed, that token becomes locked (non-transferrable) for the duration of the regen period. The mana whitepaper is now LIVE. Read it here
How decentralized is Koinos?
Koinos is not just a blockchain, it is a blockchain building technology (a “layer 0” like Hyperledger, Cosmos, Polkadot) that makes it far faster and easier to launch high performance blockchains with no fees and capable of evolution. It is the core technology engineered to advance our mission to accelerate the transition to a more decentralized future by maximizing blockchain accessibility.This step up improvement in ease of use for developers is accomplished through the engineering of a framework that allows for any feature of a Koinos blockchain to be added or modified simply by writing smart contracts in the most used programming languages in the world (C++, TypeScript, Python, Go, etc.) and uploading them to the blockchain. Making it far easier for developers to launch their own blockchains with unique value propositions does have important implications as far as the decentralization of the ecosystem because the more options people have, the more decentralized the ecosystem.
What is the TPS (transactions per second)?
Koinos is a blockchain framework (layer 0) designed to deliver the best blockchain-based user experience in the world, not necessarily the highest TPS number. It is a minimum viable blockchain waiting to get features from smart contracts that are uploaded by developers. How many transactions a given blockchain can process per second is a function of its block size and its block time (how frequently it produces blocks) which will be parameters that are set by developers launching Koinos blockchains.Koinos Group is designing a flagship implementation (“layer 1”) of the Koinos blockchain framework (the “mainnet”), but the high level features have not yet been disclosed because the related smart contracts have not yet been developed. This highlights how the modular upgradeability of Koinos reverses the development process allowing developers to defer commitment on high level features until late in the development process.
Was there an ICO?
No. The KOIN token launch was modeled off Bitcoin to maximize accessibility and made innovative use of the Ethereum blockchain to further maximize accessibility. Instead of having to access an entirely new blockchain, people could use an incredibly easy-to-use, free, and open mining program to submit CPU-optimized proofs of work to an Ethereum smart contract which would in turn distribute KOIN tokens based on the size of the proofs.The purpose of this Ethereum-based token is to pre-seed the Koinos ecosystem with a base level of decentralization. This means that the only way to acquire KOIN was through PoW mining or open market purchases so there was no pre-mine, ICO, IEO, or any other IxO (lol).
What are the features of mainnet?
The most innovative component of Koinos is what we call “modular upgradeability.” Moving the entire system into smart contracts, allows blockchain developers like us to write system features orders of magnitude faster.We haven’t disclosed details about the Koinos mainnet features because we haven’t started working on them yet. These are the features that most people are interested in (consensus algorithm, governance system, staking mechanism, resource system, etc.). We have internal designs of these systems that we have been refining as we developed the framework, but these will likely change as we begin implementing them in smart contracts. That’s why we will only disclose these details as we begin working on those smart contracts in the coming months so be sure to follow us on social media for updates. But again, these features are optimized for efficiency, flexibility, and most importantly decentralization, not impressing people with large-but-meaningless numbers.The reason to be interested in Koinos is not because of the high level features (like TPS). Such focus misses the entire point of Koinos. Even on a public Koinos-based blockchain, all the most important features can be upgraded by governance at any point without a hard fork, meaning that any high level feature is likely to change!Koinos is not optimized for any specific high level feature, it is optimized to improve at a more rapid rate than any other blockchain.In the context of TPS, that means our goal is not to launch with the highest number, but to increase that number over time (if desirable) through optimizations and upgrades.
Is Koinos “Ethereum-compatible”?
Maximum accessibility is the ultimate compatibility. Koinos is designed so that developers can use the programming languages they already know and love to build their applications, not learn new languages like Solidity. Any developer who can write a smart contract in Solidity can easily rewrite that smart contract in C++ or TypeScript, which are the first two languages Koinos will support.
How is the team funded?
Koinos Group is being modeled off traditional tech growth companies that sacrifice profits in the early years to build a user base and leverage unique knowledge of an ecosystem to find product-market fit for a high-margin software product.
Koinos Group was founded by the core development team behind the Steem blockchain to accelerate the transition to a more decentralized future by focusing on accessibility. This team worked together for 4+ years at Steemit on the Steem blockchain, at the time the most accessible blockchain by orders of magnitude, and we have now been working together for nearly 2 years on Koinos. Every member of Koinos Group has been working solely for equity in the company, which means they believe in the product and the business plan, and have a vested interest in seeing both the platform and the company succeed.
Koinos Group had to acquire its KOIN like everyone else through either PoW mining or open market purchases, making it impossible to confuse holding KOIN as any kind of investment in Koinos Group. This aligns its incentives with the incentives of the Koinos community.
How will Koinos scale?
The ultimate scaling solution is the ability to rapidly integrate the most efficient, secure, and well-maintained scaling solutions as they emerge. In other words, upgradeability is the ultimate scaling solution which is why Koinos is designed to be the most upgradeable blockchain in the world. Whether the best solutions leverage inter-chain communication, sharding, or something else entirely, Koinos will be ready to take advantage of any or all of these.
How Composable is Koinos?
Koinos has the highest degree of composability possible because it is the only blockchain framework to move all of the system logic into smart contracts. When we’re talking about composability in the blockchain context, what we are talking about is the ability for decentralized application developers to repurpose code that is already running on the blockchain within their applications (i.e. to “compose” their applications).
Most blockchains that claim “high composability” are just saying that they don’t have sharding, which is an attempt to rebrand a limitation as a value-add. Koinos is optimized for flexibility which means that it could shard, or not shard, based on the smart contracts that are running on it.
Because all of the system logic is contained in smart contract modules, application developers will be able to not just repurpose the smart contracts written by other dApp developers, they’ll be able to repurpose the code written by the most experienced blockchain engineers in the world; the engineers building Koinos-based blockchains.
But wait there’s more! Because these smart contracts will be written in an ever growing number of the most used programming languages in the world, developers won’t just be able to find the perfect smart contract for their needs, they will be able to find smart contracts written in their preferred programming language! This takes the composability of Koinos, already far greater than any other protocol, to an entirely new level!
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