Dear Friends,  Here’s another brief recap of the work Koinos Group has been doing on Koinos. 

We completed another sprint, albeit a short one because of the Thanksgiving holiday. Koinos Group team members work insanely hard and long hours so as an engineering-first company we do our best to take maximum advantage of any opportunity to rest and recover. Koinos isn’t a product to us, it is a tool for furthering our mission to accelerate decentralization which is more of an obsession than a “job.” Add that to the fact that we’re an all remote team and it becomes all the more important to push people to take time off and enjoy time with their families. 

Agile

An area of ongoing focus for us is improving our utilization of agile methodology. This sprint there was additional focus on extending agile to our business development practices. Our CEO is committed to running the entire organization according to agile principles with absolutely no exceptions. He is even trying to become a SCRUM Master!

 Engineering Update 

This sprint was not as flashy, but the work that was done was fundamental to the Koinos Blockchain Framework, the core technology that will make the Koinos mainnet the ultimate layer 1 for accessibility and we are nearing the completion of the framework. For example, the event system has been finished, and microservices can now subscribe to events from smart contracts. 

Koinos is no longer reliant on MIRA, a scalability solution originally developed for the Steem blockchain. MIRA enabled Steem to make use of RocksDB, a database technology developed by Facebook that allows data to be stored on disk while still delivering high performance. Koinos is architecturally far different than Steem and MIRA was one of the last (if not the last) remaining vestiges of our work on that chain. Koinos was designed from the ground up to leverage RocksDB to store all of irreversible state on disk (which Steem does not do even with MIRA) and as a result of this design MIRA was not technically required. With our move away from MIRA, the backend database implementation is much simpler and has allowed us to implement cryptographic references of state deltas for each block. 

Byzantine Fault Tolerance

Each block will include a Merkle root of the state delta for the previous block. This is a key piece of byzantine fault tolerance for Koinos. Nodes will immediately fork if they do not agree on state transitions using these cryptographic references. Contrary to Ethereum, the Merkle roots are based just on the state delta (state transition of the current block), making them faster to calculate as the cost to calculate scales with the size of a block, not the size of the blockchain, while still being just as cryptographically secure and guaranteeing byzantine fault tolerance. 

We also simplified the internal smart contract stack management implementation while simultaneously cleaning up some corner-case bugs. 

Community update 

Our fearless CEO, Andrew Levine, continues to spread the word about blockchain, decentralization, and Koinos. He appeared on Product Hunt’s Virtual Web3 Panel and was superb (as usual). You can watch the replay here.  

Vonlooten returns with another great tutorial, this time on how to back up your Metamask wallet. Check it out here

We appreciate your support! 

— Koinos Group