Happy new year! Great news!

Our team member and friend Steve Gerbino and his wife are now the proud parents of a newborn baby girl. Our warmest congratulations and best wishes. 

Proof-of-Burn ConsensusA lot has happened since our last update, most importantly we FINALLY released our design for the consensus algorithmwe intend to use on Koinos … proof-of-BURN! We’ve been waiting nearly TWO YEARS to release information about this novel consensus algorithm that we believe can delivers more decentralization than proof-of-work and more efficiency than proof-of-stake. 

This week we hit the ground running after Monday’s sprint planning. The blockchain engineering team is hard at work on testnet v0.3.0 (or “V3”). The primary goal with respect to this version is finalizing the system calls within the blockchain framework. Getting these right is critical for ensuring that Koinos is as upgradeable as possible. We’ve also made improvements that have significantly increased the speed of v0.3.0 and made it much easier to replay the blockchain. 

Smart contract events

Koinos v0.3..0 , which we are running internally prior to release, now has events! With events, Koinos dApp developers gain the ability to log events that occur within their smart contract for the purpose of allowing microservices to readily react to them. This will make developing powerful custom microservices more accessible to developers, which will help them build more feature rich decentralized applications that are lower cost and more scalable. 

State Verifiability

Another important addition that was made to Koinos was state verification. Obviously it is critical for a blockchain that a user be able to verify that any changes to the ledger (or “state”) that my node has done are in consensus with every node on the network. Ethereum does this by referencing the state in its entirety in its “state root.” It might seem strange to propose a solution when Ethereum has a working solution. Their solution, however, requires storing data in a patricia trie, which is not how Koinos stores data. 

The database primitive we work with is called a state delta. It is just a diff of the state that was written during a particular period of time. Long term, the deltas are blocks. Short term, those are transactions. 

We can, with each block, calculate a merkle root of just the database writes of the block. This represents the state transition for the block which can be verified by all nodes.Algorithmically, this is more efficient with a complexity of O(nlogn) < O(nlogm). And cryptographically speaking, a full state root could still be calculated from the proof of the state transition root. 

Community Development

There are now a number of great community developers building decentralized applications for Koinos, so we’ve made it a priority to connect with them and help them connect with one another so that we can all better collaborate to add value to the Koinos ecosystem. If you are interested in developing dApps on the Koinos main net, connect with us on Telegram or Discord, we are here to help! 

Community Discussion

This week there has been some discussion about the transition from the KOIN ERC20 to native Koin. To clear up the confusion, blockchain architect Michael Vandeberg jumped into the conversation on Discord and laid out a preliminary plan. Community member Luke Willis, host of The Koin Press, delivered a great summary post here

Community member Julián González author of the Koilib JS library and the Kondor wallet delivered an excellent presentation on the Koinos blockchain architecture for Koinos Espanol. You can watch it here (FYI it’s in Spanish). 

We are fully committed to listening and engaging with the Koinos community, you are as important as any other team member. 

Thank you for your steadfast support — you are truly appreciated.