Decentralized blockchain Koinos is set to launch its mainnet on November 5. It will be a free-to-use platform based on a Proof-of-Burn (PoB) consensus algorithm, built to offer more efficiency and access to the developers who make up Web 3.0.
Formed by a group of blockchain veterans behind the Steem blockchain and Steemit.com, the platform was built without venture capital investment, initial coin offerings, pre-mining or any other early distribution of tokens to insiders, the company said.
Before launch, Andrew Levin, co-founder and CEO of Koinos Group, explained to Cointelegraph the three key features of the platform, saying that “It’s free to use, can support any programming language (starting with C++ and TypeScript), and is highly upgradable.” He also noted:
“All of this means that developers can use the programming languages they already know and love to create free-to-use dApps without being bogged down by the poor updateability characteristic of most blockchains, exemplified by the problems of Ethereum and its endless ‘Eth 2.0’ delays”.
The chosen consensus algorithm refers to Satoshi’s original vision of peer-to-peer electronic money, in which everyone could participate. With Proof-of-Burn, there is no advantage to having a large stake or tons of hardware to mine. This should mean more competition between small and large miners, Levine noted, adding that:
“Although Proof-of-Burn maintains the core consensus mechanism of Proof-of-Work, it rewards users based on the number of KOINs they have burned (literally, destroyed) rather than rewarding them based on hash power or of how many tokens they own. […] Since it’s not based on how many tokens you have, but how many tokens you’ve sacrificed, there’s no need for complicated penalty conditions that make PoS chains less efficient.”
The Koinos co-founders said they decided to build a blockchain from scratch with no outside capital in order to keep the project sticking to the basic principles of the cryptocurrency space. For the foundation of the ecosystem, the platform prioritized being “free, open and decentralized as possible”. However, following the launch of the mainnet, the group said it plans a shift in focus towards revenue-generating products for developers.
“We believe that these products will make Koinos Group shares very attractive and give investors the opportunity to share in the benefits of an exponentially growing ecosystem, while mitigating many of the negatives traditionally faced by investors. investors in this space, like volatility.
Cointelegraph has followed the development of the Koinos blockchain in its entirety, from its inception to the mainnet and beyond, through its series “Inside the Blockchain Developer’s Mind” (Inside the Blockchain Developer’s Mind), which discusses some of the challenges the team has faced since identifying the key problems it aimed to solve.
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